1019 NW 5th Avenue
Native Realty is happy to present 1019 NW 5th Avenue, a single-story (6)-unit multifamily building located in east Fort Lauderdale’s South Middle River Neighborhood. The neighborhood is geographically located east of Powerline Road (NW 9th Avenue), north of Sunrise Boulevard, west of Andrews Avenue and south of the City of Wilton Manors. The property is professionally managed with 100% occupancy and a strong cash flow. Investors could benefit from a value-add by bringing rents up to market rate ($1000/m to $1200/m) and future plans to rezone the neighborhood and surrounding area.
South Middle River is part of the Community Redevelopment Plan which includes roughly 344 acres. The vision would include rezoning allowing for redevelopment of existing properties into their highest and best uses; reconstruction of streets, utilities, parks and playgrounds and other beautification efforts. Current zoning is RD-15 – Residential Single Family/Duplex/Low Medium Density District and allows for residential dwellings, public purpose facilities, child day care facilities and accessory uses.
Property’s location and its tenants benefit from ease of access to all major roadways (I95, 595 and FL Turnpike) downtown Fort Lauderdale, Wilton Manors, Oakland Park, the beaches, Port Everglades and Fort Lauderdale-Hollywood International Airport. The NE 13th Street corridor and NE 4th Avenue corridor, in the neighborhood, have recently experienced a “renaissance” of building improvements and new thriving businesses. This area is the next major area of growth near downtown Fort Lauderdale as developers and investors continue to show interest in this pocket. One of the largest home builders, DR Horton, just purchased an old church site, less than 0.5 miles away and plans to build a 46-townhome community called Gardenia Park with a clubhouse and pool area. Three-bedroom floor plans would measure about 1700 SF and be priced under $400,000. The neighborhood has not seen development in 20+ years and that change is starting NOW.
Property can be sold with 1014 NW 5th Avenue Fort Lauderdale, Florida 33311 (sister property).
Address: 1019 NW 5th Avenue Fort Lauderdale, Florida 33311
Price: $750,000.00 ($125,000 per door)
Building SF: 3,625 SF ($206 PSF)
Land SF: 10,122 SF ($74 PSF)
Unit Mix: (5) 1BD/1BA Units + (1) 2BD/1BA Unit
Avg Unit Size: 650 SF