626 14Th Ave Fort Lauderdale, FL 33312

Property Details for 626 14Th Ave

Year built

1972

Lot size

39,000.00 lot acres

Property size

23,996 SF

Property type

Commercial real estate

Description

This exceptional 32-unit apartment complex presents a compelling value-add investment opportunity in Fort Lauderdale, Florida. Located at 626 SW 14th Ave, in the desirable Riverside Park neighborhood, this Class B property boasts a strong 97% occupancy rate and a healthy NOI of $427,000, yielding a 5.37% cap rate. The property, built in 1972, comprises two buildings situated on a sizable 39,000 square foot lot (approximately 0.8953 acres) and features a desirable unit mix of 19 two-bedroom/one-bathroom units and 13 one-bedroom/one-bathroom units. Each apartment includes updated kitchens and bathrooms with tile flooring, and first-floor corner units offer spacious patios. Community amenities include a travertine-surrounded pool with a BBQ area and lounge chairs, on-site laundry facilities, ample parking, and a bicycle area. Recent capital improvements include new roofs and gutters installed in 2024, and the replacement of window air conditioning units with split systems. The property is zoned RD 15 and is conveniently located minutes from downtown Fort Lauderdale, Las Olas Boulevard, and the Financial District, offering residents an appealing blend of urban and suburban living. This stabilized investment, priced at $7,950,000 ($248,437.50 per unit and $331.31 per square foot), presents a rare chance to acquire a well-maintained multifamily asset in a thriving Florida market. The property's strong performance, desirable location, and recent upgrades make it an attractive prospect for discerning investors.