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842 NW 1st Ave, Fort Lauderdale FL 33311 - 8-Unit Quadruplex

Rare 8-unit multifamily property in Progresso Village, Fort Lauderdale with modern upgrades and strong rental income potential.

$1,900,000

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MLS #A11831358

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

Listed By: Fausto Commercial Realty Consultants Inc

Overview

This 8-unit multifamily property in Progresso Village offers eight 1-bedroom, 1-bath units with modern interiors including new kitchens, stone counters, walk-in closets, and impact doors. Located just off Andrews Ave and Sunrise Blvd in Downtown Fort Lauderdale, the property sits on a 10,000 sqft lot zoned RMM-25 with rezoning underway to NW RAC, allowing potential to double the unit count. Currently, seven units are leased and one is vacant after recent renovation, generating $146,568 gross income. The property features separate meters and upgrades throughout, with seller financing available at 5.5% interest-only. This asset presents a strong cash flow opportunity and long-term redevelopment potential in a rapidly growing area.

Property Highlights

8 one-bedroom units, modern upgrades, 10,000 sqft lot, rezoning potential, $146,568 gross income, seller financing at 5.5%, located in Progresso Village

Property Details

City: Fort Lauderdale

State: FL

Zip Code: 33311

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

Year Built: 1973

Property Type: Residential Income

Property Sub Type: Quadruplex

Listing Office Name: Fausto Commercial Realty Consultants Inc

County: Broward County

Garage Spaces:

Parking Features:

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

Situated in Progresso Village, this property benefits from proximity to Downtown Fort Lauderdale and key thoroughfares like Andrews Ave and Sunrise Blvd. The neighborhood is evolving with increasing residential and commercial development, offering convenient access to shopping, dining, and entertainment. Its central location makes it attractive for renters seeking urban living with easy connectivity to the broader Fort Lauderdale area.

Walkability & Lifestyle

Progresso Village offers walkable access to local shops, restaurants, and entertainment venues. Its proximity to downtown Fort Lauderdale enhances access to cultural and recreational amenities, including parks and waterfront areas. Residents enjoy the convenience of urban living with nearby services and public transit options.

Things To Do Nearby

Residents can enjoy a range of activities nearby including dining at local restaurants, visiting waterfront parks, and exploring entertainment options in downtown Fort Lauderdale. The area also offers easy access to boating and marina facilities, as well as cultural attractions and nightlife, supporting an active lifestyle.

Nearby Schools

The property’s location in Fort Lauderdale provides access to a variety of public and private schools within reasonable commuting distance. Families and tenants benefit from educational options available in the city, contributing to the neighborhood’s appeal for renters seeking convenient school access.

Why Buyers Like This Area

Buyers appreciate this property for its location in a growing neighborhood with strong rental demand and redevelopment potential. The modern upgrades and separate meters add value and ease of management. Its proximity to downtown and major roads makes it convenient for tenants, while the rezoning opportunity offers future growth prospects.

Investment Potential

This multifamily property in Fort Lauderdale offers a solid rental income stream with seven units currently leased and one recently renovated vacant unit. Located in a fast-growing corridor, the site benefits from rezoning potential that could double the number of units, enhancing long-term value. The availability of seller financing at 5.5% interest-only further supports investment feasibility. Its location near major roads and downtown amenities attracts tenants, providing steady demand and occupancy potential.

Market Trends

The Fort Lauderdale multifamily market remains active with strong demand for well-located rental units. Properties offering modern amenities and upgrades tend to attract quality tenants. Progresso Village is gaining attention due to its strategic location near downtown and ongoing rezoning efforts, which may encourage further development and increased housing density in the future.

Rental Income Potential

With seven units currently leased and one vacant unit recently renovated, this property generates a gross income of $146,568. The location and unit upgrades support continued tenant interest and potential rent growth upon lease renewals. The multifamily setup with separate meters provides operational efficiency and flexibility for rental management.