Property Details for 426 14Th Ave

Year built

1960

Property size

3,648 SF

Property type

Apartment buildings

Description

This exceptional eight-unit apartment building presents a compelling value-add investment opportunity in Fort Lauderdale, Florida. Located at 426 NW 14th Ave, this property boasts 11,865 net rentable square feet across four one-story buildings, built in 1960 and zoned RS-8 Res SFR/Low Medium Density. The property currently generates a NOI of $94,827, representing a 6.12% cap rate, with a pro-forma NOI of $111,303 and a pro-forma cap rate of 7.18%. The asking price is $1,550,000, or $193,750 per unit. Six of the eight one-bedroom, one-bathroom units have recently renovated bathrooms featuring walk-in showers. Units 4 and 5 offer a unique advantage with expansive 1,500 square foot private backyards featuring artificial turf. All units include in-unit laundry facilities and newly installed mini-split AC units. Further enhancing efficiency, the common areas utilize solar-powered electricity, and security cameras are installed throughout the property. The property is ideally situated near Downtown Fort Lauderdale, offering convenient access to Fort Lauderdale Beach, Las Olas Boulevard, Port Everglades, and Fort Lauderdale-Hollywood International Airport. Interest-only seller financing is available at 6% annually, with up to $1,000,000 in debt, and the possibility of self-insured hurricane coverage with seller approval and financing. This property benefits from the strong demand for workforce housing in a rapidly developing area, presenting significant potential for appreciation and a high return on investment. The property's location within the Fort Lauderdale-Miami Dade-WPB Metropolitan Statistical Area, close to major economic drivers and numerous amenities, makes it a highly attractive investment in a thriving South Florida market.

Location Insight

City

Fort Lauderdale

County

Broward

State

Florida

Longitude

-80.1594

Latitude

26.1272