For Sale
$1,299,000

2121 51St Ct Fort Lauderdale, FL 33308

Beachfront income property, fully renovated.

Overview

Added:
Dec 11, 2024
Days on market:
138
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

FAQs

What type of property is this?
Residential income home - Beachfront income property, fully renovated.
Where is the residential income home located?
The property is located at 2121 51St Ct Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Beachfront location with nearby shopping.; Resort-style swimming pool.; Private patios.
How can I contact the broker?
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2121 51St Ct
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