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    640 16Th Ave Fort Lauderdale, FL 33312

    For Sale
    $2,300,000

    Fort Lauderdale Multifamily, High Rental Income

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional fourplex in Fort Lauderdale's desirable Riverside Park neighborhood presents a compelling investment opportunity. Built in 1965 and situated on a two-story building at 640 SW 16th Ave, Fort Lauderdale, FL 33312, this property boasts recently completed renovations, including fresh paint and modern finishes throughout all units. The unit mix comprises two three-bedroom, two-bathroom units and two four-bedroom, two-bathroom units, ensuring strong rental demand. Significant upgrades include impact windows, enhancing both security and energy efficiency. For added convenience, an on-site laundry facility is available to tenants. The roof, installed only 10 years ago, is a testament to the property's well-maintained condition and promises years of reliable service. Its proximity to Downtown Fort Lauderdale further enhances its appeal and rental potential. Priced at $2,300,000, this turnkey asset offers immediate income generation and significant long-term growth prospects. Security cameras provide an added layer of protection for both the property and its occupants. This property is a rare find, combining updated amenities with a highly sought-after location, making it an ideal investment for discerning buyers seeking a stable and profitable venture.

    Property Features for 640 16Th Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1965
    Stories
    2

    HighLights

    • Exceptional fourplex investment opportunity in Fort Lauderdale's Riverside Park.
    • Recently renovated with fresh paint and modern finishes throughout.
    • Unit mix: two 3/2 units and two 4/2 units.
    • Features impact windows, on‑site laundry, and a 10‑year‑old roof.
    • Prime location near Downtown Fort Lauderdale, security cameras, and priced at $2,300,000.
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.1626636
    Latitude
    26.1134397

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    FAQs

    What type of property is this?
    Multifamily property - Fort Lauderdale Multifamily, High Rental Income
    Where is this multifamily property located?
    The property is located at 640 16Th Ave Fort Lauderdale, FL.
    What is the asking price?
    The asking price for this property is $2,300,000.
    What are key features of this property?
    This property features: Exceptional fourplex investment opportunity in Fort Lauderdale's Riverside Park.; Recently renovated with fresh paint and modern finishes throughout.; Unit mix: two 3/2 units and two 4/2 units.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    640 16Th Ave Fort Lauderdale, FL 33312
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