709 SW 4th Ct #1–7, Fort Lauderdale, FL 33312

Seven apartments, fully renovated. A sale price below appraisal. And land for four more.

Oleg Sergiienko represented the buyer. The property was a renovated seven-unit building on a double lot in Fort Lauderdale. It closed for $1,585,000. The final price was $515,000 below the $2,100,000 asking price, a reduction of 24.5 percent, and came in $115,000, or 6.8 percent, under the property’s $1,700,000 appraised value. The sale came to roughly $226,000 per apartment. In this part of Fort Lauderdale, renovated multifamily buildings rarely sell at a discount to their appraisal. Then there was the land. The property's double lot could potentially support four additional two-bedroom apartments, though this would be subject to city approvals, zoning, and permitting. No such approvals exist. The buyer paid for seven apartments. The potential for eleven came at no extra cost.

The discount made the deal safe. The lot made it interesting.