Property Description
Rare opportunity to acquire an income producing duplex w/confirmed 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
Feature Descriptions
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Listed By / Shown By
Listed By
Agency Name: United Realty Group Inc.
Agency Phone: 954-450-2000
Shown By
Agent Name: Marc Loscalzo
Agent Phone: (904) 473-9035
Agency Title: Watson Realty Corp., REALTORS ®
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Estimated Payment
$ 4,803.34 per month $3,969.76 Principal & Interest $600.25 Property Tax $233.33 Homeowner's InsuranceChange Payment Information
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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.soldbyloscalzo.com today.