THE OPPORTUNITY

Lakeside Condominiums is sited on busy North State Road 7 and NW 29 Street in density-rich central Broward County. According to traffic reports, this intersection represents 52,000 vehicles per day that pass by the asset, which lends itself to higher occupancy rates (99%) and lower marketing costs compared to comparable properties in the area. Despite the elevated occupancy at the property, there is substantial loss-to-lease to eliminate. The reason for this loss-to-lease is that the ownership group has owned the asset for over 15 years, and due to their low-cost basis, sees no need to charge top of market rents. This allows a new investor to come in and immediately raise rents by almost $100/month just to close the gap between what comparable properties in the submarket are charging.

A new owner could increase their yield on the investment by developing an interior unit renovation regiment. Currently, the units are all in 'classic' condition and primed for upgrades. We anticipate an investment of $5,000 per unit for interiors that should return a payback within two and a half years with anticipated ROI of well over 35% on the improvements. These assumptions were not included in this Offering Memorandum but do represent an approach to creating value in this submarket.

Year Built

1984

Stories

2-Story

Roofs

Flat Transitioning to Mansard

Total SF

182,454

Average Asking Rent

$1,248 or $1.57/SF

Buildings

6

Construction

CBS

Units

229 out of 368

Average Unit SF

797

Average In-Place Rent

$1,149 or $1.44/SF

Community Amenities

3 Swimming Pools

4 Laundry Facilities

Basketball Court

Children's Playground

Club House

Fitness Center

Stand-Alone Rental Office

 

 

Interior Amenities

Waterview - Select Units

Impact Windows

Tile Flooring

 

 

 

LOCATION

PHOTO TOUR

CONTACT US

Tal Frydman

Senior Director

Tal.Frydman@berkadia.com

561.609.4015

 

Yoav Yuhjtman

Director

Yoav.Yuhjtman@berkadia.com

561.609.4014

 

Nicholas Perrone

Director

Nicholas.Perrone@berkadia.com

561.609.4007

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