1118 31St Ave Fort Lauderdale, FL 33311
- Small apartment buildings
Current Use by Public Records
- Small apartment buildings
Property Details for 1118 31St Ave
- Year built
- 1956
- Property type
- Small apartment buildings
Description
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.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fort Lauderdale
- County
- Broward
- State
- Florida
- Longitude
- -80.1863749
- Latitude
- 26.1385925
