For Sale
$749,900

1034 3Rd AveFort Lauderdale, FL 33311

Five-unit apartment building, value-add opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
115
South Middle River Villas presents a compelling value-add multifamily investment opportunity in Fort Lauderdale, Florida. This one-story, 1969-built property comprises five income-producing units: four one-bedroom, one-bathroom apartments and one studio, totaling 2,586 square feet. Currently operating at 80% occupancy, the property offers significant upside potential through renovations and rent increases. The asking price is $749,900, representing $149,980 per unit and $289.98 per square foot. A pro-forma cap rate of 8.55% is projected. The property benefits from its strategic location, approximately 1.45 miles from Las Olas Boulevard, 2.75 miles from Fort Lauderdale Beach, and 4.11 miles from Fort Lauderdale-Hollywood International Airport. The strong demand for workforce housing in this area, coupled with the property's proximity to major employment centers and ongoing community redevelopment initiatives, ensures stable income and potential for appreciation. While the roof was last replaced in 2004 (per public records), upgrades to the roof and impact windows, along with interior renovations (new flooring and kitchens), would further enhance value and rental rates. The property is zoned RMM-25, allowing for short-term rentals (buyer to verify). Each unit features wall/window air conditioning units

Highlights

  • Attractive value-add opportunity through renovations and rent increases.
  • Currently below market rents with long-term tenants.
  • Five units with wall/window AC units: four 1/1s and one studio.
  • RMM-25 zoning allows short-term rentals (buyer to verify).
  • Located in a Community Redevelopment Agency (CRA) area.
  • Roof last replaced in 2004 (per public records).

Property Details for 1034 3Rd Ave

Property type
Apartment buildings
Square Feet
2,586 SF
Class
C
Year Built
1969
Buildings
1
Stories
1
Units
5

Location Insight

City
Fort Lauderdale
County
Broward
State
Florida
Latitude
26.138027154525
Longitude
-80.147094900085
1034 3Rd Ave, Fort Lauderdale, Florida

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1034 3Rd Ave
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