445 SW 27th Ave

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Address: 445 SW 27th Ave, Fort Lauderdale, Florida, US
Created date: March 20, 2024
Date last updated: April 4, 2024
  • Rare opportunity to acquire an extremely well-maintained and operated by owner of 40+ years
  • Attractive unit mix of all 2 bed 1 bath floorplans with 17% upside in rents
  • Capital improvements include a new shingled roof installed in December 2023, hurricane-proof windows and doors, most central A/C units and hot water heaters have been replaced
  • At least 10 units have updated vinyl or tile flooring and most units have received new appliances
  • Amenities include a sparkling pool, spacious laundry room, lush tropical landscaping, and ample parking for tenants and guests
  • The property has operated at a historical vacancy of 98.5%. Combined vacancy and collection loss by year: 2012 - 0.0%, 2013 - 2.6%, 2014 - 1.7%, 2015 - 0.9%, 2016 - 0.0%, 2017 - 1.9%, 2018 - 0.0%, 2019 - 4.8%, 2020 - 2.8%, 2021 - 1.7%, 2022 - 0.0%, 2023 - 2.6%
  • Easy access to major thoroughfares such as I-95, Turnpike, Broward Blvd, and US-1
  • Short Drive to the Shops and Restaurants of Las Olas and downtown Ft. Lauderdale
  • The location is surrounded by new retail and apartment communities, making it a great location for tenants

Property Description

Westwood Apartments is a 22-unit two-floor multifamily community located in the heart of the Melrose Manors Submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1967 using reinforced concrete block construction with painted stucco exterior and is situated on 0.65 acres of land. The property has undergone significant capital improvements including, new roof, hurricane windows and doors, central a/c units, hot water heaters as well as interior renovations. The property also boasts amenities such as on-site laundry and pool. The property is located just a few blocks south of Broward Blvd, north of Davie Blvd and at the intersection of SW 4th Ct and SW 27th Ave. Westwood apartments is walking distance to newly built retail and restaurants and surrounded by new Class B apartment communities. The asset is conveniently located just west of I-95, north of Davie Blvd and east of US Hwy 441. The property is also located 3 miles from renowned Las Olas and the financial district in Ft Lauderdale. Additionally, within minutes of driving you can access the world-famous Fort Lauderdale Beach and the shops/restaurants of the Broward Mall. The investment opportunity consists of an attractive unit mix of (22) two-bedroom & one-bathroom units of various floor plans totaling approximately 21,100 RSF. Westwood Apartments has an impressive 10 Year Average Occupancy of over 98% showcasing the high demand for the area. Westwood Apartments have been meticulously cared for by a professional owner of over 40+ years making this an extremely rare opportunity.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Multifamily type: Apartments
Price: $4,389,000
No. of Units: 22
Year Built: 1967
Lot Size: 0.65 Sq ft
Opportunity Zone: No
Price per unit: $199,500
Property Website Click Here
Address: 445 SW 27th Ave, Fort Lauderdale, FL 33312, USA
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