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About This Home
This land at 1219 NE 5th Terrace in Fort Lauderdale, FL is listed for $799,997 (0.23 acres).
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.
Key Features
- 0.23 acre lot
Location
1219 NE 5th Terrace
Fort Lauderdale, FL 33304
PROGRESSO
Questions & Answers
This 0-bedroom, 0-bathroom land at 1219 NE 5th Terrace is listed at $799,997. The estimated monthly payment is $3,467 based on 20% down at 6.5% interest.
Key features include: 0.23 acre lot.
This property is listed by Michael J Sheer and can be reached at 9549936664 or MikeSheerRealtor@gmail.com.
