1118 NW 31 Av, Fort Lauderdale, FL 33311

Building Details

Year Built

1956

Listing agent Issabella Silverstein License #0626609

Listing office RE/MAX Advance Realty

Listing date Sep 23, 2023

Source Crexi

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Overview

This multifamily property in Fort Lauderdale presents an investment opportunity with 16 units, comprising 14 studios and 2 one-bedroom apartments, plus a bonus of 4 shell condition studios with plumbing. The property has been renovated and features impact windows and a new roof. The minimum potential income as a multifamily property is estimated as follows: 14 studios at $1,300 per month, totaling $218,400 annually, and 2 one-bedroom apartments at $1,500 per month, totaling $36,000 annually. After deducting $35,000 in annual expenses, the total net operating income (NOI) is projected to be $219,400 per year, equating to an 11.2% cap rate. The property is suitable for various uses, including multifamily rentals, Airbnb, or a motel.

Suggested Use

Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

Location Insight

• Map
• Local Demand

City

Fort Lauderdale

County

Broward

State

Florida

Longitude

-80.1863305

Latitude

26.1385896

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FAQs

What type of property is this?

Apartment building - 16-unit multifamily property with renovation and income potential.

Where is this apartment building located?

The property is located at 1118 NW 31 Av Fort Lauderdale, FL.

What is the asking price?

The asking price for this property is $1,500,000.

What are key features of this property?

This property features: High 11.2% Cap Rate investment opportunity.; Potential for significant income: $219,400 Net Operating Income (NOI) per year.; 16 total units: 14 studios and 2 one‑bedroom apartments.