Victoria Village Apartments
921 NE 17th Ave
Fort Lauderdale, FL 33304
Highlights
- Located in Most Desirable Neighborhood of Victoria Park
- Attractive Value Add Opportunity to Move Rents to Market and Beyond
- Loss to Lease Estimates are +/- 35%
- Fully Equipped Hurricane Impact Windows and Doors
- Most Units Renovated with New Kitchens and Tile Floors
- Upgraded Electric Service | Updated Sewer Lines
- Robust Re-Development Activity in Neighborhood
- 4 Walkable Blocks to Holiday Park
- +/-1.50 Miles to Fort Lauderdale Beach
- +/-1.22 Miles to Las Olas Boulevard
- +/-4.30 Miles to Fort Lauderdale-Hollywood International Airport
- Desirable Unit Mix (8) 1/1, (1) 2/1, and (1) 2/2
Description
Victoria Park Villas is a 10-unit multifamily opportunity in one of the most desirable investment markets in the United States and Globally, here in Fort Lauderdale, Florida. Residents enjoy easy access to major roadways like US-1 and I-95, making commuting requirements a focal point for area residents. The Victoria Park neighborhood is also in close proximity to Las Olas Boulevard, a renowned destination for upscale dining, shopping, and entertaining, providing a perfect balance of serene residential living and vibrant city life. Due to the highly desired location, Victoria Park experiences market leading, historically high occupancy rates and rapid rent growth and property appreciation.
The rental market in Fort Lauderdale continues to grow at a pace with very few rivals nationally. People are flocking to this city of the future at a remarkable pace in our post pandemic environment. The perfect, "Live, Work, Play" model as more and more young professionals and growth companies take advantage of the vibrant city life of Fort Lauderdale. The city has quickly emerged as a tech hub with many firms coming to and calling the area home. While rents for Class A product continue to increase to historical highs, demand for Class B and C remains very strong and stabilized, even more so in the Victoria Park neighborhood.
Victoria Park Villas has seen a numerous amounts of renovations in recent years that includes fully equipped hurricane impact windows and doors, electric upgrades, and renovated sewage lines. Most units are upgraded with tile flooring and remodeled kitchens. This assets comes equipped with additional income from on-site laundry machines operated by the current owner.
New Buyers will look to unlock value in the current rent roll by moving rents to market and beyond. A potential repositioning into a short term rental model may be possible as well, subject to Buyer researching local ordinances. The current rent roll is comprised of mostly month to month tenants allowing for almost immediate business plan execution. Rents are +/-35% below our conservative estimates with various ways to increase income almost immediately.
Victoria Park Villas is in the City of Fort Lauderdale, FL and found in the Victoria Park Neighborhood. More than 200,000 people call the City of Fort Lauderdale home and is the Seat of Broward County. Flagler Village, Riverwalk, Riverfront, Fat City, and the Progresso Village neighborhoods are reshaping the city core. There are millions of square feet at some phase of the construction timeline including an abundance of residential class A apartments and multiple retail centers. Fort Lauderdale is a premier multifamily investment market and viewed globally as a city on the rise.
As the featured neighborhood, Victoria Park is known for tree-lined streets, a mix of historic homes, modern development, and walkable connectivity to downtown and Riverfront areas. The Stanley Cup Champion, Florida Panthers, training facility is a short walk from the property. The War Memorial Auditorium and Parker Playhouse are local event centers located inside Holiday Park attracting a plethora of local and international attendees as a main economic driver for the immediate area surrounding Victoria Park Villas. Whether it's an event, baseball, or summer concert, Holiday Park is widely considered one of the greatest amenity filled parks in all of South Florida for the area residents to enjoy.
Affectionately called the "Venice of America", Fort Lauderdale is home to 165 miles of inland waterways. There simply isn't a greater collection of multi-million dollar yachts in the world hence the moniker, "Yacht Capital of the World". Fort Lauderdale features some of the world's premier boating events; including the Fort Lauderdale International Boat Show. The show is widely accepted as the largest boat show in the world.
As an economic driver, Port Everglades to the south, generates more than $29 Billion worth of commerce annually, directly impacting 11,000 jobs. There are various maritime industries including ship building, repairs, parts manufacturing, and retail outlets that will provide quality jobs for the residents of Victoria Park Villas. Additionally, there are various corporate headquarters within a short drive to the asset including but not limited to AutoNation, American Express, Marriott International, SEACOR Holdings, Spirit Airlines, Chewy.com, and Citrix. The Fort Lauderdale-Hollywood International Airport is 15 minutes southwest of Victoria Park Villas.
