Current Use by Public Records
- Apartment buildings
Property Details for 729 2Nd Ct
- Year built
- 1961
- Lot size
- 0.26 lot acres
- Property type
- Apartment buildings
Description
This exceptional 16-unit apartment building presents a compelling value-add investment opportunity in Fort Lauderdale's desirable Sailboat Bend neighborhood. Located at 729 SW 2nd Ct (aka 729 Middle Street), this two-story, 7,476 square foot building, constructed in 1961 of concrete block and stucco, offers 16 studio apartments. Each unit features hardwood floors, spacious open floor plans, and through-wall air conditioning. The property boasts an inviting landscaped courtyard, two covered verandas, and ample parking for 18 vehicles. Situated on a 0.26-acre corner lot zoned RML-25, the property is conveniently located near Downtown Las Olas, the financial and entertainment districts, and Fort Lauderdale's world-famous beaches. Its proximity to major roadways, including I-95, and public transportation enhances its appeal. The property will be delivered vacant, providing a "blank canvas" for a comprehensive renovation program. This renovation will allow for significant rent increases through lease-up and hands-on management, substantially increasing the asset's value. The strong rental market in Fort Lauderdale, coupled with exceptional demographics (average household income exceeding $96,897 within a 1-mile radius and $111,748 within 3 miles), ensures high demand and low vacancy. The asking price is $3,200,000, representing a price per unit of $200,000 and a price per square foot of $428. The property's current cap rate is 5.11%, with a pro-forma NOI of $163,438. This is a rare opportunity to acquire a fee-simple ownership in a prime location with significant upside potential.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Fort Lauderdale
- County
- Broward
- State
- Florida
- Longitude
- -80.1518
- Latitude
- 26.1198
