Calypso Cay Apartment Homes

Substantial Upside in Rental Income

Pool and Sundeck

Sport Court and Ample Greenspace

Ease of Management Due to Condo Association

Very Strong Fundamentals

Attractive Central Broward County Location

Property Description

The Calypso Cay Condos offering is made up of 25 units in Lauderhill, Florida.  The unit mix is one one-bedroom/one-bathroom unit at 740 square feet and 24 two-bedroom/one-bathroom units at 880 square feet.  Water, sewer, and trash removal are included in the HOA fees, as well as insurance, common area maintenance expenses, association management and other expenses associated with maintaining the common area which is paid by the owner. The buildings were built in 1973 and converted to condominiums in 2005.   The Calypso Cay Condos offers residents a pool, clubhouse, sports court, on-site laundry facilities, on-site parking, and ample greenspace.  The community is located just west of SR-7 (441) on NW 21st Street in Lauderhill, Florida which is in central Broward County.  The units are very spacious with all electric appliances, updated kitchens with stone countertops, large closets, central air-conditioning and heat, and individual water heaters.  Select units have updated kitchens and bathrooms and eight of the units have deluxe renovations with higher end cabinets, stone countertops, undermount sinks, stainless steel appliances, dishwashers, washer and dryer, premium flooring, upgraded doors and woodwork, open kitchen floor plans.  Recent improvements to the common areas include but are not limited to repaving and striping of the driveways and parking areas, replacement of the domestic water pump, replacement of the exterior fencing and the replacement of the common area electric breaker panels.   Lauderhill is a suburban community known for its diverse population and vibrant cultural scene. Lauderhill offers a mix of residential neighborhoods, commercial areas, and a variety of parks and outdoor spaces, providing opportunities for residents and visitors to enjoy the sunny Florida weather. Popular attractions in Lauderhill include the Lauderhill Performing Arts Center, which hosts a range of cultural events and performances, and the Inverrary Country Club, known for its golf courses and amenities.  Lauderhill offers a suburban lifestyle with easy access to urban amenities and attractions. Lauderhill also has a higher percentage of renters than other municipalities in Broward County, which is beneficial to multifamily owners.   The current average rental rates are well below the market rents and an investor has the opportunity to acquire the property with positive cash flow, day one, and the opportunity to increase the cash flow as well as acquire additional units in the association.