827 15Th Ave Fort Lauderdale, FL 33312

Property Details for 827 15Th Ave

Year built

1965

Lot size

0.34 lot acres

Property size

4,491 SF

Property type

Apartment buildings

Description

This 8-unit apartment building in Fort Lauderdale, FL, presents a compelling value-add investment opportunity. Built in 1965 and extensively renovated in 2022, the property features a mix of studio, one-bedroom, and two-bedroom units totaling approximately 4,491 square feet of net rentable space. Situated on a 0.34-acre lot with 12 parking spaces, the complex boasts amenities such as front porches and a lush courtyard. The property is located in the desirable Riverside Park submarket, just blocks from major retailers, and within minutes of Fort Lauderdale Beach, Las Olas Boulevard, and the Galleria Mall. The building is constructed of reinforced concrete block with a painted stucco exterior and features a new roof (2022), upgraded electrical panels, all PVC plumbing, and hurricane-resistant windows. Currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $95,346 and a 5.30% cap rate, this property offers strong cash flow with significant upside potential through further beautification and rental increases. The property is zoned RM-15 and its location in a rapidly appreciating area makes it an attractive investment. The asking price is $1,800,000. This turnkey property offers an exceptional opportunity to capitalize on the thriving Fort Lauderdale market.