Fort Lauderdale Apartment
1329 Northeast 5th Terrace Unit 1 Fort Lauderdale, FL 33304
1329 Northeast 5th Terrace Unit 1, Fort Lauderdale, FL, 33304
$2,295,000
For Sale
$2,295,000
Eleven-unit apartment building in east Fort Lauderdale, fully occupied.
Property Size6,458 SF
Lot Size0.50 Acres
Price / SF$355.37
Days on Market116
Property Features for 1329 Northeast 5th Terrace Unit 1
General Information
- Standard status
- Active
- Size
- 6,458 SF
- Lot size
- 0.50 Acres
- Property subtype
- Commercial Sale / Multi Family
Building Details
- Year Built
- 1948
Listing Agency
Compass Florida, LLC
(954) 812-4801
Listed by
Richard Salter · License #0703927
(954) 812-4801
Source
Compass
Added: Mar 25 Checked: Jul 17 at 4:08 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Compass Florida, LLC
Investment Insights
Based on property information with market context.
The Hemingway at Middle River Terrace is an eleven-unit apartment building situated in east Fort Lauderdale. The property is fully occupied and consists of three separate buildings on a lot of just under 0.5 acres. The unit mix includes nine one-bedroom, one-bathroom units, one two-bedroom, one-bathroom unit, and one two-bedroom, two-bathroom unit. The property is fully fenced and gated. All three buildings feature new roofs, and impact windows and doors are installed throughout. The units currently have individual deeds and can be sold off individually as condominiums. Some units are fully renovated, and most have been updated within the last five years. There is some development in the area of new construction residential units with more slated in the future. The neighborhood is in demand due to the affordable rents and proximity to downtown, the airport, port and highways. The building has a total size of 6,458 square feet.
Key Highlights
- Fully occupied 11‑unit apartment building in east Fort Lauderdale
- Potential for individual condominium sales due to individual deeds
- New roofs on all 3 buildings and impact windows/doors throughout
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $186.0k | $28.80 |
| − Vacancy | −$9.7k | −$1.50 |
| EGI | $176.3k | $27.30 |
| − OpEx | −$79.3k | −$12.29 |
| NOI | $97.0k | $15.02 |
6,458 SF · lease $28.80/SF/yr · vacancy 5.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $96,975 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.06M
NOI $303,784 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Bottlesintheclubs.com
Nightclub
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Eleven-unit apartment building in east Fort Lauderdale, fully occupied.
Where is this apartment building located?
The property is located at 1329 Northeast 5th Terrace Unit 1 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Fully occupied 11‑unit apartment building in east Fort Lauderdale; Potential for individual condominium sales due to individual deeds; **New roofs on all 3 buildings and impact windows/doors throughout**
