Fort Lauderdale, FL 33311

$1,990,000
7,258
SqFt
List Price
$1,990,000
Price Change
▼ $110,000 1633659354
Days on Market
110
MLS#
RX-10727425
Status
ACTIVE
Sq. Ft
7,258
Subtype
Quad Plex
County
Broward
Community
-
Subdivision
-
Year Built
1956

Property Description

Great multiplex investment opportunity! 16 units. Minutes from downtown Fort Lauderdale. Potential for 8% cap! 16 units. 14 Studios. 2 1BRs. 8 Occupied - 4/$250/week, 2/$300/week, 2/$350/week. 8 Vacant. Total Gross Income $111,700/year. Operating Expenses $35K/year. NOI = $82600/year. Cap rate is 4% due to vacancies. Potential for 8% with full occupancy. Rent includes water and FPL. Roof 1 year old. 14 Parking spots. 14 units with central air. Access will be provided upon a fully executed contract with inspection period. Upside for new owner: " Raise the value of the property by finishing the 4 units to get a total of 20 units rented " Get annual rents at a min of $1,000/unit/mo " Permitted for motel use if your business plan would want nightly/weekly/monthly tenants " Zoned and approved for another structure to be built (ground up) with 4 more units making the property a total of 24 units. This should not cost more than $200k

Additional Information

Building No
No
Total Unitsin Bldg
16
Construction
Block, Brick, Concrete
Cooling
Central, Wall-Win A/C
Exterior Feature
None
Flooring
Ceramic Tile
Heating
Electric
Lot Description
Paved Road
Restrict
None
Roof
Comp Shingle
Taxes
$11,154
Amenities
None
Waterfront
None
Total Op Expenses
35000
Total Unitsin Bldg
16
Roofing
Comp Shingle
Utility
Electric
Lot Description
Paved Road
Price Per Acre
11943280.8
Price Per Sqft
$274
Elementary School
Dillard Elementary School
High School
Dillard High School

Mortgage Calculator

Amount of Loan
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Keller Williams Realty Services.