2121 51St Ct Fort Lauderdale, FL 33308

Property Details for 2121 51St Ct

Year built

1964

Lot size

0.25 lot acres

Property size

10,890 SF

Property type

Residential income homes

Property subtype

Apartment buildings

Description

This exceptional Class A, stabilized multifamily investment opportunity presents a fully renovated, resort-style triplex located in desirable East Fort Lauderdale, just minutes from the beach. Boasting 10,890 square feet on a 0.25-acre lot, this property features three units (each approximately 2,500 net rentable square feet) with a current occupancy of 67%, projected to reach full occupancy by October 25, 2024. The 1964-built property underwent a complete renovation in 2024, including a new roof, impact windows, updated kitchens and bathrooms, new AC units, and new flooring. Amenities include a private, fully fenced pool and two newly repaved driveways accommodating up to six vehicles. The property offers a strong current NOI of $82,200, with a pro-forma NOI of $94,500, resulting in a current cap rate of 6.33% and a pro-forma cap rate of 7.27%. The asking price is $1,299,000 ($433,000 per unit and $119.28 per square foot). Zoned RD-15, this property is ideal for investors seeking a value-add opportunity or a 1031 exchange, offering a blend of luxury living and high rental income potential in a thriving market near local dining, shopping, and entertainment. The property also includes 2,500 square feet of air rights.