Updated Dec 20, 2023
Marcus & Millichap Sells Fort Lauderdale Multifamily For $11.65M
1421 Northwest 1st Street, Fort Lauderdale, Florida 33311, United States
$11,650,000
$233/SF
Building Size
49,826 SF
Asset Type
MultiFamily
Closing
Jul 27, 2022
About this deal
AI
An off-market multifamily property in Fort Lauderdale has recently been sold for a price of $11,650,000. The transaction was facilitated by brokers Daniel Cunningham and Evan Richardson of Marcus & Millichap. The property, located at 1421 NW 1st Street, spans across 3.34 acres.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,650,000
- Date: 07/28/2022
- Address: 1421 NW 1st Street
- Market: Fort Lauderdale
- Assets Type: Multifamily
- Acres: 3.34
- Brokers: Daniel Cunningham & Evan Richardson - Marcus & Millichap
- Units: 65
- Price Per Unit: $179,231
- Square Footage: 50,906
- Price Per Square Foot: $229
The deal, involving the acquisition of this multifamily property, showcases the expertise of brokers Daniel Cunningham and Evan Richardson from Marcus & Millichap. Their representation successfully facilitated the sale of this property, contributing to its smooth transfer of ownership. This transaction marks a significant real estate venture in the Fort Lauderdale market.
Players
Fort Lauderdale MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.36%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93