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Alex Mendel

alex@mendelgroupfl.com +1(561) 827-8449

$ 747,850

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Price Dropped by $52K

1219 NE 5th TER #1-2 Fort Lauderdale, FL 33304

1,053 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Duplex

Listing Status Active

Purchase Type For Sale

Square Footage 1,053 sqft

Price per Sqft $710

Subdivision Progresso

MLS Listing ID B26033753

Style Twin Home,Duplex

HOA Y/N No

Leases Per Year 100

Year Built 1957

Annual Tax Amount $7,203

Tax Year 2025

Lot Size 10,018 Sqft

Acres 0.23

Property Sub-Type Duplex

Property Description

Rare opportunity to acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 35% below market value. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdale's emerging arts and entertainment district, featuring an eclectic mix of independent businesses like Gulfstream Brewing Co, Lovelee Bakeshop, Radio-Active Records and other popular neighborhood destinations. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting with the city has been held; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(fully 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+ instant equity upon completion. Potential ~10% cap rate. Seller will finance. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.

Location

State FL

County Broward

Community Progresso

Area 3370

Interior

Interior Features Main Living Area Entry Level

Heating Wall Furnace

Cooling Ceiling Fan(s), Wall/Window Unit(s)

Flooring Terrazzo

Exterior

Exterior Feature Other, Patio

Pool None

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

Roof Type Flat,Tile

Street Surface Paved

Porch Patio

Private Pool No

Building

Lot Description <1 Acre, < 1/4 Acre

Story 1

Sewer Public Sewer

Water Public

Architectural Style Twin Home, Duplex

Level or Stories One

Structure Type Block,Stucco

Schools

Elementary Schools North Side

Middle Schools Sunrise

High Schools Fort Lauderdale

Others

Pets Allowed No Pet Restrictions

Senior Community No

Restrictions No Restrictions

Tax ID 494234032080

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner May Carry, Owner May CarrySecond

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner May Carry, Owner May CarrySecond

Pets Allowed No Pet Restrictions

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Miami Association of Realtors (SEFMIAMI MLS)

Listed by United Realty Group Inc.

NEARBY SCHOOLS & PROPERTIES

Alex Mendel

Agent

+1(561) 827-8449

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Alex Mendel

1219 NE 5th TER #1-2 Fort Lauderdale, FL 33304

Key Details

Location

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOLS & PROPERTIES

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1219 NE 5th TER #1-2