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Progresso Village 5-Unit 848 NW 2nd Ave 5 Unit Apartment Building $1,353,115 CAD ($270,623 CAD/Unit) 8.13% 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, delivering an attractive 8.13% cap rate. 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 (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$136,561
|
$59.56
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$136,561
|
$59.56
|
| Taxes |
$14,959
|
$6.52
|
| Operating Expenses |
$11,658
|
$5.08
|
| Total Expenses |
$26,617
|
$11.61
|
| Net Operating Income |
$109,944
|
$47.95
|
Financial Summary (Actual - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $136,561 |
| Annual Per SF | $59.56 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $136,561 |
| Annual Per SF | $59.56 |
| Taxes (CAD) | |
|---|---|
| Annual | $14,959 |
| Annual Per SF | $6.52 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $11,658 |
| Annual Per SF | $5.08 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $26,617 |
| Annual Per SF | $11.61 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $109,944 |
| Annual Per SF | $47.95 |
Property Facts
| Price | $1,353,115 CAD | Building Class | C |
| Price Per Unit | $270,623 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 2,293 SF |
| Cap Rate | 8.13% | 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 | $1,353,115 CAD |
| Price Per Unit | $270,623 CAD |
| Sale Type | Investment |
| Cap Rate | 8.13% |
| 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 | $2,359 CAD | - |
| Studios | 2 | $2,151 CAD | - |
1 1
Very walkable
80/100
Moderately drivable
60/100
Some public transit
50/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 49-42-34-06-3450 | Total Assessment | $650,046 CAD (2026) |
| Land Assessment | $138,147 CAD (2026) | Annual Taxes | $14,959 CAD ($6.52 CAD/SF) |
| Improvements Assessment | $511,899 CAD (2026) | Tax Year | 2024 |
Property Taxes
Parcel Number
49-42-34-06-3450
Land Assessment
$138,147 CAD (2026)
Improvements Assessment
$511,899 CAD (2026)
Total Assessment
$650,046 CAD (2026)
Annual Taxes
$14,959 CAD ($6.52 CAD/SF)
Tax Year
2024
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Progresso Village 5-Unit | 848 NW 2nd Ave
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