881 74Th Ter North Lauderdale, FL 33068
- Apartment buildings
- 16,100 SF
Current Use by Public Records
- Apartment buildings
Property Details for 881 74Th Ter
- Year built
- 1971
- Property size
- 16,100 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a portfolio of fourteen 3-bedroom/2-bathroom units totaling 16,100 square feet across five buildings on a one-acre lot in North Lauderdale, Florida. Built in 1971, these garden-style condominiums boast recently renovated kitchens and bathrooms, tile flooring, central air conditioning, and pitched composite shingle roofs. Currently operating at 100% occupancy with rents ranging from $2,300 to $2,400 per month (with Section 8 potential up to $3,047), the property generates a strong NOI of $235,502, representing a 6.23% cap rate. A pro-forma analysis projects an 8.32% cap rate and a NOI of $314,517. The asking price is $3,780,000, or $270,000 per unit. The property's prime location between Fort Lauderdale and Miami offers convenient access to major employment centers, including Broward Health Medical Center and Fort Lauderdale-Hollywood International Airport. Nearby amenities include the North Lauderdale Athletic Complex, Betty Stradling Park, and Coral Square Mall. The property benefits from its proximity to highly-rated schools, creating a desirable rental market. The solid concrete block construction and large unit sizes provide a strong foundation for long-term value appreciation and potential upside through increased Section 8 tenant occupancy. This fee-simple ownership offers a compelling value-add opportunity in a thriving South Florida market. The property is comprised of five buildings, each two stories high.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Lauderdale
- County
- Broward
- State
- Florida
- Longitude
- -80.2249
- Latitude
- 26.218
