Home » Properties » 842 NW 1st Ave, Fort Lauderdale FL 33311

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8-Unit Multifamily Property in Fort Lauderdale’s Progresso Village

Rare 8-unit multifamily for sale in Downtown Fort Lauderdale with modern upgrades and redevelopment potential.

$1,900,000

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MLS #A11831403

Listing Updated: 2026-07-11 12:38:57

Listed By: Fausto Commercial Realty Consultants Inc

Overview

This 8-unit multifamily property is located in Progresso Village, just off Andrews Ave and Sunrise Blvd in Downtown Fort Lauderdale. Built in 1973, it features eight 1-bedroom, 1-bath units with modern interiors including new kitchens, stone counters, walk-in closets, and impact doors. Currently, seven units are leased, generating a gross income of $146,568, with one unit recently renovated and vacant. Sitting on a 10,000 sqft lot zoned RMM-25 and undergoing rezoning to NW RAC, the property offers potential to double the unit count. Seller financing at 5.5% interest-only enhances the appeal for buyers seeking cash flow and redevelopment opportunities in a fast-growing area.

Property Highlights

Eight 1-bed/1-bath units with modern upgrades, located in Progresso Village. Current gross income $146,568. Lot size 10,000 sqft with rezoning potential. Seller financing available.

Property Details

City: Fort Lauderdale

State: FL

Zip Code: 33311

Address: 842 NW 1st Ave, Fort Lauderdale FL 33311

Year Built: 1973

Property Type: Commercial Sale

Property Sub Type: Income/MultiFamily

Listing Office Name: Fausto Commercial Realty Consultants Inc

County: Broward County

Garage Spaces:

Parking Features: Common

Interior Features:

Exterior Features:

Waterfront: No

Pool: No

HOA Fee: $0

Annual Tax: $20,453

Days On Market: 336 Days

Original Listing Description

Rare opportunity to acquire an 8-unit multifamily in Progresso Village, just off Andrews Ave and Sunrise Blvd in Downtown Fort Lauderdale. The property offers eight 1-bed/1-bath units with modern interiors, impact doors, separate meters, and upgrades including new kitchens, stone counters, walk-in closets, vanities, light fixtures, and cabinets. Currently 7 units are leased with 1 recently renovated and vacant, generating $146,568 gross income with upside as rents renew. Sitting on a 10,000 SF lot zoned RMM-25 and in process of rezoning to NW RAC, the site offers potential to double the unit count. With rare seller financing at 5.5% interest-only, this investment delivers strong cash flow and long-term redevelopment potential in one of Fort Lauderdale’s fastest-growing corridors.

Property Location

Explore the surrounding area, nearby amenities, and neighborhood access for this property.

842 NW 1st Ave, Fort Lauderdale FL 33311

About This Neighborhood

Progresso Village is a vibrant neighborhood in Downtown Fort Lauderdale known for its proximity to key thoroughfares like Andrews Ave and Sunrise Blvd. The area is undergoing significant growth and redevelopment, attracting residents and businesses alike. Its central location provides easy access to downtown amenities, entertainment, and transportation options. The neighborhood’s mix of residential and commercial properties creates a dynamic urban environment with increasing demand for multifamily housing.

Walkability & Lifestyle

Progresso Village offers a walkable urban environment with nearby restaurants, shops, and entertainment venues. Residents enjoy easy access to downtown Fort Lauderdale’s vibrant lifestyle, including waterfront parks and marinas. The neighborhood’s location supports daily conveniences such as grocery stores and cafes within walking distance, making it attractive for tenants who prefer a pedestrian-friendly setting.

Things To Do Nearby

Residents of Progresso Village have access to a variety of recreational and cultural activities. The nearby waterfront areas provide opportunities for boating and outdoor leisure. Dining options range from casual eateries to more refined restaurants, while nightlife and entertainment venues contribute to an active social scene. Parks and green spaces offer places for relaxation and exercise, complementing the urban lifestyle.

Nearby Schools

Families and tenants in Progresso Village benefit from convenient access to a variety of educational institutions in Fort Lauderdale. The area is served by public and private schools within reasonable commuting distance, providing options for different educational needs. Proximity to schools enhances the neighborhood’s appeal for renters and residents seeking a balanced urban lifestyle with access to quality education.

Why Buyers Like This Area

Buyers appreciate Progresso Village for its strategic location in Fort Lauderdale’s downtown corridor, offering both convenience and growth potential. The neighborhood’s ongoing redevelopment and rezoning efforts make it attractive for investors and residents alike. The property’s modern upgrades and income-producing status appeal to those seeking a turnkey multifamily asset with future expansion possibilities. Accessibility to transportation, amenities, and lifestyle options further enhances its desirability.

Investment Potential

This multifamily property in Fort Lauderdale offers a solid opportunity for investors interested in cash flow and redevelopment. With seven units currently leased and one vacant unit recently renovated, the property generates a substantial gross income. The ongoing rezoning process to NW RAC zoning could allow for doubling the number of units, enhancing long-term value. Seller financing at a competitive interest rate further supports investment feasibility. Its location in a rapidly developing corridor adds to its appeal for those looking to capitalize on Fort Lauderdale’s evolving real estate market.

Market Trends

The Fort Lauderdale multifamily market remains active with steady demand driven by urban growth and redevelopment efforts. Properties in neighborhoods like Progresso Village are attracting attention due to their potential for modernization and expansion. Inventory levels are balanced with buyer interest focused on income-producing assets that offer redevelopment upside. The area's evolving zoning regulations support increased density, aligning with broader market trends favoring multifamily investments in walkable urban corridors.

Rental Income Potential

The property currently produces a gross rental income of $146,568 with seven of eight units leased. The newly renovated vacant unit offers immediate leasing potential, which could increase income. The location near major roads and downtown amenities supports strong tenant interest. Seasonal demand and the area's growth contribute positively to rental appeal. Investors should consider the stable cash flow alongside the potential for rent increases as leases renew and improvements continue.