The Terrace Apartments
Closed1501 NE 7th Ave, Fort Lauderdale, FL 33304
Property type
Multifamily
Unit / Space count
5
Price
$1,250,000
Building size
3,426 sf
Rentable area
3,426 SF
Year built
1974
Year renovated
Occupancy
100%
Stories
2
APN
49-42-35-AF-0020
Zoning code
Lot size
0.20 Acres
Unit mix
4x
1br
1x
2br
Bedroom count
Price per Unit
$250,000
Price per SF
$364.86
Property description
The Terrace Apartments is a 5-unit multifamily investment opportunity in Fort Lauderdale (Broward County), Florida. The building was built in 1974 using reinforced concrete block construction with painted stucco exterior. The unit mix consists of (4) 1 Bedroom 1 Bathroom and (1) 2 Bedroom 2 Bathroom units totaling 3,426 RSF. Residents are responsible for electric, water, and waste. Amenities include a pool, 2 parking spots per unit, in-unit washer and dryer, as well as ample backyard space and private balconies. The property is located at 1501 NE 7th Ave, Fort Lauderdale, FL. Fort Lauderdale High School is only a 4 minute walk allowing for convenient commutes for residing families, while also being an 8 minute drive to the beach. The location offers a private but well located opportunity, with major retailers surrounding the building. The immediate neighborhood consists of multifamily and residential homes of similar age and construction. The Terrace Apartments offers an investor the opportunity to purchase an asset with below market rents, while being positioned conveniently between retailers, schools, and the beach. By increasing the rents to market, the investor is able to achieve a proforma cap rate of 6.97%.
Property highlights
- Sold All Cash For $1,250,000 (250k/unit or $364psf)
- Sold Within 3% Of Listed Price
- Sold For 9.1% higher price per unit than the neighborhood average in 2023
- Sold For 43% higher price per square foot than the neighborhood average in 2023
- Full Local Market Report Available Upon Request