Progresso Land for Sale

Progresso Land for Sale

Welcome to Progresso, a vibrant and evolving subdivision nestled in the heart of Fort Lauderdale, Florida. This charming community is perfectly positioned in Broward County, just a stone's throw away from the beautiful beaches and bustling downtown area. Known for its eclectic mix of residential and commercial properties, Progresso is rapidly becoming a sought-after destination for both homebuyers and investors alike.

Progresso offers a unique blend of urban convenience and suburban tranquility. With tree-lined streets, a growing number of trendy cafes, boutique shops, and art galleries, this neighborhood is a canvas of creativity and liveliness. The community is also home to an array of parks and recreational spaces, making it ideal for families and outdoor enthusiasts.

If you’re looking for land for sale in Progresso, you’re in luck! The area presents a fantastic opportunity for those looking to build their dream home or invest in a new development project. With a variety of parcels available, you can find the perfect lot that suits your vision, whether it’s a cozy single-family residence or a multi-family investment property.

With its strategic location, Progresso is not only a great place to live but also a promising investment opportunity. As Fort Lauderdale continues to grow and thrive, so does the potential of this dynamic community. Don’t miss your chance to be part of Progresso’s exciting future—explore the available land for sale today and start envisioning your next chapter in this flourishing neighborhood!

Newest Progresso Land for Sale

1219 NE 5th Terrace, Fort Lauderdale
$599,850
B26033788 MLS
50% 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 approximately 50% 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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