Bayview Drive Five-Plex in Sought-After Coral Ridge

$1,295,000 · Commercial Building · Sold
CLOSED SALE! SOLD FOR $1100000

This Investment Property has it all! It is Currently being used as 5 One bedroom, 1 bath units! One Unit is much Larger with a Living/Dining Area! There is Plenty of Parking too! The Best Location In Coral Ridge! Close to the Galleria, Beaches, Shopping & Entertainment! Plus, it has the potential for future Development! It is currently Zoned for 6 Townhouses (RMM-25)(Residential Multi-Family Mid Rise) The Possibilities are Unlimited! Add to these Attributes that this Property has been thoughtfully updated to enhance the rental value of the units! These updates will not only increase their monthly rental value but, a conversion to a short term rental set up as an Airbnb or VRBO would increase the annual rental income even more! A mid-century Bermuda styled gem in East Fort Lauderdale’s most premier location.

The improvements to this property over the last 12 months included a $10,000 Elastomeric Complete Roof Coating, All the Bathrooms have been Updated & the Kitchens have been updated with all New Appliances! There are Terrazzo Floors Throughout! The Rental Value of these Units has been further increased by the addition of New Lockable Storage Spaces for each Unit! There is also an Income Producing On-site Laundry Facility for the use of the Tenants! For the Tenants enjoyment these is a New Gazebo with Seating for 8, just another enhancement for Value Added Income! Combine all of these New Improvements, Structural Changes and Upgrades with New Landscaping and a New Privacy Fence that have Just Been Completed and this is a One of A Kind Investment Opportunity that is not only an Income Producing Investment in the Short Run but, the Potential of a Windfall Return on Investment in the Long Run!

Features

Additional details

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Location

1311 Bayview Drive, Fort Lauderdale, FL, USA

Agent

WM. Mobley McClellan

Wm. Mobley McClellan, P.A. GRI - Broker & Managing Partner

754-220-4119
954-684-8469

Contact

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