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4204 Ocean Dr 4 Unit Apartment Building $1,946,812 CAD ($486,703 CAD/Unit) 6.03% Cap Rate Lauderdale-by-the-Sea, FL 33308
Investment Highlights
- Situated along North Ocean Drive, steps from Lauderdale By The Sea’s sandy beaches.
- Property sits on a 0.13-acre lot with favorable RMM-25 zoning, offering long-term flexibility and potential future redevelopment upside.
- Close proximity to Fort Lauderdale-Hollywood International Airport.
- Updated interiors featuring modern appliances and contemporary finishes, catering to today’s short-term rental guests
Executive Summary
This well-maintained multifamily offering at 4204 N Ocean Dr presents a rare opportunity to acquire a turnkey, low-rise asset in a highly desirable coastal market. The 2,538 square foot building consists of four units and was originally constructed in 1966, with significant renovations completed in 2024. Zoned RM-25 and situated on a 0.25-acre lot, the property offers both immediate income generation and long-term flexibility, appealing to investors seeking stability with potential future upside.
The property is currently operated as short-term rentals and demonstrates strong in-place performance, with average daily rates of approximately $150 for one-bedroom units and $200 for the two-bedroom unit. Clear revenue growth potential exists through optimized pricing and professional management, with estimated upside of approximately 17% for one-bedroom units and 12.5% for the two-bedroom unit. Updated interiors feature modern appliances and contemporary finishes designed to meet current short-term rental guest expectations and support premium positioning.
Capital improvements have been thoughtfully addressed, minimizing near-term expenditures for a new owner. Units 3 and 4 have been fully renovated, the exterior has been recently repainted, and a new roof was installed in 2024. Combined with its efficient unit mix, proven operating history, and favorable zoning, the property represents a compelling opportunity to acquire a high-performing coastal multifamily asset with both immediate cash flow and long-term investment appeal.
The property is currently operated as short-term rentals and demonstrates strong in-place performance, with average daily rates of approximately $150 for one-bedroom units and $200 for the two-bedroom unit. Clear revenue growth potential exists through optimized pricing and professional management, with estimated upside of approximately 17% for one-bedroom units and 12.5% for the two-bedroom unit. Updated interiors feature modern appliances and contemporary finishes designed to meet current short-term rental guest expectations and support premium positioning.
Capital improvements have been thoughtfully addressed, minimizing near-term expenditures for a new owner. Units 3 and 4 have been fully renovated, the exterior has been recently repainted, and a new roof was installed in 2024. Combined with its efficient unit mix, proven operating history, and favorable zoning, the property represents a compelling opportunity to acquire a high-performing coastal multifamily asset with both immediate cash flow and long-term investment appeal.
Property Facts
| Price | $1,946,812 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $486,703 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.13 AC |
| Cap Rate | 6.03% | Building Size | 2,538 SF |
| No. Units | 4 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2024 |
| Property Subtype | Apartment | Parking Ratio | 2.03/1,000 SF |
| Zoning | RM-25 - Residential Multi-Family | ||
| Price | $1,946,812 CAD |
| Price Per Unit | $486,703 CAD |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.13 AC |
| Building Size | 2,538 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1966/2024 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | RM-25 - Residential Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
- Storage Space
- Refrigerator
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 3 | - | - |
| 2+2 | 1 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 49-43-18-01-1490 | Improvements Assessment | $1,363,298 CAD |
| Land Assessment | $4,059 CAD | Total Assessment | $1,367,357 CAD |
Property Taxes
Parcel Number
49-43-18-01-1490
Land Assessment
$4,059 CAD
Improvements Assessment
$1,363,298 CAD
Total Assessment
$1,367,357 CAD
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4204 Ocean Dr
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