1034 3Rd Ave Fort Lauderdale, FL 33311

Property Details for 1034 3Rd Ave

Year built

1969

Property size

2,586 SF

Property type

Commercial real estate

APN

494234049540

Description

South Middle River Villas presents a compelling value-add multifamily investment opportunity in Fort Lauderdale, Florida. This one-story, 1969-built property comprises five income-producing units: four one-bedroom, one-bathroom apartments and one studio, totaling 2,586 square feet. Currently operating at 80% occupancy, the property offers significant upside potential through renovations and rent increases. The asking price is $749,900, representing $149,980 per unit and $289.98 per square foot. A pro-forma cap rate of 8.55% is projected. The property benefits from its strategic location, approximately 1.45 miles from Las Olas Boulevard, 2.75 miles from Fort Lauderdale Beach, and 4.11 miles from Fort Lauderdale-Hollywood International Airport. The strong demand for workforce housing in this area, coupled with the property's proximity to major employment centers and ongoing community redevelopment initiatives, ensures stable income and potential for appreciation. While the roof was last replaced in 2004 (per public records), upgrades to the roof and impact windows, along with interior renovations (new flooring and kitchens), would further enhance value and rental rates. The property is zoned RMM-25, allowing for short-term rentals (buyer to verify). Each unit features wall/window air conditioning units