7 UNITS IN THE HEART OF VICTORIA PARK | 1721 NE 8th St
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7 UNITS IN THE HEART OF VICTORIA PARK 1721 NE 8th St
7 Unit Apartment Building $2,100,000 ($300,000/Unit) 4.70% Cap Rate Fort Lauderdale, FL 33304
Investment Highlights
- Seller ?nancing, no wind insurance req.
- Strong average household income
- Moments away from Las Olas Blvd.
- Land value nearly identical to income value
- Surrounded by luxury newly built homes
- RMM-25 Zoning
Executive Summary
SEE OFFERING MEMORANDUM FOR MORE DETAIL
*Pro-Forma Cap rate is with no required windstorm insurance for a seller financed deal.
Rarely do you ?nd an investment where the land value is nearly identical to the income value. While this property can provide a nice return, redevelopment may be the highest and best use in the long run. This provides steady cash?ow while you plan your project. The streets surrounding these two adjacent properties are ?lled with luxury townhomes. Recently, the building across the street was demolished to make way for a luxury project.
There are currently two separate buildings that make up the 7 units for a total of 4,745 SF of structure. The two lots of land total 14,250 SF. They are ideally situated in the highly desirable Fort Lauderdale MSA. The RMM-25 zoning is one of the most sought after in Broward County. With meticulous maintenance and a proven track record, this property presents a turnkey opportunity for investors seeking a stable and high-performing asset in the thriving South Florida multifamily market.
*Pro-Forma Cap rate is with no required windstorm insurance for a seller financed deal.
Rarely do you ?nd an investment where the land value is nearly identical to the income value. While this property can provide a nice return, redevelopment may be the highest and best use in the long run. This provides steady cash?ow while you plan your project. The streets surrounding these two adjacent properties are ?lled with luxury townhomes. Recently, the building across the street was demolished to make way for a luxury project.
There are currently two separate buildings that make up the 7 units for a total of 4,745 SF of structure. The two lots of land total 14,250 SF. They are ideally situated in the highly desirable Fort Lauderdale MSA. The RMM-25 zoning is one of the most sought after in Broward County. With meticulous maintenance and a proven track record, this property presents a turnkey opportunity for investors seeking a stable and high-performing asset in the thriving South Florida multifamily market.
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts Under Contract
| Price | $2,100,000 | Apartment Style | Low Rise |
| Price Per Unit | $300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.33 AC |
| Cap Rate | 4.70% | Building Size | 4,745 SF |
| No. Units | 7 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built/Renovated | 1966/2024 |
| Price | $2,100,000 |
| Price Per Unit | $300,000 |
| Sale Type | Investment |
| Cap Rate | 4.70% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.33 AC |
| Building Size | 4,745 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1966/2024 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $1,998 | 850 - 900 |
| 1+1 | 2 | $1,825 | 650 - 775 |
| Studios | 2 | $1,525 | 275 - 400 |
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Walk Score ®
Very Walkable (79)
PROPERTY TAXES
| Parcel Number | 49-42-34-06-0100 | Total Assessment | $956,740 |
| Land Assessment | $187,500 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $640,490 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
49-42-34-06-0100
Land Assessment
$187,500
Improvements Assessment
$640,490
Total Assessment
$956,740
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
zoning
| Zoning Code | RMM-25 (RMM-25, possibly two duplexes may be built on the two lots with a total of four units. See offering memorandum for more details.) |
| RMM-25 (RMM-25, possibly two duplexes may be built on the two lots with a total of four units. See offering memorandum for more details.) |
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7 UNITS IN THE HEART OF VICTORIA PARK | 1721 NE 8th St
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