$1,250,000
$1,349,000
7.3%For more information regarding the value of a property, please contact us for a free consultation.
2,848 SqFt
SOLD DATE : 03/03/2023
Key Details
Sold Price $1,250,000
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Sold
Purchase Type For Sale
Square Footage 2,848 sqft
Price per Sqft $438
Subdivision Progresso
MLS Listing ID A11298761
Sold Date 03/03/23
Style Fourplex
Construction Status Resale
HOA Y/N No
Year Built 1959
Annual Tax Amount $10,384
Tax Year 2021
Contingent Pending Inspections
Property Description
Great opportunity to get 10+% CAP ~20% Cash on Cash year one on a 100% remodeled property. A newly remodeled five plex, with 5 1/1 Units with 2,848 SF of rentable space, in a 6,752 SF lot located by Holiday Park, one of the city's most popular public parks, with over 90 acres of land, a couple of blocks from the Bell Sunrise Gallery, the Quantum apartments, and the Beyond Searstown Development, near Galleria Mall, Downtown Fort Lauderdale, and the beaches, ideal and zoned for Airbnb, and right next to the War Memorial Auditorium.
With an expected short-term rental yearly income of $230K+ (see AirDNA supported data here) and an NOI of $148K+, it would provide a ~10%+ CoC rate, a levered ~20% CAP rate, and an expected 33% IRR over seven years. No A/c in the property
Location
State FL
County Broward County
Community Progresso
Area 3990
Direction Please use Wase or GPS
Interior
Heating None
Cooling None
Flooring Tile
Exterior
Pool None
Utilities Available Cable Not Available
Roof Type Other
Total Parking Spaces 5
Building
Lot Description < 1/4 Acre
Story 1
Sewer Public Sewer
Architectural Style Fourplex
Level or Stories One
Structure Type Block,Other
Construction Status Resale
Others
Tax ID 494234047420
Acceptable Financing Cash, Conventional, FHA 203(k), FHA
Listing Terms Cash, Conventional, FHA 203(k), FHA
Financing Conventional
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Bought with Optimar International Realty
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