1011-1015 4Th Ave Fort Lauderdale, FL 33311

Property Details for 1011-1015 4Th Ave

Property size

2,611 SF

Property type

Land

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a portfolio of nine multifamily units situated on a substantial 23,653 square foot lot in Fort Lauderdale, Florida. The property, located at 1011-1015, 1017, 1019 & 1021 NW 4th Avenue, includes a mix of studio, one-bedroom, and two-bedroom units, with current occupancy at 89%. The portfolio also encompasses two vacant parcels, offering significant potential for redevelopment. The existing units feature wall A/C units. The property's strategic location within the Progresso Village area, near major thoroughfares like Sunrise Boulevard and Andrews Avenue, provides excellent access to numerous amenities and national retailers including Home Depot, ALDI, Walgreens, Honda, Wawa, and Sears. The site benefits from its location in an Opportunity Zone, providing attractive tax incentives for investors. The asking price is $3,175,000, with a current NOI of $79,388 and a 2.50% cap rate. The City of Fort Lauderdale is undertaking a $24.2 million improvement project on East Sunrise Boulevard, scheduled for completion in Spring 2026, further enhancing the property's value. The property is currently zoned for RMM-25, with a pending rezoning request to NWRAC-MUNe, paving the way for a potential multi-story commercial development. This presents a compelling value-add opportunity for investors seeking significant upside potential in a rapidly developing area. The property's size and location make it ideal for a 1031 exchange. Please note that this is a distressed sale.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Longitude

-80.1483

Latitude

26.1376