821 18Th Ct Fort Lauderdale, FL 33305

Property Details for 821 18Th Ct

Year built

1975

Property size

4,492 SF

Property type

Commercial real estate

APN

4942 35 04 2502

Description

This exceptional investment opportunity presents a five-unit apartment building situated on a desirable waterfront location in Fort Lauderdale, Florida. The property, built in 1975, boasts 4,492 square feet on an 8,540 square foot lot and is currently operating at 100% occupancy with a mix of one and two-bedroom units. The building is classified as a Class C property, offering significant upside potential for value creation. Currently generating income from annual leases, the property's rents are below market value, presenting an immediate opportunity for increased revenue. The RML-25 zoning allows for the development of up to four additional units, capitalizing on the high demand for new construction in this prime waterfront location. The property's proximity to downtown Wilton Manors (a half-mile walk) further enhances its desirability. The asking price is $2,000,000, translating to $400,000 per unit and $445.24 per square foot. The property's location and zoning provide multiple avenues for value enhancement, including potential for short-term rentals, making it an attractive investment for discerning buyers. The property address is 821 NE 18th Ct, Fort Lauderdale, FL 33305, with APN 4942 35 04 2502. This is a rare opportunity to acquire a well-located multifamily property with substantial growth potential in a thriving South Florida market.