1425 NE 55Th St Fort Lauderdale, FL 33334

2,665 SF Built 1971

Property ID

US18-3378701

$849,950 2,665 SF

1425 NE 55Th St, Fort Lauderdale, FL 33334
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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.