1118-1122 NW 31st Avenue, Fort Lauderdale, FL 33311

$1,990,000
7,258
SqFt

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% w/full occupancy. Rent includes water & FPL. Roof 1 yr old. 14 Parking spots. 14 units w/central air. Access will be provided upon a fully executed contract w/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

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Listing courtesy of Keller Williams Realty Services.