824 12Th CtFort Lauderdale, FL 33316

La Linda, a brand-new, three-building luxury apartment community in Fort Lauderdale, Florida, presents a compelling value-add investment opportunity. This Class A property boasts 14 units, each a spacious two or three-bedroom townhome, ranging from 1,092 to 1,254 square feet. The 16,260 net rentable square feet are situated on a 28,600 square foot lot in the desirable Harbordale neighborhood, zoned RML-25. Each unit includes a private rooftop terrace and a two-car garage, with ample guest parking available within this gated community. Currently vacant, the property is slated for completion in December 2024, offering immediate leasing potential. Projected rents range from $6,500 to $7,500 per month, contributing to a projected NOI of $882,000 and a pro-forma cap rate of 5.88%. The current NOI is $764,400, with a current cap rate of 5.10%. The asking price is $15,000,000, translating to a price per unit of $1,071,428.57 and a land value of $524.48 per square foot. The property's prime location offers easy access to Fort Lauderdale's international airport, downtown, Las Olas Boulevard, and the beach. The property is owned by an LLC and the APN is 504214030530. The property name is flexible and can be changed to suit the buyer's preference. This presents a rare opportunity to acquire a high-quality, luxury multifamily asset in a thriving South Florida market.