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Ani Romanson

ani@aniromanson.com +1(954) 338-8277

$ 649,850

Est. payment | -/mo

10,018 Sqft Lot

Save Virtual Tour

$ 649,850

Est. payment | -/mo

Save Virtual Tour

10,018 Sqft Lot

Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

Subdivision Progresso

MLS Listing ID B26033788

HOA Y/N No

Annual Tax Amount $7,203

Tax Year 2025

Lot Size 10,018 Sqft

Acres 0.23

Property Sub-Type Unimproved Land

Property Description

45% OFF: This is how to generate great returns in today's market while protecting your downside. Acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity (the right to build 8 more units) in Fort Lauderdale's rapidly developing Studio City at over 45% below market value. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that is fairly renovated and has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting has been held with the city; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Recently sold multi-family land comps: $117k-$141k per unit. Active multi-family land comps: $124k-$177k per unit. Recently sold multi-family (existing building) comps: $312k-$375k per unit. Active multi-family (existing building) comps: $297k-$372k per unit. Subject property: fairly renovated duplex + 8 units of buildable land; market value ~$1.2M. Build cost ~$1.2M. All in:~$1.9M. Projected value:$3M+ = $1M+ instant equity upon completion. 1 bedroom apartment rents:$1.6k-$2.3k/mo. Potential ~10% cap rate. Seller will finance. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdale's emerging arts and entertainment district, featuring an eclectic mix of independent businesses like Gulfstream Brewing Co, Lovelee Bakeshop, Radio-Active Records and other popular neighborhood destinations. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.

Location

State FL

County Broward

Area 3370

Zoning RMM-25

Direction East

Interior

Interior Features InteriorFeatures

Fireplace No

Exterior

Fence Wood

Utilities Available Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected

Water Access Desc Public

Present Use Multi-Family

Street Surface Asphalt,Paved

Road Frontage City Street

Building

Lot Description < 1/4 Acre

Faces East

Sewer Public Sewer

Water Public

Schools

Elementary Schools North Side

Middle Schools Sunrise

High Schools Fort Lauderdale

Others

Tax ID 494234032080

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Membership Fee Required false

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/1219-NE-5th-Terrace-Fort-Lauderdale-FL-33304/unbranded

Listed by Michael J Sheer United Realty Group Inc.

Nearby Locations

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(954) 338-8277

ani@aniromanson.com

2200 NE 33rd Ave Apt #9H, Fort Lauderdale, Florida 33305, USA

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1219 NE 5th TER Fort Lauderdale, FL 33304