3047 Federal HwyFort Lauderdale, FL 33306

Property Details for 3047 Federal Hwy

Year built

1959

Property size (Sq ft)

6,200 SF

Property type

Office properties

Property subtype

Medical offices

Description

This 6,000 sq ft, two-tenant medical office building in Fort Lauderdale, FL, presents a compelling value-add investment opportunity. Located at 3047 N Federal Highway, this Class B property boasts a 100% occupancy rate, with Heartland Dental as an anchor tenant. The building, constructed in 1959 and renovated five years ago, features Class A interior finishes, ample parking (30 spaces), and two ADA-compliant bathrooms. The current NOI is $121,000, yielding a 4.75% cap rate, with a pro-forma NOI of $157,000 and a pro-forma cap rate of 6.00%. The current leases have a remaining term of 4.1 years, with a lease commencement date of January 1, 2024, and expiration on December 31, 2028. The asking price is $2,250,000 ($362.90/sq ft), and rent bumps are included in the lease agreements. Situated on a 3,150 sq ft lot in a high-traffic area (over 100,000 cars daily), this property benefits from excellent visibility and accessibility. The building recently passed its 40-year inspection, and the upstairs tenant's lease expires in December 2024, presenting a significant opportunity to increase rental income. The property includes impact glass windows. This is a rare opportunity to acquire a stable, high-performing asset with significant upside potential in a prime Fort Lauderdale location. The property is zoned B1.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Latitude

26.1667

Longitude

-80.1171

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