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Address Not Available By Request

Fort Lauderdale, FL 33311
  • $1,985,000
  • STATUS: Active
  • ON SITE: 154 Days
  • MLS #: RX-10727425
UPDATED: 44 min ago
$1,985,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 7,258
    SQFT
  • $273
    $/SQFT
Neighborhood:
-
Type:
Multi-Family
Built:
1956

School Information

Elementary School:
High School:

Description

Great multiplex investment opportunity! 16 units. Minutes from downtown Fort Lauderdale. Potential for 8% cap! 16 units. 14 Studios. 2 1BRs. 8 Occupied - 4/$250/week, 2/$300/week, 2/$350/week. 8 Vacant. Total Gross Income $111,700/year. Operating Expenses $35K/year. NOI = $82600/year. Cap rate is 4% due to vacancies. Potential for 8% with full occupancy. Rent includes water and FPL. Roof 1 year old. 14 Parking spots. 14 units with central air. Access will be provided upon a fully executed contract with inspection period.Upside for new owner: " Raise the value of the property by finishing the 4 units to get a total of 20 units rented " Get annual rents at a min of $1,000/unit/mo " Permitted for motel use if your business plan would want nightly/weekly/monthly tenants " Zoned and approved for another structure to be built (ground up) with 4 more units making the property a total of 24 units. This should not cost more than $200k

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www.bestbrowardrealestate.com/homes/118815641
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Address Not Available By Request Fort Lauderdale, FL 33311

  • Price: $1,985,000
  • Status: Active
  • On Site: 154 Days
  • Updated: 44 min ago
  • MLS #: RX-10727425
0
Beds
0
Baths
0
½ Baths
N/A
Acres
7,258
SQFT
$273
$/SQFT
1956
Built
Neighborhood:
-
Area:
Fort Lauderdale
Elementary School:
Dillard Elementary School
High School:
Dillard High School
Property Description
Great multiplex investment opportunity! 16 units. Minutes from downtown Fort Lauderdale. Potential for 8% cap! 16 units. 14 Studios. 2 1BRs. 8 Occupied - 4/$250/week, 2/$300/week, 2/$350/week. 8 Vacant. Total Gross Income $111,700/year. Operating Expenses $35K/year. NOI = $82600/year. Cap rate is 4% due to vacancies. Potential for 8% with full occupancy. Rent includes water and FPL. Roof 1 year old. 14 Parking spots. 14 units with central air. Access will be provided upon a fully executed contract with inspection period.Upside for new owner: " Raise the value of the property by finishing the 4 units to get a total of 20 units rented " Get annual rents at a min of $1,000/unit/mo " Permitted for motel use if your business plan would want nightly/weekly/monthly tenants " Zoned and approved for another structure to be built (ground up) with 4 more units making the property a total of 24 units. This should not cost more than $200k
Exterior Features

Carport Spaces 0.00 Construction BlockBrickConcrete Exterior Features None Lot Description Paved Road Private Pool YN No Roof Comp Shingle Unit1 Parking Space Parking Unit2 Parking Space Parking Waterfront Description None Waterfront YN No

Interior Features

Cooling CentralWall-Win A/C Flooring Ceramic Tile Heating Electric Unit1 Desc Utility Unit1 Full Baths 0 Unit1 Furnished No Unit1 Sq Ft 0 Unit2 Desc Utility Unit2 Full Baths 0 Unit2 Furnished No Unit2 Sq Ft 0 Unit3 Sq Ft 0 Unit4 Sq Ft 0

Property Features

Annual Net Operating Income 82600.00 Annual Total Expenses 35000.00 Auction No Available Info Other Built Desc Resale Gated Community No Gross Operating Income 111700.00 Homeowners Association None HOPA No Hopa List Office Board Code Realtor Association Of The Palm Beaches (Rapb) Multifamily Type Quad Plex Possession Funding REO No Restrictions None Separate Electric Meters No Separate Water Meters No Short Sale No Short Sale Addendum No Short Sale AU N/A Source Of Expenses Owner Special Assessment No Sq Ft Total 16636.00 Subdivision Amenities None Tax Amount 11154.00 Tax Year 2020 Taxes City/County Tenant Pays Cable Terms Considered CashConventional Unit1 Monthly Income 0.00 Unit2 Monthly Income 0.00 Unit3 Monthly Income 0.00 Unit4 Monthly Income 0.00 Utilities Electric Zoning Multifamily 10+

Listing provided courtesy of Keller Williams Realty Services. Listing information © 2021 BeachesMLS
 
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The Teri Arbogast Team at Keller Williams Partners SW
2000 NW 150th Ave Suite 1100
Pembroke Pines FL, 33028