Marcus & Millichap is pleased to bring to market Middle River Place, an eight-unit apartment community located in the city of Fort Lauderdale, Florida, and the highly coveted neighborhood of South Middle River. The property had previously been operated as affordable housing for veterans but has recently been converted to market-rate rentals. The current average in-place rent is $1,663, which is approximately $387, or 23 percent, below the market rent of $2,050. Furthermore, 100 percent of the current leases have renewals on or before January 31st, 2025.

Middle River Place is located between Powerline Road and North Andrews Avenue, just south of Wilton Manors and Middle River. The property sits in the middle of a quiet residential neighborhood with Lauderdale Tennis Club and Fort Lauderdale High School just up the street. The Lauderdale Tennis Club offers 13 tennis courts, a private patio bar and grill, fitness center, and heated lap pool.

The property was built in 1966 and is comprised of four contiguous single-story duplexes, constructed of concrete block with painted stucco exterior, divided into two separate folios. The unit mix consists of two one-bedroom apartments and six two-bedroom and one-bathroom apartments with a total of 12 surface parking spaces.
Two of the roofs are pitched asphalt shingle while the remaining two are pitched metal. Apartment amenities include central heating and air-conditioning, individual water meters, separate hot-water heaters, ceramic tile floors, and fully equipped kitchens with dishwashers, stove tops and ovens. The community also boasts a gated private courtyard with a fire pit, barbeque grill, picnic tables, and community garden. There are also three brand-new community washing machines and dryers, which can be used as in-unit laundry, allowing an investor to charge a premium in rent. The buildings sit on just under a one-half acre of land which provides for abundant greenspace. Additionally, both buildings are under the minimum required square-footage to have the 40/10-year recertification requirement.

The location of Middle River Place affords an investor the opportunity to attract residents that work in any of the major metropolitan areas of South Florida and further harness the exceptionally strong rental growth that South Florida is experiencing.