New Off-Market Fourplex in Victoria Park Fort Lauderdale

[Gregory Avalone]

Off Market Fourplex in class A neighborhood. Strong comps to support pricing. Contact for details.

Price: $540,000 CASH or Hard Money ONLY, Inspections must be done prior to contract.

Est. Rehab: <$5k

Est. MKT. Rent $5,200/month

Current Rent $4,000/month

Layout: (2517 sqft, 6750 sqft lot )

Off Market multi-family available in Victoria Park, one of the most desirable neighborhoods in Fort Lauderdale. The property is CBS construction, features four true 1 bedroom units with 5 parking spaces and has private fenced patios for each unit. The property is rented under market rent to long term tenants as the owner has not raised rent in years. Each unit has new flooring and the roof was resurfaced and sealed last year. The property has been well maintained with little to no maintenance needed. Great opportunity to increase rents to market rent or renovate the units for higher end rentals. Price per door is far below any closed sales in the area.

Subject Property:
FOURPLEX (four 1/1)
2,517 sq ft
$135k/door
Market rent $1,250/unit

COMPS (closed sales)
1716 NE 7th St TRIPLEX (three 2/2) 2,761 sq ft $575,000 (25 DOM, $191k/door)
800 NE 16th Ter DUPLEX (two 1/1) 1,424 sq ft $430,000 (5 DOM, $215k/door)
644 NE 16 Ave TRIPLEX (two 1/1 + 2/2) 1,593 sq ft $490,000 (11 DOM, $163k/door)
823 NE 19th Ave TRIPLEX (three 1/1) 3,776 sq ft $460,000 (23 DOM, $153k/door)
808 NE 17th Ter TRIPLEX (2/1, 1/1 + studio) 1,754 sq ft $580,000 (142 DOM, $193k/door)

COMPS (active listings)
808-812 NE 18th Ave EIGHT UNITS (five 1/1, 2 studio, one 2/1) 5,189 sq ft $1,495,000 ($187k/door)
808 NE 17th Way DUPLEX (two 2/1) 1,900 sq ft $580,000 ($290k/door)
745 NE 17 Rd FOURPLEX (two 1/1, one studio + one 2/2) 1,963 sq ft $895,000 ($223k/door)

Rental Comps (closed rentals)
816 NE 18th Ave #3 1/1 $1,250/mo
822 NE 18TH AVE Unit #3 1/1 $1,250/mo
823 NE 18TH AVE Unit #2 1/1 $1,200/mo
825 NE 18TH AVE Unit #8 1/1 $1,250/mo