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Progresso Village 5-Unit 848 NW 2nd Ave 5 Unit Apartment Building $1,049,000 ($209,800/Unit) 7.55% Cap Rate Fort Lauderdale, FL 33311
INVESTMENT HIGHLIGHTS
- Unit Mix: Three 1-bed/1-bath units and two studios
- Desirable Location: Minutes from Downtown, Flagler Village, Brightline station, and the beach
- Seller Financing Available: 45% down, 5.5% interest-only for 3 years.
- Stabilized Asset: Fully leased to long-term tenants, offering dependable income with minimal management.
- Zoning: RMM-25 flexible residential zoning allows buyer to explore future redevelopment or expansion potential.
- Area Growth: Surrounded by major developments and high-rise projects already underway.
EXECUTIVE SUMMARY
Prime 5-unit multifamily in booming Progresso Village, just minutes from Flagler Village, the Brightline station, and the beach. Fully occupied and cash flowing from day one, the property features three 1-bed/1-bath units and two studios, all rented to long-term tenants—most over 5 years. Current monthly income is $8,200 with room for additional upside through future rent increases or improvements. Interiors have been lightly updated, and the property includes separate electric meters and low-maintenance operations. Zoned RMM-25 with redevelopment potential in one of Fort Lauderdale’s fastest-growing corridors. Rare seller financing offered at 5.5% interest-only for 3 years with 35% down.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$98,400
|
$42.91
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$98,400
|
$42.91
|
| Taxes |
$10,779
|
$4.70
|
| Operating Expenses |
$8,400
|
$3.66
|
| Total Expenses |
$19,179
|
$8.36
|
| Net Operating Income |
$79,221
|
$34.55
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $98,400 |
| Annual Per SF | $42.91 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $98,400 |
| Annual Per SF | $42.91 |
| Taxes | |
|---|---|
| Annual | $10,779 |
| Annual Per SF | $4.70 |
| Operating Expenses | |
|---|---|
| Annual | $8,400 |
| Annual Per SF | $3.66 |
| Total Expenses | |
|---|---|
| Annual | $19,179 |
| Annual Per SF | $8.36 |
| Net Operating Income | |
|---|---|
| Annual | $79,221 |
| Annual Per SF | $34.55 |
PROPERTY FACTS
| Price | $1,049,000 | Building Class | C |
| Price Per Unit | $209,800 | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 2,293 SF |
| Cap Rate | 7.55% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 2.22/1,000 SF |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | RMM-25 - Mid-rise multifamily residences | ||
| Price | $1,049,000 |
| Price Per Unit | $209,800 |
| Sale Type | Investment |
| Cap Rate | 7.55% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 2,293 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1972 |
| Parking Ratio | 2.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RMM-25 - Mid-rise multifamily residences |
AMENITIES
SITE AMENITIES
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 3 | $1,700 | - |
| Studios | 2 | $1,550 | - |
1 1
Walk Score®
Very Walkable (89)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 49-42-34-06-3450 | Total Assessment | $476,430 (2025) |
| Land Assessment | $101,250 (2025) | Annual Taxes | $10,779 ($4.70/SF) |
| Improvements Assessment | $375,180 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
49-42-34-06-3450
Land Assessment
$101,250 (2025)
Improvements Assessment
$375,180 (2025)
Total Assessment
$476,430 (2025)
Annual Taxes
$10,779 ($4.70/SF)
Tax Year
2024
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Progresso Village 5-Unit | 848 NW 2nd Ave
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