Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Bahia Beach, a 35-unit apartment property located in Fort Lauderdale, Florida. The six-story asset sold for $5,500,000.
“Bahia Beach was one of only a few rental buildings in the submarket,” said Evan Kristol, executive managing director investments. “The property was delivered 100% vacant, which provides an excellent opportunity for the new owner.”
Kristol, Brandon Rex, Austin Michels and David Altman, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investment group. A local developer and operator purchased the property.
Bahia Beach is located at 3030 Harbor Drive and one block from Fort Lauderdale Beach. The vacant property sits on a 17,167-square-foot site and is zoned RMH-60 which allows for a 120-foot structure, with bonuses up to 240 feet.
Constructed in 1966, the elevator-served building has balconies in each apartment and wall unit air-conditioning. Property amenities include 21 parking spaces, onsite laundry, and a private courtyard with a swimming pool.
