3114 Sunrise Blvd Fort Lauderdale, FL 33304-3314
- Retail residential properties
- 1,962 SF
- 0.03 lot acres
Aug 28, 2020
Current Use by Public Records
- Pro Alliance Cleaning Services / Commercial Cleaning Service
- Nanou Sunrise / Restaurant
Property Details for 3114 Sunrise Blvd
- Year built
- 1959
- Construction
- CONCRETE
- Lot size
- 0.03 lot acres
- Property size
- 1,962 SF
- Zone code
- SLA
- Property type
- Retail residential properties
- APN
- 50-42-01-28-0240
- APU
- 504201280240
Description
This exceptional mixed-use property in Fort Lauderdale, Florida, presents a compelling investment opportunity. Located at 3114 E Sunrise Blvd, this 7,883 square foot building sits on a 4,041 square foot lot, boasting a prime corner location steps from the beach. The property enjoys excellent visibility and accessibility, with an average daily traffic count of 40,000 vehicles on E Sunrise Blvd. The building comprises three ground-floor commercial units and four second-floor residential units, currently operating at 100% occupancy, generating a strong and stable cash flow. The current Net Operating Income (NOI) is $216,858, yielding a 5.42% cap rate. Multiple below-market leases offer significant upside potential, further enhanced by annual rent increases of 3-5% in all commercial leases. The property benefits from a dense population base, with over 210,000 residents within a 5-mile radius and an average household income exceeding $160,000 within a 1-mile radius. Zoned SLA (Sunrise Lane District), the property allows for a wide range of commercial uses and redevelopment possibilities. Its location in the heart of Fort Lauderdale, minutes from Fort Lauderdale Beach, The Galleria Mall, and other attractions, ensures high traffic and visibility. Ocean views and proximity to hotels, restaurants, and shops further enhance its appeal. This offering provides investors or developers with a rare chance to acquire a high-value asset in a desirable, high-barrier-to-entry market. The asking price is $4,000,000, with a price per square foot of $507.42.
Value Estimations
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $1,992,000
Market price range: $676k - $2.87M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,555,000 Current use
- AUTO REPAIR, GARAGE
- $1,590,000 Change: +2% Conversion: Difficult
- NEIGHBORHOOD: SHOPPING CENTER
- $1,475,000 Change: -5% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Fort Lauderdale
- County
- Broward
- State
- Florida
- Longitude
- -80.1042
- Latitude
- 26.1378
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
