1219 NE 5th TER, Fort Lauderdale, FL 33304
1219 NE 5th TER, Fort Lauderdale, FL 33304
1219 NE 5th TER, Fort Lauderdale, FL 33304
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Team At The Comerford Group

Team At The Comerford Group

+1(941) 586-3229
$799,997
Est. payment /mo
10,018 Sqft Lot
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UPDATED:

Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

Subdivision Progresso

MLS Listing ID B26033788

HOA Y/N No

Annual Tax Amount $7,203

Tax Year 2025

Lot Size 10,018 Sqft

Acres 0.23

Property Sub-Type Unimproved Land

Property Description

Rare opportunity to acquire income-producing duplex (2 1/1s) w/ additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 30% below market value. Keep the existing duplex (w/separate water & electric meters) & add 8 units for 10 units total. Included site plan shows layout, parking, & access. Meeting with city has been held; feasibility & zoning compliance confirmed. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(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+ equity. Potential ~10% cap. Opportunity zone. Seller will finance.

Location

State FL

County Broward

Area 3370

Zoning RMM-25

Direction East

Interior

Interior Features InteriorFeatures

Fireplace No

Exterior

Fence Wood

Utilities Available Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected

Water Access Desc Public

Present Use Multi-Family

Street Surface Asphalt,Paved

Road Frontage City Street

Building

Lot Description < 1/4 Acre

Faces East

Sewer Public Sewer

Water Public

Schools

Elementary Schools North Side

Middle Schools Sunrise

High Schools Fort Lauderdale

Others

Tax ID 494234032080

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Membership Fee Required false

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Special Listing Condition Standard

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BeachesMLS, Inc. (FLR) IDX
Listed by Michael J Sheer United Realty Group Inc.

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1219 NE 5th TER

Team At The Comerford Group
Team At The Comerford Group

Team Leader | Broker Associate | License ID: BK3455404

+1(941) 586-3229 | team@thecomerfordgroupfl.com

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