$799,9978 days on marketActive

1219 NE 5th Terrace, Fort Lauderdale, FL 33304

Fort Lauderdale, FL 33304

Sq Ft

0.23 acres

Lot Size

Listing Snapshot

List Price	$799,997
Beds	0
Baths	0
Living Area	0 sqft
Lot Size	0.23 acres

Property Tax	$7,203.21/yr
MLS #	1170294919
Status	Active
Days on Market	8

About This Home

Rare opportunity to acquire income-producing duplex (2 1/1s) w/ additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 30% below 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.

General Features

Property Type: Land
Sub-type: UnimprovedLand
Direction Faces: East
Zoning: RMM-25
Utilities: CableConnected,ElectricityConnected,PhoneConnected,SewerConnected,WaterConnected
Subdivision: PROGRESSO