OAKLAND PALMS APARTMENTS

Joseph Thomas AJ Stanford and the Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Oakland Palms Apartments, a 73-unit apartment complex located in (East) Oakland Park, Florida.

SUBJECT PROPERTY

Oakland Palms is comprised of four apartment buildings totaling 49,295 square feet of living area and encompassing 102,323 square-feet of land (2.35 acres), according to the Broward County Property Appraise­r.  The property consists of three, adjacent two-story buildings and one, two-story building across the street totaling 73-units, which were constructed in 1969-1974 of concrete block and painted stucco.  The unit mix consists of (5) one-bedroom | one-bathroom apartments with an average in-place rent of $1,560 per month and (68) two-bedroom | one-bathroom apartments with an in-place rent of $1,857 per month. Typical units feature ceramic tile flooring, electric appliances and central air conditioning.  10 units have been updated with vinyl wood plank flooring, new kitchens, new bathrooms and new appliances.  Oakland Palms also offers ample parking, a gated swimming pool and on-site laundry facilities for residents and guests.

LOCATION

Oakland Palms Apartments is located just west of Dixie Highway along Northeast 39^th Drive and Northeast 10^th Avenue. 1028 NE 39^th Street building is situated on the south side of 39^th Drive and runs through to Northeast 39^th Street.  The location provides easy access to major thoroughfares including Dixie Highway, Federal Highway (US-1), Oakland Park Boulevard and Interstate 95.  The surrounding neighborhood consists primarily of single-family homes, multifamily properties and various commercial properties, as well as several new developments, such as The Sky Building (136-units, 15,000 SF commercial space & 300 parking spaces – currently under construction), BLYS Luxury Apartments (a mixed-use property with 300-units & 7,500 square feet of ground floor retail – recently completed) and Sprouts Farmers Market (recently completed, adjacent to BLYS).

Downtown Oakland Park is a lively destination featuring many new restaurants, boutique shops, craft breweries, coffee shops and art galleries. Oakland Palms Apartments is just a short walk or drive from numerous points of interest, including Jaco Pastorius Park (0.1 miles), Funky Buddah Brewery (0.2 miles) and the Butchers Barrel butcher, fresh market and restaurant (0.4 miles), Prison Pals Brewery (0.4 miles), Rebel Wine Bar (0.4 miles), Aldi (0.7 miles), Brewlihan Mead Company (0.8 miles), Publix Super Market at Dixie Crossing (1.0 miles), Sprouts Farmers Market (1.0 miles), LA Fitness (1.0 miles), Publix Supermarket at Five Points (1.2 miles), Wilton Manors (1.6 miles) and Downtown Fort Lauderdale (4.3 miles).  Local education centers near Oakland Palms include the Oakland Park Elementary School (0.7 miles), St. Mark’s Episcopal School (1.3 miles), Northeast High School (1.8 miles) and Fort Lauderdale High School (2.1 miles).  Nearby medical centers include Holy Cross Hospital (1.8 miles) and Broward Health Imperial Point Hospital (3.5 miles).

SUMMARY

Oakland Palms Apartments is being offered for sale at an asking price of $17,520,000 or $240,000 per unit.