Listed by United Realty Group Inc., United Realty Group Inc
$799,997
1219 NE 5th Terrace
Details
APN 494234032080
Property Type Land
Sub Type Commercial, Agricultural
Acreage 0.233
Zoning RMM-25
Land | 0.233 acres
Marketing description
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.
Listing Contacts
Listed by United Realty Group Inc., United Realty Group Inc
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