LOMAR SOUTH APARTMENTS

Joseph Thomas, Alec Demetriou and the Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Lomar South Multifamily Portfolio, which consists of six separate folio numbers totaling 148-units in Hollywood, Florida.  The properties are located at 301-315 South Crescent Drive, 500 South Crescent Drive, 532 South Crescent Drive, 314 South Luna Court, 555 South Luna Court and 3500 Jackson Street southeast of Presidential Circle, south of Hollywood Boulevard and just west of South 35^th Avenue.

The Lomar South Multifamily Portfolio was built between 1965-1971 and current ownership originally developed three of the properties. Additional properties from the same owner are being marketed for sale by the listing agents and those materials are available upon request.

SUBJECT PROPERTIES

The Lomar South Multifamily Portfolio consists of the following properties:

301-315 South Crescent Drive is a 38-unit, two-story multifamily property built in 1965 of concrete block and stucco, with a flat roof and central air conditioning.  The building contains 26,987 adjusted square feet, while the lot size is 40,652 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (9) studios with an average in-place rent of $1,211 per month,  (19) one-bedroom | one-bathrooms with an average in-place rent of $1,407 per month, (6) two-bedroom | one-bathrooms with an average in-place rent of $1,500 per month and (4) two-bedroom | two-bathrooms with an average in-place rent of $1,719 per month.

500 South Crescent Drive is a 28-unit, two-story multifamily property built in 1966 of concrete block and stucco, with a flat roof and central air conditioning.  The building contains 19,173 adjusted square feet, while the lot size is 30,737 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (4) studios with an average in-place rent of $1,213 per month, (20) one-bedroom | one-bathrooms with an average in-place rent of $1,480 per month and (4) two-bedroom | one-bathrooms with an average in-place rent of $1,456 per month.

532 South Crescent Drive is a 16-unit, two-story multifamily property built in 1968 of concrete block and stucco, with a flat roof and central air conditioning.  The building contains 13,321 adjusted square feet, while the lot size is 19,420 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (4) studios with an average in-place rent of $1,288 per month and (12) two-bedroom | one-bathrooms with an average in-place rent of $1,610 per month.

314 South Luna Court is a 10-unit, two-story multifamily property built in 1966 of concrete block and stucco, with a shingle roof and central air conditioning.  The building contains 7,966 adjusted square feet, while the lot size is 16,052 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (10) one-bedroom | one-bathrooms with an average in-place rent of $1,350 per month.

555 South Luna Court is a 42-unit, three-story multifamily property built in 1971 of concrete block and stucco, with a flat roof and central air conditioning.  The building contains 41,748 adjusted square feet, while the lot size is 51,403 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (18) one-bedroom | one-bathrooms with an average in-place rent of $1,426 per month, (22) two-bedroom | two-bathrooms with an average in-place rent of $1,807 per month and (2) three-bedroom | two-bathrooms with an average in-place rent of $1,800 per month.

3500 Jackson Street is a 14-unit, two-story multifamily property built in 1965 of concrete block and stucco, with a shingle roof and central air conditioning.  The building contains 10,842 adjusted square feet, while the lot size is 15,002 square feet, according to the Broward County Property Appraiser.  The unit mix consists of (9) one-bedroom | one-bathrooms with an average in-place rent of $1,323 per month and (5) two-bedroom | two-bathrooms with an average in-place rent of $1,895 per month.  

LOCATION

The Lomar South Multifamily Portfolio is located approximately one mile west of Interstate-95 just south of Hollywood Boulevard. The location offers a short walk to many local retailers and various points of interest such as Walgreens Pharmacy (0.5 miles), CVS (0.5 miles), Hollywood Police Department (0.6 miles), David Park Tennis Center (0.8 miles), Regions Bank (0.8 miles), Hollywood Hills Plaza (0.9 miles), Memorial Regional Hospital (1.0 miles) and Joe DiMaggio Children’s Hospital (1.1 miles). Additionally, just a short drive from the properties includes Walmart Supercenter (1.7 miles), Young Circle Park (2.6 miles), Dania Pointe (4.2 miles), Hollywood Beach (4.6 miles), Seminole Hard Rock Hotel & Casino (5.0 miles) and the Fort Lauderdale/Hollywood International Airport (6.9 miles).

Nearby educational facilities include Orange Brook Elementary School (0.8 miles), Chaminade-Madonna College Preparatory School (1.6 miles), South Broward High School (3.7 miles) and Olsen Middle School (4.4 miles).

SUMMARY

The Lomar South Multifamily Portfolio is being offered for sale free and clear of debt at $27,380,000 or $185,000 per unit. Additional properties from the same owner are also being marketed for sale by the listing agents and those materials are available upon request.

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**Tenants pay a flat water fee in addition to their rent.  Those monthly fees are $50 for studios (increasing to $55 in 2024 as leases renew), $50 for one bedrooms (increasing to $65 in 2024 as leases renew) and $75 for two and three bedrooms (increasing to $85 in 2024 as leases renew).