1010 3Rd Ave, Fort Lauderdale, FL 33311

This exceptional investment opportunity presents a 31-unit apartment building located in Fort Lauderdale, Florida, at 1010-1038 & 1021-1029 NW 3rd Ave, zip code 33311. The property consists of nine separate buildings totaling 20,850 square feet situated on a 76,600 square foot lot. Currently operating at 95% occupancy with an anticipated full occupancy date of June 25, 2024, the property boasts a strong Net Operating Income (NOI) of $317,000, yielding a 6.22% cap rate. The asking price is $5,100,000, translating to $244.60 per square foot and $164,516.13 per unit. The property is classified as a Class C multifamily building with one story per building and is zoned RMM-25 (Residential Multifamily Mid Rise/Medium High Density), allowing for potential redevelopment or renovation. All units are currently leased annually at below-market rates, presenting a significant value-add opportunity for investors. This property is designated as an Opportunity Zone investment, offering potential tax advantages. Assumable debt is available. This prime location in Broward County offers investors significant potential for future growth and strong returns.