844 NE 17th Way - Apartments FOR SALE


Fort Lauderdale, FL 33304- Victoria Park
$2,499,900 USD
954-448-1074
844 NE 17th Way, Fort Lauderdale, FL for Sale
$2,499,900 USD
Apartments - FOR SALE
1/5
null | 5.2% Cap Rate

844 NE 17th Way
Fort Lauderdale, FL 33304
Victoria Park


HIGHLIGHTS

  • Unit mix includes studios, 1-bed, and 2-bed layouts.
  • Well-maintained with low annual operating expenses.

OVERVIEW

The property consists of a well-balanced unit mix totaling 10 residential units, including one 2-bedroom/1-bath unit averaging 700 square feet and renting for $2,600, five 1-bedroom/1-bath units averaging 500 square feet with an average rent of $1,640, and four studio units averaging 300 square feet, each renting for approximately $1,350. The overall weighted average unit size is 440 square feet, with a weighted average rent of $1,620 per month. The property is being offered at an asking price of $2,499,900, which equates to $249,990 per unit, with a capitalization rate of 5.2%. The property generates a strong and stable income profile, with current gross rental income totaling $194,400 annually, supplemented by $4,500 in laundry income, resulting in an effective gross income of $198,900. Operating expenses are well-managed, with total annual expenses of $67,667. These include property taxes of $33,881, insurance costs of $7,943, utilities such as water and sewer at $10,727, electricity at $10,168, trash removal at $2,498, landscaping at $1,800, and miscellaneous expenses totaling $650. After expenses, the property delivers a solid net operating income (NOI) of $131,233, supporting a capitalization rate of 5.2% based on the asking price.

FOR SALE DETAILS

PRICE

$2,499,900 USD

PRICE/SF

$568 USD /SF

# OF UNITS

10

PRICE/UNIT

$249,990

CAP RATE

5.2%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

4

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

6,935 SF

ZONING

RMM-25

APN/PARCEL ID

49-42-34-05-9550

ASK ABOUT THIS PROPERTY

Eli VaronOne Sotheby's InternationalMore Info
954-448-1074

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Eli VaronOne Sotheby's InternationalMore Info
954-448-1074

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