Land in Fort Lauderdale, FL 33311

Tuskegee Park, 1102 NW 6th St STREET

Rare opportunity on rapidly developing Sistrunk Blvd. Drive Sistrunk: see surge of construction. Opportunity zone. Huge tax benefits. Potential to receive hundreds of thousands from CRA. Included plans for 6 unit building: 5 2 bed residential units 1 ground level commercial unit. Seller had preliminary meeting with city: plans are in accordance with zoning. Permits have not been pulled. Use these plans, customize them, or design your own. Active comps in area:$108.9k-$225k per unit for land. Recently sold comps in area:$72k-$120k per unit for land. See pics. Subject property under $50k per unit; approx 50% OFF market value. New 2 bed apts on Sistrunk rent:$2.3-$2.8k. Commercial space:$25-30/sqft per year. Potential 10%-25% cap rate depending on building cost and CRA $. Seller will finance. The CAP rate range estimate is broad as there are a couple of variables. The calculation is as follows:Market rent on the new construction apartments are about $2,500 per unit. That is $12,500 per month total for all 5.Market rent on the commercial unit is around $25 per sqft. There is about 530 square feet of commercial space. That is about $1,100 per month.All of the above get you $13,600 per month or $163,200 annually.The current sketch is for a building of roughly 6k sqft under air. Construction costs are anywhere from $120/sqft to $200/sqft depending on buyer’s GC and choose of finishes (if buyer is a GC his costs will be much lower). Based on the above, construction costs should be somewhere between about $750k-$1.2M.The cost of the land is approximately $300k.This gets you between $1,050,000 and $1,500,000 all in.There is up to approximately $400k of potential CRA funding/rebates this project would be eligible for.Depending on what buyer’s construction costs are and how much CRA funding the buyer is awarded the CAP rate would be somewhere between approximately 25% on the extreme high end (where buyer receives $400k from CRA and has $120/sqft building costs) and approximately 10% on the extreme low end (where buyer receives $0 from CRA and has $200/sqft building cost).