The Villas at Lake Aire
The Villas at Lake Aire is a 40-unit multifamily community in Fort Lauderdale, Florida, offered at $5,800,000 at a 6.01% cap ($348,327 NOI). The Class C garden-style asset comprises twelve single-story concrete block buildings on 1.3 acres with below-market in-place rents and strong occupancy, positioned as a value-add opportunity in an established Broward County rental market.
Built in 1959, the property totals 16,724 SF across forty one-bedroom, one-bathroom units. Nearly all units have been renovated with modern kitchens and bathrooms, stainless steel appliances, updated flooring, and window or wall-mounted air conditioning. The community benefits from new roofs installed in 2021 and 62 on-site parking spaces. The 1.3-acre parcel is zoned RMM-25 and situated along Northwest 18th Street with convenient access to Interstate 95, Florida's Turnpike, Downtown Fort Lauderdale, and Wilton Manors. The surrounding area is anchored by retail centers, parks, schools, and residential neighborhoods, supported by strong population growth in the trade area.
- 40 units, 98% occupancy, below-market rents
- Nearly all units renovated; new roofs (2021)
- 62 on-site parking spaces
- Close proximity to I-95, Florida's Turnpike, Downtown Fort Lauderdale
- Fee simple ownership on 1.3 acres (RMM-25 zoning)
More property details
Location
The Villas at Lake Aire is a well-maintained 40-unit multifamily community located at 2901 Northwest 18th Street in Fort Lauderdale, Florida. Situated on approximately 1.3 acres, the property consists of twelve single-story concrete block buildings constructed in 1959 and features forty one-bedroom, one-bathroom apartments totaling approximately 16,724 square feet. Nearly all units have been renovated with modern kitchens and bathrooms, stainless steel appliances, updated flooring, and window or wall-mounted air conditioning, while the property also benefits from new roofs installed in 2021 and 62 on-site parking spaces. Ideally located with convenient access to Interstate 95, Florida's Turnpike, Downtown Fort Lauderdale, and Wilton Manors, the property is surrounded by numerous retail centers, parks, schools, and everyday conveniences. With below-market in-place rents, strong population growth, and a large surrounding residential base, The Villas at Lake Aire presents an exceptional value-add investment opportunity in one of Broward County's established rental markets.