820 NE 16th Ave

    Fort Lauderdale, FL 33304
    • $1,775,000
    • STATUS: Active
    • ON SITE: 131 days
    • MLS #: F10165545
    UPDATED: 81 min ago
    $1,775,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Commercial
    Built:
    1966
    County:
    Area:

    School Ratings & Info

    Description

    Achieve +/-7% CAP rate in the heart of Victoria Park: 10 units (eight 1/1's plus two 2/2's). Currently 100% rented at below-market rates, this property is generating $113,700 income per year with expenses of $32,471 netting $81,229.00. Once renovated, including addition of central a/c & a w/d in each unit, this project could generate a net of around $180K/yr. With a $2M total investment, your CAP rate should be around 7%. Zoning appears to allow 7 town homes based on lot size of 13,500 SF, zoned RMM-25 (buyer to verify with city of Fort Lauderdale). Roofs have just been coated with elastomeric coating in 2019. Includes hurricane shutters. *Please do not walk the property, all units are occupied, interior inspections may be done once under contract.

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    Listing information © 2019 Greater Fort Lauderdale REALTORS®, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS or Laurie Finkelstein Reader Team. Data last updated: 2019-07-15T19:18:10.367.
    www.buyhotfloridahomes.com/homes/92349443

    820 NE 16th Ave Fort Lauderdale, FL 33304

    • Price: $1,775,000
    • Status: Active
    • Updated: 81 min ago
    • MLS #: F10165545
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1966
    Built
    Neighborhood:
    Victoria Park Regency
    County:
    Broward
    Area:
    3270
    Property Description
    Achieve +/-7% CAP rate in the heart of Victoria Park: 10 units (eight 1/1's plus two 2/2's). Currently 100% rented at below-market rates, this property is generating $113,700 income per year with expenses of $32,471 netting $81,229.00. Once renovated, including addition of central a/c & a w/d in each unit, this project could generate a net of around $180K/yr. With a $2M total investment, your CAP rate should be around 7%. Zoning appears to allow 7 town homes based on lot size of 13,500 SF, zoned RMM-25 (buyer to verify with city of Fort Lauderdale). Roofs have just been coated with elastomeric coating in 2019. Includes hurricane shutters. *Please do not walk the property, all units are occupied, interior inspections may be done once under contract.
    Exterior Features

    Approximate Lot Size 13500 Construction Type Concrete Block Construction Parking Spaces 12 Roof Description Tile Roof Style Of Property Income Non-Waterfront Type Of Property Income Waterfront Property YN No

    Interior Features

    Cooling Description Wall/Window Unit Cooling Floor Description Ceramic FloorTile Floors

    Property Features

    Building Name Number Victoria Park Regency Electric Service Separate Meters Environmental Audit None Geographic Area Ft Ldale Ne (3240-3270;3350-3380;3440-3450;3700) Information Available Aerial Photo(S)DrawingsCopy Of Lease(S)Rent RollsExisting Survey Miscellaneous Information Laundry Facilities Occupancy Information Tenant Occupied Ownership Self Proprietor/Individual Property Sq Ft 13500 REO No Short Sale No Tax Amount 17659 Tax Year 2018 Terms Considered Cash Type Of Building Apartments Unit Count 2 Year Built Description New Construction Zoning Information Rmm25

    This listing is courtesy of David Alexander Realty.


    Listing information © 2019 Greater Fort Lauderdale REALTORS®, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. IDX data is deemed reliable but is not guaranteed accurate by the MLS or Laurie Finkelstein Reader Team. Data last updated: 2019-07-15T19:18:10.367.
     
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