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

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

Rare opportunity to acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 35% below market value. 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. 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 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 with the city has been held; 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. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(fully renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ instant equity upon completion. Potential ~10% cap rate. Seller will finance. 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.

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

Flooring

Terrazzo

Heating

Window/Wall

Cooling

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

Parking Features

Assigned, Awning, Covered, Guest

Pool Private

No

Building Information for 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

Security Features

Other Fire Protection, Other

Property Information for 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

10,129

Waterfront

No

View

No

Construction Materials

CBS Construction, Stucco

Roof

Comp Shingle Roof, Shingle

Sewer

Public Sewer, Public Sanitation, Sewer

Water Source

Public

New Construction

No

Public Records 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

Location