Assignment – Flagler Village 2019-04-18T18:51:15+00:00

Fort Lauderdale, FL

Flagler Village

  • PRICE $4.721M
  • NOI $212,452
  • CAP 4.50%
  • SQUARE FEET 8,017
  • Year Built/Renovated  1992/2019
  • ACRES 0.47
  • Price Per Square Footage $588.89
OFFERING MEMORANDUM

INVESTMENT SUMMARY

The Chetek Group of Marcus & Millichap, as exclusive advisor, is pleased to present a rare value-add opportunity to acquire 521 NE 4th Avenue (the “Property”), a cash flowing 8,017 square foot office building and surface parking lot located in the heart of Flagler Village, downtown Fort Lauderdale’s trendiest and fastest growing neighborhood. The Property is situated on 0.47 acres of land and features the highest density zoning in Fort Lauderdale, RAC-CC, further enhancing the near-term upside opportunities. The Property is currently 100% leased to the City of Fort Lauderdale and will serve as the city’s code compliance headquarters. The lease was just signed in March 2019 and has an initial term of five years through 2024.

The Property provides an ideally positioned covered land scenario and is being offered free and clear of debt at a 4.5% cap rate for $4,721,000.

LISTING HIGHLIGHTS

8,017 SF single tenant 2-story office building.

0.47 acres, 20,400 SF of land.

100% NNN leased | ideally positioned covered land play.

Rare infill opportunity in the heart of Flagler Village.

Flagler Village is downtown Fort Lauderdale’s trendiest and fastest growing neighborhood.

Newly renovated for occupancy by the city of Fort Lauderdale’s code compliance headquarters.

Significant near-term upside in redevelopment of the site, redevelopment of the existing improvements, or raising rents to “Market Value”.

Below market rents.

Highest and best urban zoning designation in downtown Fort Lauderdale, RAC-CC – no height or density constraints.

OFFERING MEMORANDUM