1219 NE 5th Terrace # 2, Fort Lauderdale FL 33304

Rare investment opportunity in Fort Lauderdale’s rapidly developing Studio City. This 1957 residential income duplex in Progresso offers two separate 1-bedroom, 1-bathroom units, partially renovated and supported by separate water and electric meters. Each side may rent for approximately $1,600 to $2,300 per month. The 1,053-square-foot property includes twin home and half-duplex architectural features, with parking and access outlined in the included site plan.

Progresso Duplex, Units 1-2

The existing duplex can continue producing income while up to eight additional units are developed on the same lot, creating a potential 10-unit project without demolishing the current structure. A preliminary city meeting confirmed the proposed plan is feasible under current zoning and code. Estimated build cost is approximately $1.2 million, with an all-in cost near $2 million and projected value above $3 million, potentially creating over $1 million in equity and an estimated cap rate near 10 percent. Seller financing is available.

Located less than a one-minute walk from NE 13th Street and Studio City’s creative district, the Progresso Duplex, Units 1-2 is near Gulfstream Brewing Co., Lovelee Bakeshop, Radio-Active Records, Flagler Village, and Wilton Manors. Fort Lauderdale offers sunny weather, beaches, boating, dining, nightlife, entertainment, and convenient South Florida infrastructure, with Miami just a short drive away.

The property sits on a city/county-maintained paved road and is in a Qualified Opportunity Zone. Potential tax benefits may apply; consult a tax professional. Cooling includes ceiling fans and wall/window units, heating is window/wall-based, pets are allowed, and nearby schools include North Side Elementary, Sunrise Middle, and Fort Lauderdale High School. Contact us at +1 786.468.4380 by phone or WhatsApp for details.