10 11th Ave Fort Lauderdale, FL 33301-2060

Property Details for 10 11th Ave

Year built

1998

Lot size

0.14 lot acres

Property size

930 SF

Zone code

RC-15

Property type

Parking lots & garages

APN

50-42-11-07-0910

APU

504211070910

Description

This exceptional Class A multifamily investment opportunity presents a rare chance to acquire a well-maintained, two-story apartment building in the heart of Fort Lauderdale, Florida. Located at 10 NE 11th Ave, this property boasts a prime location near Las Olas Boulevard, offering easy access to shops, restaurants, and entertainment. The 5,000 square foot lot houses a single building with four units and four parking spaces. Built in 1950 and renovated in 2005, the property features 3,800 square feet of net rentable space. Currently, the occupancy rate is 50%, with two units rented at $2,500 each, generating a current gross income of $90,000. One unit can be delivered vacant at closing. The property's Net Operating Income (NOI) is $105,000, resulting in an attractive 8.75% capitalization rate. With a projected gross rental income of $132,000, this property offers significant upside potential for investors. Its strategic location also makes it ideal for short-term rentals, further enhancing its value. This is a fantastic opportunity for owner-users or investors seeking a strong return in a desirable location. The property is zoned for a three-family dwelling and is situated in Broward County, Florida, zip code 33301.