Introduction to Fort Lauderdale
Incorporated on March 27, 1911, the City of Fort Lauderdale is situated on the southeast coast of Florida, centrally located between Miami and Palm Beach. Encompassing more than 33 square miles with a population of nearly 170,000, Fort Lauderdale is the largest of Broward County's 31 municipalities and the eighth largest city in Florida. Embraced by the Atlantic Ocean, New River and a myriad of scenic inland waterways, Fort Lauderdale truly lives up to its designation as the "Venice of America.“
The City of Fort Lauderdale is named for a Second Seminole War fortification built on the banks of New River in 1838. In that year, Major William Lauderdale led a detachment of Tennessee Volunteers south along the east coast of Florida to capture Seminole agricultural lands. Altogether, three forts named after Major Lauderdale would be constructed: the first at the fork of New River; the second at Tarpon Bend; and the largest on the beach at the site of Bahia Mar. None of these forts survive today.
An advantageous economic climate is helping the City of Fort Lauderdale establish itself as a world-class international business center and one of the most desirable locations for new, expanding or relocating businesses. Once known strictly as a tourism-based economy, Fort Lauderdale now supports a diverse range of industries, including marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film and television production.
Fort Lauderdale also offers an outstanding quality of life, highlighted by a semi-tropical climate, rich natural beauty and array of cultural, entertainment and educational amenities. Blessed with over 3,000 hours of sunshine each year and pleasant year-round ocean breezes, world-famous Fort Lauderdale Beach offers premier opportunities for recreation, relaxation and enjoyment. The picturesque Riverwalk serves as the cornerstone of the City's arts, science, cultural and historic district which features 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. In addition, the City's downtown area is home to Broward Community College, Florida Atlantic University, Florida International University, the award-winning Broward County Main Library, federal, county and school district offices.
Through the cooperative efforts of residents, businesses and local government, Fort Lauderdale has evolved into a city that offers the best of both worlds - an attractive business environment and an outstanding quality of life. Fort Lauderdale is a great place to live, work and raise a family, and the City looks forward to continuing to build upon its success to meet the challenges of the 21st Century and beyond
Rent Survey - Fort Lauderdale
The following are rent surveys for 1-2 bedroom apartments in Fort Lauderdale. We invite you to utilize the rent surveys provided below in researching your investment property or a prospective purchase.
That being said, if you're considering selling or acquiring a residential investment property it's best to get the most up-to-date information to support your decision. In this case, please contact Peter Dacko for a complementary Proposal to Market. This Proposal to Market will include the most current rent surveys and other information complied specifically for your subject property.
Rental Market Notes - Fort Lauderdale
- A slight improvement in the market's fundamentals has translated into healthy rent growth that is now in line with the historical average. Rent growth in the Fort Lauderdale Metro is currently at 2.0%.
- Rents in Fort Lauderdale, like those in Miami, are significantly higher than the national average. Favorable economic conditions have seemingly sustained steady demand, despite higher rents on newer, luxury units. The high asking rents in Fort Lauderdale are driven primarily by the urban core of Fort Lauderdale, which have asking rents for new assets averaging about $ 2.50/SF. Units outside of the urban core built within the same time frame go for less than $2/SF.
Comparable Sales - Fort Lauderdale Multi-Family Investment Properties
The following document is a comparable sales sheet for multi-family investment properties of 5-15 units in the Fort Lauderdale, Florida Area.
Why Comparable Sales?
The market or direct sales comparison approach is a strategy to estimate the of value of a property. In this approach we undertake a process of comparing market data - that is, prices paid for similar properties, prices asked by owners, and offers made by prospective buyers or the tenants willing to buy or lease.
Typically a comparison grid is used and adjustments are made to each comparable sale used for major differences between the comparable and the subject property. These adjustments are made for factors like location, construction quality, and significant amenities. In this approach (the market/direct sales approach), the attempts are made to both gauge and reflect the anticipated reaction by a typical purchaser to the subject property.
Taking this approach can sometimes have beneficial outcomes for the estimated value of your property as compared to other appraisal strategies. As a broker, it's my job to establish the best value I can in any property I bring to market. That's why I spend the time to create comparable sales sheets and establish the value of my client's property.
What are Comparable Sales?
When I research comparable sales, I'm researching properties that are similar to a subject property in most respects. I do this research for each subject property that I'm considering taking to market. I determine if another property is a comparable sale if
- The property is located in a nearby location.
- If it has recently sold for a fair market value.
- It has other pertinent characteristics that are similar to the subject property.
The selection of comparable sales is in most appraisals is the single most determining factor in establishing the value of the property. It is essential to fully research the local real estate market and determine which comparable sales represent the best value characteristics of the subject property.
Notes on Comparable Sales for Multi-Family Residential Investment Properties in Fort Lauderdale
- Sales activity continues to boom in Fort Lauderdale, and pricing continues to climb. Many new projects have traded over the last year with prices north of $300,000/unit. For example, the 394-unit Avenue building that was built in 2017 traded for $302,000/unit, which totaled $119 million. This property traded at a 6.9% cap rate to Boardwalk Properties in Miami Beach. The same company purchased The Queue in February 2018 for $53 million, or about $277,500/unit.
- Broward County sits in the heart of the South Florida region. It has experienced favorable demographic and economic conditions over the past five years. Local economic, job, and demographic growth outpaced that of the U.S. across the board.
- The County’s current population of 2.0 million has grown by close to 13% over the past decade, almost double the rate of the rest of the country. Most of Broward’s population growth comes from international migration. Domestic migration has slowed down significantly over the past five years. As the national economy continues to perform well, domestic migration turned negative over the past couple of years.
If you're interested in receiving the most up-to-date rent surveys and comparable sales for your subject property, please contact me for a complementary Proposal to Market. My firm, Media Realty enables our clients to maximize their net returns by providing the best information. This allows our clients to make the most educated decision in a timely manner. Let us create value for you!
The information contained herein is not a substitute for a thorough due diligence investigation. Media Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information has been obtained from sources we believe to be reliable; however, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all the information set forth herein.