House in Oakland Park, FL 33334

Central Oakland Park, 954 NE 39th St

Upgraded 2 bed 2 bath Mid Century Modern home with pool. This former Airbnb is a great opportunity for your next seasonal rental. It's being sold fully furnished and in it's last year as an airbnb in 2022 the house generated $300/night out of season & $350/night in season that's over $82K revenue at 75% occupancy. Also for investors you have great tax benefits with the home being in an opportunity zone. Roll over any unrealized capital gains, and let the gains grow completely tax free after 10yrs. From the open concept design, European style kitchen with high-end stainless steel appliances, hurricane impact windows and front door, double height ceilings to the Industrial style loft. This home's floorplan is perfect for entertaining both inside and out. All located in a coveted neighborhood in Oakland Park. Dining and entertainment opportunities and the beach are nearby. The City of Oakland Park is in the midst of many renovation and infrastructure improvements. Including the recently completed construction of North Andrews Gardens Community Center, new sidewalks, bike lanes and landscaping throughout the city. Experience the scenic views from Oakland Park's new waterfront boardwalk. Other plans either recently completed or underway include repaving city streets, linking of the city parks, renovations or new construction of the fire stations, and a new dog park. The Opportunity Zone Program What the Program is: The Opportunity Zone Program is a federal program and aims to foster economic development and job creation in economically distressed communities. It was created by the Federal Tax Cuts and Jobs Act of 2017 to encourage businesses, developers and financial institutions to invest long-term capital in low-income census tract areas. These areas were designated as Qualified Opportunity Zones by the U.S. Department of Treasury in June 2018. Treasury has approved 8,760 Qualified Opportunity Zones, which are in all 50 states, five territories and the District of Columbia. What the Program is not: The Opportunity Zone Program is not a residential program for home buyers, sellers or owners. It does NOT include tax incentives or rebates for homeowners who live within Opportunity Zones. Florida Commerce does not track individual properties bought or for sale within zones. This is a federal and not a state of Florida program. How it Works. Investments are made in Opportunity Zones through U.S. Treasury Qualified Opportunity Zone Funds, which must invest over 90 percent of their assets in Qualified Opportunity Zone properties and businesses. Qualified Opportunity Zone Funds attract investors through possible tax benefits. Tax benefits can accrue once unrealized capital gains from other investments are rolled into Qualified Opportunity Zone Funds. Three tax benefits. The Opportunity Zone Program provides three tax benefits for investing unrealized capital gains in Opportunity Zones and investors can take advantage of one or more of the benefits. Temporary deferral of taxes on previously earned capital gains Investors can place existing assets with accumulated capital gains into Opportunity Zone Funds. Those existing capital gains are not taxed until the end of 2026 or when the asset is disposed of. Basis step-up of previously earned capital gains invested. For capital gains placed in Opportunity Funds for at least 5 years, investors' basis on the original investment increases by 10 percent. If invested for at least 7 years, investors' basis on the original investment increases by 15 percent. Permanent exclusion of taxable income on new gains. For investments held for at least 10 years, investors pay no taxes on any capital gains produced through their investment in Opportunity Zone Funds.