Introduction to Oakland Park
In this post, we'll look at the quickly-developing city of Oakland Park with an eye towards its suitability as a candidate location for Commercial Real Estate Broward County.
Oakland Park, officially the City of Oakland Park, is a city in Broward County, Florida, United States. As of the 2010 United States Census, the city's population was 41,363, mainly due to annexation of North Andrews Gardens and Twin Lakes South. It is part of the Miami–Fort Lauderdale–Pompano Beach Metropolitan Statistical Area, which was home to 5,564,635 people at the 2010 census.
Originally named Floranada (a blend of Florida and Canada), the town was forced into bankruptcy after the hurricane of 1926. When the municipality reincorporated, residents chose to make it a city and voted for the name Oakland Park. The original boundaries went from the Atlantic Ocean, west to what is now U.S. 441, and from the north fork of Middle River north to Cypress Creek Boulevard, but when the boundaries were reestablished, it was to approximately the west side of U.S. 1, west to Northeast 3rd Avenue and the north fork of Middle River north to what is now Prospect Road. Over time, it has expanded to its current boundaries, mainly due to acquiring a few other areas, such as recent annexations of previously unincorporated neighborhoods of Twin Lakes South and North Andrews Gardens.
Oakland Park has built a reputation by promoting a downtown culinary arts district which is quietly transforming the city. It is because of the success of this district that the retail corridors are gaining traction. The city offers affordable residential and commercial space, is minutes away from the ocean and is located in a major metropolitan area and its population is considered young and diverse.
The city has made great strides in preparing for growth with significant investment in infrastructure, identifying the retail gaps, branding its downtown and planning for its future growth. New zoning has been implemented to provide for residential mixed-use development.
Great Opportunity for Mulit-Family Commercial Real Estate Broward County
The Oakland Park/Lauderhill Submarket is beginning to grow in popularity, and developers are helping the landscape evolve with the times. Oakland Park’s lower rents have made it desirable to renters seeking affordable alternatives to Downtown Fort Lauderdale or expensive premier suburban submarkets that lie to the west, such as Pembroke Pines/West Miramar. For those looking to own income-producing commercial real estate in Broward County, Oakland Park offers motivated tenants and manageable vacancy rates. Meanwhile, the city's eye towards sound development suggests improving equities in the Oakland Park sub-market.
Development has been mostly sparse this cycle but picked up recently with two new apartment developments delivering in 2018-Q2. This has caused a spike in vacancies as the communities go through lease-up. Sales volume for the submarket has been strong, with almost $200million in trades over the past 12 months.
Rent Survey - Oakland Park
The following are rent surveys for 1 and 2-bedroom apartments in Oakland Park. 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.Oakland-Park-Rents
Comparable Sales - Oakland Park Multi-Family Investment Properties
Oakland Park's Lower Prices and Growth Make it an Opportunity for Commercial Real Estate Broward County
The following document is a comparable sales sheet for multi-family apartment buildings in Oakland Park of 5 or more units.
What are 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.
Why Comparable Sales?
Taking the direct sales comparison 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 sheetsContact and establish the value of my client's property.
Indeed, 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.
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.