824 16Th StFort Lauderdale, FL 33304

Property Details for 824 16Th St

Year built

1970

Property size (Sq ft)

3,344 SF

Property type

Apartment buildings

Description

This stabilized Class C multifamily property, located at 824 NE 16th St, Fort Lauderdale, FL 33304, presents a compelling investment opportunity. The 3,344 square foot building, constructed in 1970, features five units: four one-bedroom/one-bathroom units and one two-bedroom/two-bathroom unit. Boasting an 80% occupancy rate, with projected full occupancy by September 18, 2024, the property generates a strong net operating income (NOI) of $55,053, resulting in a 5.24% cap rate. Recent improvements include a brand new roof (August 2024), fresh exterior paint (September 2024), and recently completed parking lot repairs (September 2024). The property sits on a 9,759 square foot corner lot off Dixie Highway and includes eight parking spaces and an on-site coin-operated laundry. The asking price is $1,050,000, translating to $210,000 per unit and $314 per square foot. This is a prime opportunity for investors seeking a stable, income-producing asset in a desirable Fort Lauderdale location. The property is situated in Broward County and offers significant potential for future appreciation. This is a principal-only offering.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Latitude

26.1473

Longitude

-80.1349

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