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    1118 31St Ave Fort Lauderdale, FL 33311

    Sponsored
    For Sale
    $1,500,000

    16-Unit Apartment Building, High ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional 16-unit multifamily property in Fort Lauderdale, Florida, presents a compelling investment opportunity. Located at 1118 NW 31 Av, 33311, this two-story, 1956-built apartment building offers a blend of immediate income and significant upside potential. The property currently comprises 14 studios and 2 one-bedroom apartments, generating substantial rental income. Financial projections indicate a minimum annual net operating income (NOI) of $219,400, representing an 11.2% capitalization rate. Further enhancing its value, the property includes four additional shell-condition studio apartments with existing plumbing, offering the possibility of expanding the unit count and rental revenue. Recent renovations include the installation of impact windows and a new roof, minimizing future maintenance costs. The property's strategic location in Broward County provides easy access to Fort Lauderdale's vibrant amenities and strong rental market. This is an ideal investment for those seeking a high-yield, multifamily asset with immediate cash flow and the potential for future growth. The property is well-suited for various operational models, including traditional multifamily rentals, short-term rentals (Airbnb), or even a motel conversion. This turnkey investment is ready for a new owner to capitalize on its existing income and unlock its full potential.

    Property Features for 1118 31St Ave

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1956
    Stories
    2
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store 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
    -80.1863749
    Latitude
    26.1385925

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    FAQs

    What type of property is this?
    Multifamily property - 16-Unit Apartment Building, High ROI
    Where is this multifamily property located?
    The property is located at 1118 31St Ave Fort Lauderdale, FL.
    What is the asking price?
    The asking price for this property is $1,500,000.
    Request Owner's contact information
    1118 31St Ave Fort Lauderdale, FL 33311
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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
    1118 31St Ave Fort Lauderdale, FL 33311
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