624-632 SW 16th Ave
For sale624-632 SW 16th Ave, Fort Lauderdale, FL 33312
Property type
Multifamily
Unit / Space count
8
Price
$2,690,000
Cap Rate
7.08%
Building size
9,710 SF
Year built
1969
Lot size
0.32 acres
Property description
624–632 SW 16th Ave presents an attractive opportunity to acquire a fully renovated eight-unit multifamily asset in Fort Lauderdale, a 9,710 SF property built in 1969 and zoned RM-15 – Residential Multifamily Low Rise/Medium Density, offering an established multifamily configuration well suited for investors seeking a stabilized, low-rise/garden-style asset with strong in-place performance and future upside. The property features a desirable unit mix consisting of seven 4-bedroom/2-bathroom units, one 3-bedroom/1-bathroom unit, and one non-conforming 1-bedroom/1-bathroom unit. All units have been fully renovated, providing modern interiors, strong tenant appeal, and a true turn-key investment profile. Additional income optimization may be available through participation in the Section 8 program. Significant capital improvements further enhance the property's investment profile. The property has all-new PVC plumbing throughout and has completed its 40-year recertification, helping reduce near-term capital expenditure concerns. Each unit is separately metered for both electric and water, minimizing landlord-paid utility expenses and providing greater operational efficiency. With renovated interiors, durable infrastructure, and multiple avenues for additional income growth, 624–632 SW 16th Ave offers investors an attractive combination of current stability, reduced capital expenditure risk, and future value-add potential.
Property highlights
- Opportunity To Acquire A Recently Renovated 8-Unit Multifamily Asset In The Heart Of Fort Lauderdale
- Asset Consists Of Two Adjacent, Two-Story Buildings (Separately Parceled)
- Extremely Unique And Desirable Unit Mix Consisting Of (7) 4 Bedroom 2 Bathroom Units, (1) 3 Bedroom 1 Bathroom Unit, And (1) Non-Conforming 1 Bedroom 1 Bathroom Unit
- Opportunity To Maximize Rents Through Participation In Section 8 And Take Advantage Of Number Of Bedrooms (SAFMR 2026 - $3,485 For 4-Bed Units, $2,945 For 3-Bed Units, & $1,735 For 1-Bed Units)
- All Units Are Large With Spacious Layouts And Have Been Fully Renovated, Providing A True Turnkey Investment With Modern Interiors And Strong Tenant Appeal
- Property Features All PVC Plumbing And Updated Electric Panels
- 40-Year Recertification Has Been Completed, Mitigating Any Future Capital Expenditure Risks
- Central Air-Conditioning Throughout And Ample Parking For Both Tenants And Guests
- Prime Riverside Park Location Just Minutes From Major Retail Corridors, Downtown Fort Lauderdale, Las Olas Boulevard, Fort Lauderdale Beach – All With Convenient Access To I-95 And Florida’s Turnpike