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Middle River Apartments 1350-1400 NE 5th Ter 28 Unit Apartment Building $8,859,110 CAD ($316,397 CAD/Unit) 7.80% Cap Rate Fort Lauderdale, FL 33304
Investment Highlights
- Prime Middle River Terrace Asset: 28-unit property with an all 2BD/1BA unit mix in a top Fort Lauderdale rental area.
- Strong Compliance: 40-year recertification completed; ample on-site parking.
- Cash Flow: Nearly an 8% cap rate at full occupancy.
- Renovation Mix: 14 units fully renovated, New Kitchens, Flooring, Lighting, Bathrooms, Impact windows/doors, Central AC and many more upgrades.
- Value-Add Upside: ~8 current vacancies created by renovations—ideal for lease-up at market rents.
- Location: Minutes to Wilton Drive, Downtown, Las Olas, the beach, and FLL Airport.
Executive Summary
A rare opportunity to acquire a 28-unit property in Fort Lauderdale’s highly sought-after Middle River Terrace, featuring an unbeatable unit mix of all 2BD/1BA apartments—half fully renovated. The property offers brand-new impact windows and doors, newer AC's, a completed 40-year recertification, plenty of parking, and substantial upside, with recent interior renovations resulting in approximately 8 current vacancies which are currently up for rent. At full occupancy, the asset delivers nearly an 8% cap rate, making it an exceptional cash-flow opportunity in one of the city’s strongest rental corridors. Ideally located just minutes from Wilton Drive, Downtown, Las Olas, the beach, and FLL Airport, this property offers stability, income growth, and long-term appreciation potential.
Financial Summary (Actual - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$961,690
|
$46.63
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$961,690
|
$46.63
|
| Taxes |
$159,464
|
$7.73
|
| Operating Expenses |
$110,943
|
$5.38
|
| Total Expenses |
$270,407
|
$13.11
|
| Net Operating Income |
$691,283
|
$33.52
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $961,690 |
| Annual Per SF | $46.63 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $961,690 |
| Annual Per SF | $46.63 |
| Taxes (CAD) | |
|---|---|
| Annual | $159,464 |
| Annual Per SF | $7.73 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $110,943 |
| Annual Per SF | $5.38 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $270,407 |
| Annual Per SF | $13.11 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $691,283 |
| Annual Per SF | $33.52 |
Property Facts
| Price | $8,859,110 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $316,397 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 1.10 AC |
| Cap Rate | 7.80% | Building Size | 20,622 SF |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.94/1,000 SF |
| Zoning | RM-15 - Residential | ||
| Price | $8,859,110 CAD |
| Price Per Unit | $316,397 CAD |
| Sale Type | Investment |
| Cap Rate | 7.80% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.10 AC |
| Building Size | 20,622 SF |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.94/1,000 SF |
| Zoning | RM-15 - Residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 28 | - | 800 - 1,000 |
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Property Taxes
| Parcel Numbers | Total Assessment | $6,558,497 CAD (2026) | |
| Land Assessment | $285,911 CAD (2026) | Annual Taxes | $159,464 CAD ($7.73 CAD/SF) |
| Improvements Assessment | $6,272,586 CAD (2026) | Tax Year | 2024 |
Property Taxes
Parcel Numbers
Land Assessment
$285,911 CAD (2026)
Improvements Assessment
$6,272,586 CAD (2026)
Total Assessment
$6,558,497 CAD (2026)
Annual Taxes
$159,464 CAD ($7.73 CAD/SF)
Tax Year
2024
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Middle River Apartments | 1350-1400 NE 5th Ter
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