702-704 1st Ave Fort Lauderdale, FL 33304
- Investment properties
- 6,384 SF
- 0.26 lot acres
Current Use by Public Records
- Investment properties
Property Details for 702-704 1st Ave
- Year built
- 1964
- Construction
- CONCRETE
- Lot size
- 0.26 lot acres
- Property size
- 6,384 SF
- Zone code
- RAC-UV
- Property type
- Investment properties
- Property subtype
- Retail residential properties
- APN
- 49-42-34-07-1560
- APU
- 494234071560
Description
This exceptional property at 702-704 NE 1st Avenue in Fort Lauderdale, Florida, offers a unique opportunity to lease prime commercial space in the rapidly developing Flagler Village neighborhood. The 8,864 square foot building, situated on an 11,156 square foot lot (APN 494234071560, zoned RAC-UV), features three suites with a minimum divisible space of 2,482 square feet and a maximum contiguous space of 8,864 square feet. The property is ideally suited for retail, office, or restaurant uses, with a second-generation bar/restaurant space available on the ground floor. This fully built-out space allows for immediate occupancy, eliminating the need for extensive renovations. An additional retail or creative office space is available upstairs, offering flexibility for businesses seeking a combined or separate lease. The location benefits from its proximity to Las Olas Boulevard and is strategically positioned between two major developments: Hines FAT Village and AIMCO's Searstown redevelopments, which will bring over 1,600 new residential units, 188 hotel rooms, and nearly 720,000 square feet of additional commercial space. This influx of residents and businesses will further enhance the already vibrant atmosphere of Flagler Village, creating a high-demand environment for retail and dining establishments. The limited availability of comparable spaces in this area presents a significant opportunity for businesses seeking to establish a presence in this thriving community. This property offers a turnkey solution in a highly sought-after location, providing the ideal foundation for a successful venture.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $3,160,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,705,000
- 6.5%
- $4,600,000
- 7%
- $4,300,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $4,230,000
- Geo Method
- $3,745,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $3,805,000
- Retail
- $4,200,000
- Mixed-Use
- $4,960,000
- Hospitality
- $3,860,000
- Educational
- $3,890,000
- Residential Income
- $3,840,000
- Energy
- $5,080,000
- Income-Based Land
- $4,905,000
- Food Service
- $4,290,000
Location Insight
- Map
- Local Demand
- City
- Fort Lauderdale
- County
- Broward
- State
- Florida
- Longitude
- -80.1426
- Latitude
- 26.1318
- CBSA code
- 33100
- CBSA name
- MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA
