Progresso Land for Sale

Progresso Land for Sale

Welcome to Progresso, an emerging gem nestled in the heart of Fort Lauderdale, Florida. This vibrant subdivision is not just a place to live; it's a thriving community that embraces the essence of Florida living. With its prime location in Broward County, Progresso offers residents easy access to the beautiful beaches, bustling downtown, and a plethora of dining, shopping, and entertainment options.

Progresso is characterized by its eclectic mix of historic charm and modern development, making it a desirable location for both families and young professionals. Tree-lined streets, friendly neighbors, and a strong sense of community define this area, creating an inviting atmosphere for all who call it home. The subdivision is also known for its commitment to revitalization, with ongoing improvements that enhance the quality of life for its residents.

For those looking to invest, Progresso offers an exciting opportunity with land for sale. Whether you envision building your dream home or seeking a lucrative investment, this land provides the perfect canvas for your aspirations. With the real estate market in Fort Lauderdale continuing to thrive, purchasing land in Progresso is not just a smart move; it’s an investment in a promising future.

Explore the possibilities that await you in Progresso, where vibrant community life meets the allure of Florida’s sunny lifestyle. Don’t miss out on the chance to be part of this dynamic neighborhood—your dream property is waiting!

Newest Progresso Land for Sale

1219 NE 5th Terrace, Fort Lauderdale
$649,850
B26033788 MLS
45% OFF: This is how to generate great returns in today's market while protecting your downside. Acquire an income producing duplex (1 Bedroom/1 Bathroom each side) with additional development capacity (the right to build 8 more units) in Fort Lauderdale's rapidly developing Studio City at over 45% below market value. This property should not be viewed solely as a duplex or solely as a land play; the true value is in both. The existing duplex (that is fairly renovated and has separate water & electric meters) can remain in place and continue generating income while 8 additional units are developed on the same lot, for a total of 10 units, without tearing down the current structure. The included site plan shows viable layout, parking, & access. A preliminary development meeting has been held with the city; representatives from every relevant department (planning, zoning, engineering, landscape, etc) were present and confirmed that the site plan is feasible and compliant with current code and zoning regulations. Recently sold multi-family land comps: $117k-$141k per unit. Active multi-family land comps: $124k-$177k per unit. Recently sold multi-family (existing building) comps: $312k-$375k per unit. Active multi-family (existing building) comps: $297k-$372k per unit. Subject property: fairly renovated duplex + 8 units of buildable land; market value ~$1.2M. Build cost ~$1.2M. All in:~$1.9M. Projected value:$3M+ = $1M+ instant equity upon completion. 1 bedroom apartment rents:$1.6k-$2.3k/mo. Potential ~10% cap rate. Seller will finance. Located on NE 5th Terrace, less than one block from NE 13th Street, the property is under a 60 second walk from the heart of Studio City: Fort Lauderdale's emerging arts and entertainment district, featuring an eclectic mix of independent businesses like Gulfstream Brewing Co, Lovelee Bakeshop, Radio-Active Records and other popular neighborhood destinations. Situated at the crossroads of Flagler Village & Wilton Manors, the area offers a vibrant, walkable neighborhood experience with a youthful, creative energy often compared to early Wynwood. Surrounded by ongoing new development, the area continues to attract investors & developers who recognize its long term potential. Property is in a Qualified Opportunity Zone, which offers the potential for major tax benefits including deferring taxes, reducing capital gains taxes, and potentially paying no tax at all on the profit when you sell the property; consult tax professional for details and eligibility. See photos & attachments for details on location, plans, and comps. Call listing agent for more information.

1219 NE 5th Terrace, Fort Lauderdale

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