129 Southeast 5th Street, Hallandale Beach, FL, 33009

14 Units Total (2 buildings)

Bldg 1: 2x2/2 + 2x1/1

Bldg 2: 10 studio units (ALF approved)

Living: 6,994 sq ft

Lot: 13,490 sq ft

Details:

ALF approved zoning. Current NOI ~USD $221K

Total Annual Gross Rent: $254,400

Total Annual Expenses: $33,500

Pro Forma NOI ~USD $545K

2 Water Meters/4 Electric Meters, 8 parking spots.

Value-add/ALF conversion opportunity.

*City stated can do 10 units with 20 beds for ALF. Can get 5k per resident of ALF=100k/mo. gross possibility (32% return!).

*Or can increase rents to $1,800/mo on the 10 studios to get a 8.2% cap!

*Current Cap is 6.5%

*Property current rents: 1300x10 (for studios) 2300(2/1), 2300(2/1), 1800(1/1) and 1800 (1/1).

*Annual Expenses: $22,000 taxes, $3500 insurance, $8,000 water.

*Property has new roofs!