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Progresso Village Apartments 842 NW 1st Ave 8 Unit Apartment Building $2,582,100 CAD ($322,762 CAD/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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$248,425
|
$52.27
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$248,425
|
$52.27
|
| Taxes |
$46,478
|
$9.78
|
| Operating Expenses |
$33,921
|
$7.14
|
| Total Expenses |
$80,398
|
$16.92
|
| Net Operating Income |
$168,027
|
$35.35
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $248,425 |
| Annual Per SF | $52.27 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $248,425 |
| Annual Per SF | $52.27 |
| Taxes (CAD) | |
|---|---|
| Annual | $46,478 |
| Annual Per SF | $9.78 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $33,921 |
| Annual Per SF | $7.14 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $80,398 |
| Annual Per SF | $16.92 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $168,027 |
| Annual Per SF | $35.35 |
Property Facts
| Price | $2,582,100 CAD | Building Class | C |
| Price Per Unit | $322,762 CAD | 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 | $2,582,100 CAD |
| Price Per Unit | $322,762 CAD |
| 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 | $2,378 CAD | - |
1 1
Walk Score®
Walker's Paradise (90)
Bike Score®
Very Bikeable (72)
Property Taxes
| Parcel Number | 49-42-34-06-3170 | Total Assessment | $1,374,179 CAD (2026) |
| Land Assessment | $0 CAD (2026) | Annual Taxes | $46,478 CAD ($9.78 CAD/SF) |
| Improvements Assessment | $0 CAD (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
49-42-34-06-3170
Land Assessment
$0 CAD (2026)
Improvements Assessment
$0 CAD (2026)
Total Assessment
$1,374,179 CAD (2026)
Annual Taxes
$46,478 CAD ($9.78 CAD/SF)
Tax Year
2025
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Progresso Village Apartments | 842 NW 1st Ave
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