1102 6th
Fort Lauderdale, FL 33311
Sistrunk Blvd Six Unit Mixed-Use · Land For Sale · 0.15 AC

Rare opportunity on rapidly developing Sistrunk Blvd. Drive up Sistrunk & see surge of building projects. Hundreds of millions of dollars of development have been and are being built. Opportunity zone. Huge tax benefits: write off all money invested into this property, pay no taxes on capital gains when you sell, & more. Ask accountant for details. Included plans for 6 unit mixed use building: 5 2 bed residential units and one ground level commercial unit. Seller had preliminary meeting with city: plans are in accordance with current zoning. Call for details. Permits have not been pulled. Use these plans, customize them, or design your own. The lowest price for a buildable single family lot in the area is $108.9k. The only two multifamily lots for sale in the area are priced from $125k-$225k per unit for the land. None of these comps have the prominent frontage on Sistrunk Blvd and building signage opportunities. You can buy this property for under $50k per unit; that’s approximately 50% OFF current market value. See pics for comps. Only 3 single family lots in the area that sold in past 180 days sold for $105k-$120k. Only sold multifamily lot in the area in the past 180 days was buildable for 4-5 units and sold for $360k; that is $72k-$90k per unit. This had no commercial use, just residential, and did not have the prominent frontage on Sistrunk Blvd. Buy this property for 30-50%+ OFF of recent sales comps per unit. New construction 2 bedroom apartments on Sistrunk Blvd are currently available from $2,383-$2,834. Current market rents for commercial space in area are $25-$30 per sqft per year. Potential to receive hundreds of thousands of dollars from CRA in the form of forgivable loans and/or ad valorem tax rebates. Potential for 10%-25% cap rate depending on construction costs and receipt of CRA benefits. The CAP rate range estimate is broad as there are a couple of variables. The calculation is as follows: Market rent on the new construction apartments are about $2,500 per unit. That is $12,500 per month total for all 5. Market rent on the commercial unit is around $25 per sqft. There is about 530 square feet of commercial space. That is about $1,100 per month. All of the above get you $13,600 per month or $163,200 annually. The current sketch is for a building of roughly 6k sqft under air. Construction costs are anywhere from $120/sqft to $200/sqft depending on buyer’s GC and choose of finishes (if buyer is a GC his costs could be much lower). Based on the above, construction costs should be somewhere between about $750k-$1.2M. The cost of the land is approximately $300k. This gets you between $1,050,000 and $1,500,000 all in. There is up to approximately $400k of potential CRA funding/rebates this project could be realistically eligible for. Depending on what buyer’s construction costs are and how much CRA funding the buyer is awarded the CAP rate would be somewhere between approximately 25% on the extreme high end (where buyer receives $400k from CRA and has $120/sqft building costs) and approximately 10% on the extreme low end (where buyer receives $0 from CRA and has $200/sqft building cost). Possible owner financing. Call for details. High foot and car traffic. Good for commercial unit. Ideally located for growth: east of I-95 & minutes from: FLL Airport, Downtown Fort Lauderdale, FAT Village, Tri-Rail station, highways, Brightline Station, Sun Trolley, more. Walk to schools/universities, restaurants, shopping+ Recent substantial infrastructure investments by the city and CRA on Sistrunk including: underground utilities, street parking, wider paver sidewalks, modern streetlights, upgraded landscaping, bus shelters & more. No liens, no violations, clear title, ready to close. Take a drive by, see the potential, & make an offer today.