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Progresso Village Apartments 842 NW 1st Ave 8 Unit Apartment Building $1,900,000 ($237,500/Unit) 6.43% Cap Rate Fort Lauderdale, FL 33311
INVESTMENT HIGHLIGHTS
- Unit Mix: Eight (8) Large & Spacious One-Bedroom Units
- Potential Gross Income of $182,400 Annually at Market Rates, Currently 6.36% Going in Cap Rate from Day One!
- Zoned RMM-25 and in rezoning to NW-RAC, the property offers potential to double its unit count if redeveloped
- Units feature modern interiors, impact doors, separate meters, and updated kitchens, vanities, lighting, cabinets, and stone countertops
- Seller financing is available at a rare 5.5% interest-only rate, providing attractive, low-cost debt and strong cash-on-cash returns.
EXECUTIVE SUMMARY
Rare opportunity to acquire an 8-unit multifamily in Progresso Village, just off Andrews Ave and Sunrise Blvd in Downtown Fort Lauderdale. The property offers eight 1-bed/1-bath units with modern interiors, impact doors, separate meters, and upgrades including new kitchens, stone counters, walk-in closets, vanities, light fixtures, and cabinets. Currently 7 units are leased with 1 recently renovated and vacant, generating $167,556 gross income with upside as rents renew. Sitting on a 10,000 SF lot zoned RMM-25 and in process of rezoning to NW RAC, the site offers potential to double the unit count. With rare seller financing at 5.5% interest-only, this investment delivers strong cash flow and long-term redevelopment potential in one of Fort Lauderdale’s fastest-growing corridors.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$182,400
|
$38.38
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$182,400
|
$38.38
|
| Taxes |
$34,000
|
$7.15
|
| Operating Expenses |
$17,960
|
$3.78
|
| Total Expenses |
$51,960
|
$10.93
|
| Net Operating Income |
$130,440
|
$27.44
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $182,400 |
| Annual Per SF | $38.38 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $182,400 |
| Annual Per SF | $38.38 |
| Taxes | |
|---|---|
| Annual | $34,000 |
| Annual Per SF | $7.15 |
| Operating Expenses | |
|---|---|
| Annual | $17,960 |
| Annual Per SF | $3.78 |
| Total Expenses | |
|---|---|
| Annual | $51,960 |
| Annual Per SF | $10.93 |
| Net Operating Income | |
|---|---|
| Annual | $130,440 |
| Annual Per SF | $27.44 |
PROPERTY FACTS
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $237,500 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 4,753 SF |
| Cap Rate | 6.43% | Average Occupancy | 100% |
| No. Units | 8 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1974 |
| Property Subtype | Apartment | Parking Ratio | 0.72/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RMM-25 - RMM-25 with potential RAC re-zoning | ||
| Price | $1,900,000 |
| Price Per Unit | $237,500 |
| Sale Type | Investment |
| Cap Rate | 6.43% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 4,753 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1974 |
| Parking Ratio | 0.72/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RMM-25 - RMM-25 with potential RAC re-zoning |
AMENITIES
UNIT AMENITIES
- Air Conditioning
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | $1,750 | - |
1 1
Walk Score®
Walker's Paradise (92)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 49-42-34-06-3170 | Total Assessment | $915,600 |
| Land Assessment | $0 | Annual Taxes | $34,000 ($7.15/SF) |
| Improvements Assessment | $0 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
49-42-34-06-3170
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$915,600
Annual Taxes
$34,000 ($7.15/SF)
Tax Year
2025
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Progresso Village Apartments | 842 NW 1st Ave
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