PINECREST FLATS FORT LAUDERDALE

Joseph Thomas, AJ Stanford and The Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Pinecrest Flats Fort Lauderdale, an 8-unit, two-building apartment complex located in Fort Lauderdale, Florida. 

SUBJECT PROPERTY

Pinecrest Flats consists of two, single-story fourplexes located at 5901 and 5911 Northeast 18th Avenue in the Coral Ridge Isles neighborhood of Fort Lauderdale.  The properties were built in 1962 of concrete block and stucco, total 5,346 adjusted square-feet and encompass a combined 15,000 square-foot lot, according to the Broward County Property Appraiser.  The unit mix consists of (4) one-bedroom | one-bathroom units with an average in-place rent of $1,586 per month and (4) two-bedroom | one-bathroom units with an average in-place rent of $1,940 per month.  Residents are responsible for their own electricity, while water, sewer and trash are included in the rent.  Units feature ceramic tile or vinyl wood-plank flooring, black, or stainless-steel electric appliances, individual hot water heaters and central air conditioning.  Both properties also feature hurricane-resistant impact windows, which were installed in 2019 and current ownership renovated seven apartments in 2021-2022.

LOCATION

Pinecrest Flats is situated on the west side of Northeast 18th Avenue just south of Cypress Creek Road and north of Northeast 56th Street.  The location provides easy access to major thoroughfares such as Dixie Highway, Federal Highway (US-1) and Commercial Boulevard.  The surrounding neighborhood consists primarily of single-family homes and multifamily properties with an average household income of $98,774 within a three-mile radius, according to Experian.

Nearby points of interest include Yoga Joint (1.0 miles),  Imperial Square Shopping Center (1.1 miles), Black Rock Bar & Grill (1.2 miles), Broward Health Imperial Point Hospital (1.2 miles), Truist Bank (1.3 miles), South State Bank (1.5 miles), First Citizens Bank (1.5 miles), CVS Pharmacy (1.6 miles), Publix Supermarket at Pompano Plaza (1.7 miles), Walgreens Pharmacy (1,7 miles) and Walmart Neighborhood Market at Pompano Marketplace (2.0 miles). Nearby educational centers include Pine Crest School (0.3 miles), Westminster Academy (1.0 miles), James S. Rickards Middle School (1.0 miles), Floranada Elementary School (1.1 miles) and Northeast High School (1.3 miles).

SUMMARY

Pinecrest Flats is offered for sale at $1,750,000 or $218,750 per unit.