50 12Th St Fort Lauderdale, FL 33316

Property Details for 50 12Th St

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 24-unit apartment building in Fort Lauderdale, Florida, situated at 50 SE 12th St, 33316. The property, classified as a Class B multifamily asset, boasts a substantial net rentable area of 12,350 square feet on a 21,300 square foot lot. Currently operating at 95% occupancy, the building generates a significant net operating income (NOI) of $463,586, translating to an attractive 8.13% capitalization rate. The asking price is $5,700,000, representing a price per unit of $237,500. The building features a mix of unit types, including 23 recently renovated one-bedroom units and one spacious two-bedroom unit. Convenient amenities include on-site laundry facilities and a swimming pool. Each unit includes dedicated parking, with 24 spaces available in total. The two-story building is located in the desirable Poinciana Park neighborhood, offering residents proximity to Las Olas Boulevard and Fort Lauderdale Beach, as well as easy access to public transportation. This sale/leaseback investment presents a compelling opportunity to acquire a well-maintained, high-performing multifamily property in a prime Florida location. The strong NOI and high occupancy rate demonstrate the property's consistent rental income potential.