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1219 NE 5th Terrace

Fort Lauderdale, FL 33304
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Acres0.23

Acre(Lot)

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.

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Detail Ic Property Details

Property Type : Land

Price : $729,850

AD Id : 79445941

MLS Id : B26033788

Lot Size : 0.23 Acre(Lot)

County : Broward

Subdivision: Progresso

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Feature Features

  • Lot Information

    Lot Dimensions: 75 ft x 135 ft Lot Size Acres: 0.23 Lot Size Square Feet: 10,129 Lot Description: LessThanQuarterAcre

    Property Information

    Subdivision: PROGRESSO Source Property Type: Land Postal Code Plus 4: 4916 Property SubType: Unimproved Land Direction Faces: East

  • Listing Price Information

    Listing Price: $729850
    Original Price: $799997
    Cash, Conventional, Cryptocurrency, Exchange1031, OwnerWillCarry, PrivateFinancingAvailable, Trade

  • Tax Information

    Parcel Number: 494234032080 Tax Year: 2025 Annual Tax: $7203.21 Tax Legal Desc: PROGRESSO 2-18 D LOT 13,14,15 BLK 114

  • School Information

    Elementary School: North Side Junior High School: Sunrise Senior High School: Fort Lauderdale
  • Utility Information

    CableConnected, ElectricityConnected, PhoneConnected, SewerConnected, WaterConnected
  • Location Information

    WaterSource: Public
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Nearby Home Value

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ByOwner last updated this listing 08/10/2026 @ 07:27

MLS: B26033788 LISTED BY: Michael Sheer, United Realty Group Inc. 954-450-2000 SOURCE: Beaches MLS

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