1425 NE 55Th St Fort Lauderdale, FL 33334

Property Details for 1425 NE 55Th St

Year built

1971

Property size

2,665 SF

Property type

Commercial real estate

APN

494211073330

Description

This stunning, fully updated duplex in Fort Lauderdale's desirable Coral Ridge Isles offers a compelling investment opportunity. The property boasts four units, each a spacious two-bedroom, two-bathroom apartment with approximately 1,391 square feet of living space. Recent renovations (2023) include a new roof, updated A/C units, and hurricane impact windows, ensuring both durability and energy efficiency. Each unit features an open split bedroom plan, full-size washer/dryer, updated kitchen with stainless steel appliances, and a private screened patio. The property benefits from separate electric and water meters for each unit, simplifying management. Currently operating at 100% occupancy, the property generates a substantial net operating income (NOI) of $29,522, with a pro-forma NOI of $47,282. The total square footage is 2,665, and the asking price is $849,000, representing a price per unit of $212,250 and a current cap rate of 3.48%, with a pro-forma cap rate of 5.57%. Located minutes from the beach, this property presents excellent potential for various uses, including owner-occupancy, annual rentals, or short-term rentals. The property is zoned RD-15, allowing for residential single-family and duplex/medium-density development. Annual expenses include property taxes ($18,678), landscaping ($840), insurance ($4,000), and water/trash ($3,600). The building was constructed in 1971 and sits on a lot with APN 494211073330. This turnkey investment is ready for immediate income generation.