729 2Nd Ct Fort Lauderdale, FL 33312

Property Details for 729 2Nd Ct

Year built

1961

Lot size

0.26 lot acres

Property size

7,476 SF

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.