3030 NE 21st Ter
Fort Lauderdale, FL 33306
Chateau View · Build-to-Rent Property For Sale · 15 Units

Marcus & Millichap, as exclusive listing agent, is excited to offer for sale Chateau View, a 15- unit boutique apartment building located at the entrance to the Coral Shores neighborhood in Fort Lauderdale, Florida. Chateau View is a three-story, elevator served building that was constructed in 1973 of concrete block with a painted stucco exterior and sits on a .31 acre site. The property offers an excellent unit mix consisting of nine one-bedroom apartments and six two-bedroom apartments. Each is separately metered for electricity, telephone and cable, while water, sewer and trash removal are included in the rent. Apartments have central heating and air-conditioning, all electric appliances and a separate electric hot-water heater. There are two on site laundry facilities, numerous small courtyards with benches and 20 open parking spaces. Over the past few years, many of the windows have been replaced with hurricane impact and numerous air-conditioning units and hot-water heaters have been replaced. Many apartments have renovated kitchens and bathrooms and approximately one-third of the units have granite countertops, dishwashers and built-in microwaves. Furthermore, the entire parking lot was redone and all electric panels were replaced. Chateau View is located just one block from the intersection of Federal Highway (US-1) and Oakland Park Boulevard; one of the busiest intersections in the city with over an 80,000 daily traffic count. Federal Highway and Oakland Park Boulevard are lined with just about every national retailer and restaurant, as well as many office buildings that provide a significant employment base in the area. Downtown Fort Lauderdale is easily accessible and approximately 10 minutes to the south and the Fort Lauderdale / Hollywood Airport is an approximate 20 minute drive. Both Interstate 95 and the Florida Turnpike can be accessed from Oakland Park Boulevard to the west and Fort Lauderdale Beach is only a few miles to the east. The City of Fort Lauderdale is the largest of Broward County’s 31 municipalities and ranks as one of the ten largest cities in Florida. The City ranks in the top 10 in an array of categories including greenest mid-sized cities, best downtowns in the US, best cities to start small businesses, best cities for millennial job seekers in Florida, and most exciting mid-sized cities in America. Broward County Public Schools rank “Among Americas Best” according to Newsweek, which pairs well with one of the “Hottest Start-up hubs in the US” according to the Kauffman Foundation. Fort Lauderdale offers an unparalleled quality of life through the sheer natural beauty and array of culture, entertainment, educational, and leisure activities available. Fort Lauderdale affords residents an opportunity to relish in an experience like no other, with over 3,000 hours of sunshine year-round coupled with pleasant ocean breezes, all in the context of the pristine Fort Lauderdale Beach. The beach offers unique opportunities for recreation, relaxation, and enjoyment. The Riverwalk serves as the epitome of the City’s arts, science, cultural, and historic hub, which includes the likes of the Broward Center for the Performing Arts, Museum of Discovery and Science, Museum of Art and Old Fort Lauderdale Village and Museum. Las Olas Boulevard has gained international acclaim as Fort Lauderdale’s centerpiece of fashion, fine dining, and entertainment. Las Olas Boulevard is South Florida’s most architecturally unique and authentic shopping and dining district. Take a saunter along Las Olas and be pleased by the two world class museums, 10 major international art galleries, 65 unique shops filled with fashion, accessories, gifts, and over 30 dining options. Fort Lauderdale’s Central Business District (CBD) has represented approximately 15 to 20 percent of the Broward County office inventory for the past twenty years. With an average construction of 190,000 square feet of office space per year since 1980, the long-term health of office employment growth is reasonably strong. Seventy percent of projected retail demand comes from new residents and workers whom have an appetite for a diverse merchandise mix including supermarkets, pharmacies, and large general merchandisers. Chateau View is being offered for sale subject to the assumption of the existing first note and mortgage in favor of Freddie Mac in the approximate amount of $1,454,000. The loan is fixed for approximately nine years at 4.88 percent, has approximately two years of interest only payments and can be prepaid with a penalty.