842 NW 1st Ave - Apartments FOR SALE


Fort Lauderdale, FL 33311- Progresso Village
$2,050,000 USD
954-743-7594
842 NW 1st Ave, Fort Lauderdale, FL for Sale
$2,050,000 USD
Apartments - FOR SALE
1/25
null | 6.36% 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

Prime 8-unit multifamily property offering strong cash flow and major future upside in booming Downtown Fort Lauderdale. Located just off Andrews Ave and Sunrise Blvd in Progresso Village, this fully stabilized asset features spacious 1-bed/1-bath units with modern interiors, impact doors, separate meters, and updates including new kitchens, doors, vanities, light fixtures, cabinets, and stone counters in most units — plus walk-in closets and a completed 40-year certification. All units are fully leased at $1,750/month on Section 8, providing secure income from day one, with pro forma rents projected at $1,900+. Situated on a 10,000 SF lot zoned RMM-25 and in process of rezoning to NW RAC, the property offers future density potential to double unit count. Rare seller financing at 5.5% interest-only makes this a standout opportunity for investors seeking strong cash flow and long-term redevelopment upside in one of Fort Lauderdale’s most dynamic growth corridors.

FOR SALE DETAILS

PRICE

$2,050,000 USD

PRICE/SF

$431 USD /SF

# OF UNITS

8

PRICE/UNIT

$256,250

CAP RATE

6.36%

% 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 Policy.