1219 NE 5th TER, Fort Lauderdale, FL 33304
See all 38 photos
1219 NE 5th TER, Fort Lauderdale, FL 33304
1219 NE 5th TER, Fort Lauderdale, FL 33304
1219 NE 5th TER, Fort Lauderdale, FL 33304
1219 NE 5th TER, Fort Lauderdale, FL 33304
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
Daniel A. Hammer, Sr.

Daniel A. Hammer, Sr.

+1(678) 575-6805
$ 729,850
Est. payment /mo
Save Virtual Tour
Active

1219 NE 5th TER Fort Lauderdale, FL 33304

10,018 Sqft Lot

UPDATED:

Key Details

Property Type Vacant Land

Sub Type Unimproved Land

Listing Status Active

Purchase Type For Sale

Subdivision Progresso

MLS Listing ID B26033788

HOA Y/N No

Annual Tax Amount $7,203

Tax Year 2025

Lot Size 10,018 Sqft

Acres 0.23

Property Sub-Type Unimproved Land

Property Description

Rare opportunity to acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity in Fort Lauderdale's rapidly developing Studio City at over 35% below market value. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdale's emerging arts and entertainment district, featuring an eclectic mix of independent businesses like Gulfstream Brewing Co, Lovelee Bakeshop, Radio-Active Records and other popular neighborhood destinations. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting with the city has been held; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Land comps:$91k-$117k per unit sold, $129k-$162k per unit active. Active & sold multifamily comps:$200k(not renovated)-$320k(fully renovated) per unit. Subject property: partially renovated duplex + 8 units of buildable land; market value ~$1.2M. 1 bed rents:$1.6k-$2.3k/mo. Build cost ~$1.2M. All in:~$2M. Projected value:$3M+ = $1M+ instant equity upon completion. Potential ~10% cap rate. Seller will finance. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.

Location

State FL

County Broward

Area 3370

Zoning RMM-25

Direction East

Interior

Interior Features InteriorFeatures

Fireplace No

Exterior

Fence Wood

Utilities Available Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected

Water Access Desc Public

Present Use Multi-Family

Street Surface Asphalt,Paved

Road Frontage City Street

Building

Lot Description < 1/4 Acre

Faces East

Sewer Public Sewer

Water Public

Schools

Elementary Schools North Side

Middle Schools Sunrise

High Schools Fort Lauderdale

Others

Tax ID 494234032080

Acceptable Financing Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Membership Fee Required false

Listing Terms Cash, Conventional, Cryptocurrency, 1031 Exchange, Owner Will Carry, Private Financing Available, Trade

Special Listing Condition Standard

Virtual Tour https://www.propertypanorama.com/1219-NE-5th-Terrace-Fort-Lauderdale-FL-33304/unbranded

BeachesMLS, Inc. (FLR) IDX
Listed by Michael J Sheer United Realty Group Inc.

NEARBY SCHOOLS & PROPERTIES

Daniel A. Hammer, Sr.

Daniel A. Hammer, Sr.

License Partner/Broker

+1(678) 575-6805

GET MORE INFORMATION

Name
Phone*
Message

By checking this box, I agree by electronic signature to the Electronic Disclosure Consent Agreement; to receive recurring marketing communication from or on behalf of Daniel A. Hammer, Sr., including auto-dialed calls, texts, and artificial/prerecorded voice messages (message frequency varies; data rates may apply; reply "STOP" to opt-out of texts or "HELP" for assistance); and to the Terms of Service and Privacy Policy of this website. Consent not required to make a purchase. I understand that I can call to obtain direct assistance.

Go tour this home

1219 NE 5th TER