For Sale
$1,299,000

2121 51St CtFort Lauderdale, FL 33308

Beachfront income property, fully renovated.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional Class A, stabilized multifamily investment opportunity presents a fully renovated, resort-style triplex located in desirable East Fort Lauderdale, just minutes from the beach. Boasting 10,890 square feet on a 0.25-acre lot, this property features three units (each approximately 2,500 net rentable square feet) with a current occupancy of 67%, projected to reach full occupancy by October 25, 2024. The 1964-built property underwent a complete renovation in 2024, including a new roof, impact windows, updated kitchens and bathrooms, new AC units, and new flooring. Amenities include a private, fully fenced pool and two newly repaved driveways accommodating up to six vehicles. The property offers a strong current NOI of $82,200, with a pro-forma NOI of $94,500, resulting in a current cap rate of 6.33% and a pro-forma cap rate of 7.27%. The asking price is $1,299,000 ($433,000 per unit and $119.28 per square foot). Zoned RD-15, this property is ideal for investors seeking a value-add opportunity or a 1031 exchange, offering a blend of luxury living and high rental income potential in a thriving market near local dining, shopping, and entertainment. The property also includes 2,500 square feet of air rights.

Highlights

  • Beachfront location with nearby shopping.
  • Resort-style swimming pool.
  • Private patios.
  • Two driveways.

Property Details for 2121 51St Ct

Property type
Residential income homes, Apartment buildings
Square Feet
10,890 SF
Class
A
Year Built/Renovated
1964/2024
Buildings
1
Stories
1
Lot Size (sq. ft)
10,890 SF
Units
3

Location Insight

City
Fort Lauderdale
County
Broward
State
Florida
Latitude
26.1908264
Longitude
-80.1176701
2121 51St Ct, Fort Lauderdale, Florida

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2121 51St Ct
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