Why we bought this
Seven renovated units at $1.585M - 24.5% below asking, under the reported appraisal, with lot capacity for four more, subject to approvals.
The buyer paid for seven existing doors while preserving a possible path to eleven. Oleg Sergiienko represented the buyer of this fully renovated seven-unit multifamily property on a double lot, closed at $1,585,000 against a $2,100,000 asking price - a $515,000 difference, roughly 24.5% below ask - and approximately $115,000 (6.8%) below the reported $1,700,000 appraisal. That is about $226,000 per existing renovated door in a Fort Lauderdale submarket where renovated small multifamily rarely trades at a discount to its own appraisal. The second layer is the lot: the double-lot configuration may support up to four additional two-bedroom units, subject to zoning, design, permitting, and municipal approval. Nothing about that density is guaranteed, and no approval exists today. But the buyer did not pay for it either. The deal works on the seven units it has; the eleven-unit scenario is optionality acquired at zero premium.
What made this one work
- $1,585,000 closing price
- $515,000 (24.5%) below the $2.1M asking price
- ~$115,000 (6.8%) below the reported appraisal
- 7 renovated units, ~$226K per door
- Potential for 4 additional units, subject to approvals
What you're buying
Inside the property
The math behind the deal
See the cap rate, rent roll, comps & exits
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What the numbers mean
Buying below a current appraisal means the price is inside the asset's documented value on day one. The possible four extra units are not counted in that math - which is exactly why they matter. Upside you did not pay for is the cheapest upside there is.
From the agent
Oleg Sergiienko sourced the deal, built the pricing case against asking and appraisal, negotiated the $515K reduction, and researched the double lot's development parameters for the buyer.
The bottom line
The discount made the deal safe. The lot made it interesting.
Buying multifamily? Request a basis, income, and redevelopment review from SunSt before you offer.
Common questions
How far below asking did 709 SW 4th Ct sell?+
$515,000 below the $2,100,000 asking price, roughly 24.5%, closing at $1,585,000.
Was the purchase below appraised value?+
The closing price was approximately $115,000 (6.8%) below the reported $1,700,000 appraisal. An appraisal is one professional's opinion of value at a point in time.
Are the four additional units approved?+
No. The double lot may support up to four additional two-bedroom units, subject to zoning, design, permitting, and municipal approval. No approval exists, and none is guaranteed.
What was the per-unit basis?+
Approximately $226,000 per existing renovated door across seven units.