1720 NE 13th St, Ft Lauderdale, FL

$800,000
Property type: Multi-Family
Area (Sq Ft)
2533
Rooms
5
Bedrooms
5
Bathrooms
6
Garages
6

Description

This property was acquired due to an extensive fire damage in one of the two structures which consist of 2 units; the additional 3 units located in the additional structure even though did not present fire damage the units were in desperate need of updating and only collecting $750/m in rent.

During the remodeling process (as you will see in the pictures above) which started with the 3 units being updated we were able to rent them at market rent currently receiving an average of $1,250/m per unit in rental income and the other two units which initially had fire damage after getting the necessary permits and inspections done are currently being rented as a vacation rentals for Airbnb collecting in average $1,700/m per unit. Also, a coin laundry room was added to the building for an additional source of income which currently brings an another $120 a month in income.

With that said, after renovations and rental income property was recently appraised by one our lenders for $800,000 in a neighborhood showing great appreciation due to its location in Lake Ridge neighborhood in Ft Lauderdale currently going through a gentrification process.

Purchase price Renovation Cost Time Gross Profit
$320,0000 $260,000 24 months $220,000

Contact the Agent

Open chat