North Cornerside Apartments
Closed1751 NE 56th St, Fort Lauderdale, FL 33334
Property type
Multifamily
Unit / Space count
5
Price
$696,000
Building size
3,285 sf
Rentable area
3,285 SF
Year built
1965
Year renovated
Occupancy
Zoning code
Lot size
0.21 Acres
Sold/status
Sold · Date unknown
Sale price
$696000
Bedroom count
Property description
North Cornerside Apartments is a 5-unit multifamily community located in the heart of the Coral Ridge Isles submarket in Fort Lauderdale, Florida, which is in Broward County. The subject property was built in 1965 using reinforced concrete block construction with painted stucco exterior and is situated on 0.21 acres of land. The property is located on the west side of NE 18th Ave and is just a couple of blocks from major retailers. The surrounding area boasts multi-family buildings of similar age and construction. Due to the premium location, there are many luxurious homes within the neighborhood. The asset is conveniently located west of US-1, North of Commercial Blvd and directly east of Dixie Hwy. Within minutes of driving, you can access the world-famous Fort Lauderdale Beach, renowned Las Olas Blvd and the shops and restaurants of the Galleria Mall. Additionally, North Cornerside Apartments is blocks away from one of the most up and coming, well-known neighborhoods in Broward County known as Knoll Ridge. The investment opportunity consists of a highly attractive unit mix of (1) studio, (2) one-bedroom & one-bathroom, and (2) two-bedroom & one-bathroom totaling approximately 3,250 RSF. The property boasts amenities such as ample parking, front porches, and a lush courtyard. North Cornerside Apartments offers an investor the opportunity to purchase an unbelievably located, value-add property in the heart of one of the hottest markets in Florida. By implementing a beautification plan we project a potential increase of 28% in the gross rental income for the new investor. The investment opportunity offers amazing cash flow day one with the ability to add value in a location that simply cannot be beaten!
Property highlights
- Closed within 4% of asking price
- Compressed inspection – contingencies removed two weeks after effective date
- Competitive deal – Multiple offers generated and put under contract within 7 days of hitting the market
- Sold for $139,200 a door for a value-add opportunity, which represents the highest price per door this YTD for a building on the NE 56th and NE 18th Ave corridor