842 NW 1st Ave - Apartments FOR SALE


Fort Lauderdale, FL 33311- Progresso Village
$1,900,000 USD
954-743-7594
842 NW 1st Ave, Fort Lauderdale, FL for Sale
$1,900,000 USD
Apartments - FOR SALE
1/25
null | 6.43% Cap Rate

842 NW 1st Ave
Fort Lauderdale, FL 33311
Progresso Village


HIGHLIGHTS

  • Unit Mix: Eight (8) Large & Spacious One-Bedroom Units
  • Units feature modern interiors, impact doors, separate meters, and updated kitchens, vanities, lighting, cabinets, and stone countertops
  • Potential Gross Income of $182,400 Annually at Market Rates, Currently 6.36% Going in Cap Rate from Day One!
  • Seller financing is available at a rare 5.5% interest-only rate, providing attractive, low-cost debt and strong cash-on-cash returns.
  • Zoned RMM-25 and in rezoning to NW-RAC, the property offers potential to double its unit count if redeveloped

OVERVIEW

Rare opportunity to acquire an 8-unit multifamily in Progresso Village, just off Andrews Ave and Sunrise Blvd in Downtown Fort Lauderdale. The property offers eight 1-bed/1-bath units with modern interiors, impact doors, separate meters, and upgrades including new kitchens, stone counters, walk-in closets, vanities, light fixtures, and cabinets. Currently 7 units are leased with 1 recently renovated and vacant, generating $167,556 gross income with upside as rents renew. Sitting on a 10,000 SF lot zoned RMM-25 and in process of rezoning to NW RAC, the site offers potential to double the unit count. With rare seller financing at 5.5% interest-only, this investment delivers strong cash flow and long-term redevelopment potential in one of Fort Lauderdale’s fastest-growing corridors.

FOR SALE DETAILS

PRICE

$1,900,000 USD

PRICE/SF

$400 USD /SF

# OF UNITS

8

PRICE/UNIT

$237,500

CAP RATE

6.43%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Progresso Village Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1974

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.23 AC

LAND SF

10,106 SF

ZONING

RMM-25

APN/PARCEL ID

49-42-34-06-3170

ASK ABOUT THIS PROPERTY

Elior LeviFausto Commercial Realty ConsultantsMore Info
954-743-7594

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Elior LeviFausto Commercial Realty ConsultantsMore Info
954-743-7594

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.