1219 NE 5th Terrace

Description

Rare opportunity to acquire income-producing duplex (2 1/1s) w/ additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 30% below market value. Keep the existing duplex (w/separate water & electric meters) & add 8 units for 10 units total. Included site plan shows layout, parking, & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1... Read more bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ equity. Potential ~10% cap. Opportunity zone. Seller will finance. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdales emerging arts district, featuring an eclectic mix of independent spots like Gulfstream Brewing Co, Lovelee Bakeshop, and Radio-Active Records. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract experienced investors who recognize its long term potential. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult your tax professional for details and eligibility. Call listing agent for more information.