844 NE 17th Way 10 Unit Apartment Building $2,499,900 ($249,990/Unit) 5.20% Cap Rate Fort Lauderdale, FL 33304

The property consists of a well-balanced unit mix totaling 10 residential units, including one 2-bedroom/1-bath unit averaging 700 square feet and renting for $2,600, five 1-bedroom/1-bath units averaging 500 square feet with an average rent of $1,640, and four studio units averaging 300 square feet, each renting for approximately $1,350. The overall weighted average unit size is 440 square feet, with a weighted average rent of $1,620 per month. The property is being offered at an asking price of $2,499,900, which equates to $249,990 per unit, with a capitalization rate of 5.2%. The property generates a strong and stable income profile, with current gross rental income totaling $194,400 annually, supplemented by $4,500 in laundry income, resulting in an effective gross income of $198,900. Operating expenses are well-managed, with total annual expenses of $67,667. These include property taxes of $33,881, insurance costs of $7,943, utilities such as water and sewer at $10,727, electricity at $10,168, trash removal at $2,498, landscaping at $1,800, and miscellaneous expenses totaling $650. After expenses, the property delivers a solid net operating income (NOI) of $131,233, supporting a capitalization rate of 5.2% based on the asking price.