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1219 NE 5th Terrace

Fort Lauderdale, FL 33304

MLS#: B26033788

$799,997

Status: Active
Listing number: B26033788
Listing provided by: United Realty Group Inc.
Listing agent phone: None
Last update: 10 hours ago
On site: 6 days ago
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PROGRESSO - Land

Property

Beds

None

Full Baths

None

1/2 Baths

None

Year Built

None

Lot size

0.23 acres

Rare opportunity to acquire an income producing duplex (2 1/1s) w/ additional development capacity in Fort Lauderdale's rapidly developing Studio City at OVER 30% OFF market value. Keep the existing duplex (w/separate water & electric meters) & add 8 units for 10 units total. Included site plan shows layout, parking, & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ equity. Potential ~10% cap. Opportunity zone. Seller will finance.

Features & Amenities

Interior

  • Total Bedrooms

    N/A

  • Bathrooms

    N/A

  • Pet friendly

    N/A

Exterior

  • Garage

    No

  • Pool

    No

  • Waterfront YN

    NO

Area & Lot

  • Lot Size(acres)

    0.23

  • Lot Size(square feet)

    10129.0

  • Property Type

    Land

  • Property Sub Type

    Unimproved Land

Price

  • Sales Price

    $799,997

  • Tax Amount

    $7,203.21

  • Sq. Footage

    N/A

  • Price/SqFt

    N/A

HOA

  • Association

    No

School District

  • Elementary School

    North Side

  • Middle School

    Sunrise

  • High School

    Fort Lauderdale

Property Features

  • Sewer

    Public Sewer

  • Water Source

    Public

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Location

County

Broward

Elementary School

North Side

Middle School

Sunrise

High School

Fort Lauderdale

Listing Courtesy of Michael J Sheer , United Realty Group Inc.

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Rare opportunity to acquire an income producing duplex (2 1/1s) w/ additional development capacity in Fort Lauderdale's rapidly developing Studio City at OVER 30% OFF market value. Keep the existing duplex (w/separate water & electric meters) & add 8 units for 10 units total. Included site plan shows layout, parking, & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ equity. Potential ~10% cap. Opportunity zone. Seller will finance.

1219 NE 5th Terrace

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