LOT SIZE 0.232 acres
MLS#B26033788
STATUSActive
PROPERTY TYPELand - Residential
SUBDIVISIONPROGRESSO
Property Description
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.
Property Features
Property Type: Land - Residential
Lot Size: 0.23 Acres
Taxes: $7,203
Feature Descriptions
Days on Site: 4
Fencing: Wood
Lot Dimensions: 75 ft x 135 ft
Parcel#: 494234032080
Sewer: Public Sewer
Utilities: Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected
Utilities: Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected
Water: Public
Local Schools
High School: Fort Lauderdale
Middle School: Sunrise
Elementary School: North Side
Listed By / Shown By
Listed By
Agency Name: United Realty Group Inc.
Agency Phone: 954-450-2000
Shown By
Agency Title: RealtyMark
Agency Phone: 888-260-0400
Estimate Your Payment
Estimated Payment
$ 2,614.03 per month $1,780.45 Principal & Interest $600.25 Property Tax $233.33 Homeowner's InsuranceChange Payment Information
1219 NE 5th Terrace | MLS# B26033788
This land located at 1219 NE 5th Terrace, Fort Lauderdale, FL 33304 is currently listed for sale with an asking price of $799,997. The property has approximately 0.23 Acres. Search Fort Lauderdale real estate on www.realtymark.net today.