Property Overview

• List Price: $390,000
• Full Address: 1013 NE 3rd Ave, Fort Lauderdale, FL 33304-1991
• Property Status: Active
• Property Type: Multi-Family (Fourplex)
• Bedrooms: 4 Units (1 bed/1 bath per unit)
• Bathrooms: 4
• City: Fort Lauderdale
• State: Florida
• Zipcode: 33304
• Country: USA
• Neighborhood: South Middle River
• Community: Progresso
• Property Size: 2,363 Sq Ft
• Lot Size: 6,749 Sq Ft
• Year Built: 1973

Description

Opportunity Zone Fourplex located in Fort Lauderdale’s rapidly developing Progresso neighborhood. Currently operated as low-income housing, this property presents significant growth potential through redevelopment or repositioning. With units priced based on existing income and two vacant units, there’s substantial room for rent increases and future market appreciation. Ideal for buy-and-hold investors, this property offers potential tax incentives for Opportunity Zone investors. Zoned for multi-family (2-9 units), the property could be part of a larger assemblage for redevelopment.

Realtor Inputs & Market Insights

• Comparable Sales:
  • 916 NW 3rd Ave – Sold for $825,000 (2,304 Sq Ft)
  • 1232 NE 3rd Ave – Sold for $580,000 (2,521 Sq Ft)
  • 1034 NW 3rd Ave – Sold for $555,000 (2,586 Sq Ft)
• ARV (After Repair Value): $650,000 – $825,000
• Predicted Appreciation (5-10 Years): 3% – 5% annually
• Estimated Rental Income: $1,500 – $1,750 per unit/month
• Rental Comparison:
  • 1-bed units in the area range from $1,300 to $1,750/month

Operating Expenses: Estimated at 30% of gross income

Investor Strategy

• Primary Strategy: Buy & Hold – Strong rental demand in the South Middle River neighborhood with potential for cash flow and significant appreciation.
• Secondary Strategy: Redevelopment Opportunity – As part of an Opportunity Zone, investors can explore larger assemblage possibilities and redevelopment incentives.
• Occupancy: Partially Occupied (2 units vacant)
• Current Condition: Minor Repairs & Cosmetic Updates Needed
• Estimated Repair Costs: $40,000 – $60,000

Permits & Compliance

• No known liens or violations (Verification recommended).
• Inspection Reports: Property sold as-is; inspections recommended.

Breakdown of Repairs Needed

Market Trends & Appreciation

• South Middle River Housing Market Trends:
  • Typical Home Values: $417,403
  • 1-Year Value Change: +1.7%
  • Projected 1-Year Growth: +3%
  • Median Listing Price: $440,000

Final Takeaway for Investors

This fourplex in Fort Lauderdale’s South Middle River neighborhood is a prime buy-and-hold opportunity. With strong rental demand, tax incentives from the Opportunity Zone, and appreciation potential, investors can maximize returns through light cosmetic upgrades and increasing rent to market levels.

Contact your agent today to schedule a showing!