410 13Th St Fort Lauderdale, FL 33316

Property Details for 410 13Th St

Year built

1958

Property size

3,500 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a six-unit apartment complex ideally situated in Fort Lauderdale, Florida, between the desirable Rio Vista and Croissant Park neighborhoods. The property, comprised of two buildings on a 10,125 square foot lot, boasts a mix of unit types: one two-bedroom, one-bathroom bungalow and five one-bedroom, one-bathroom apartments. Each of the one-bedroom units features unique vaulted, beamed ceilings and private courtyard access. Recent renovations within the last five years include updated kitchens and flooring in all one-bedroom units. The main house also received a kitchen update while preserving its original hardwood floors, arched entries, and bathroom for a charming blend of old and new. A new architectural standing seam metal roof enhances curb appeal. The property offers ample parking with nine spaces and a convenient coin-operated laundry facility for tenants. Built in 1958 and renovated in 1978, the property currently enjoys 100% occupancy (as of July 31, 2024), generating a current NOI of $141,000 and a 6.48% cap rate. The pro-forma NOI is $100,000, and the pro-forma cap rate is 4.60%. The asking price is $2,175,000, translating to $362,500 per unit and $621.43 per square foot. The property is zoned ROC and is conveniently located near Downtown Fort Lauderdale, Rio Vista, Fort Lauderdale Beach, and Fort Lauderdale Airport, providing easy access to employment centers, shopping, and amenities. All units have individually metered electricity and central AC/heat. This property represents a strong investment opportunity with significant potential for future growth.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Longitude

-80.13852262

Latitude

26.10578279