1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

About 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

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 40% 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-$1.4M. 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.

How This Listing Compares in Fort Lauderdale

Per square foot, it is asking 64% above the Fort Lauderdale median for sales closed over the last twelve months — typical of premium views, newer construction or a top-tier building.

Medians from closed MLS sales in Fort Lauderdale; a starting point, not an appraisal.

Home Features at 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

Flooring

Terrazzo

Heating

Window/Wall

Cooling

Ceiling Fan(s), Wall/Window Unit(s)

Architectural Style

Twin Home, Half Duplex, Twin Homes

Pool Private

No

Year Built Details

Resale

The Building at 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

Building Area Total

1053

Building Area Units

Square Feet

Stories

1

Stories Total

1

Association

No

Association Fee

0

Pets Allowed

Yes

Lot, Views & Construction at 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

Lot Features

Less Than 1/4 Acre Lot, Less Than 1 Acre

Lot Size Square Feet

0

Waterfront

No

View

No

Construction Materials

CBS Construction, Stucco

Roof

Flat Tile, Flat Roof With Facade Front

Exterior Features

Other

Sewer

Public Sewer, Public Sanitation, Sewer

Water Source

Public

New Construction

No

Taxes & Public Record for 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

Parcel Number

494234032080

Tax Annual Amount

$7,203

Tax Year

2,025

Tax Legal Description

PROGRESSO 2-18 D LOT 13,14,15 BLK 114

Zoning

RMM-25

County Or Parish

Broward County

Assigned Schools for 1219 NE 5th Terrace # 1-2, Fort Lauderdale, FL 33304

Elementary School

North Side

Middle School

Sunrise

High School

Fort Lauderdale

School assignments are provided by the listing and should be independently verified.

Map & Neighborhood