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Gelfand Realty Miami Properties for Sale - Commercial for Sale

5975 W SUNRISE BLVD, PLANTATION, FL 33313

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Asking Price$4,999,000

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  • Property Type:

    Commercial
  • County:

    Broward County

Property Details

  • Days on market:

    11 day(s)

Expenses

  • Tax Amount:

    $77,419

Description

$4,999,000

The building currently has a few month­ to ­month tenants and is functional with active certificate of occupancies. the subject property is a value­add opportunity with two paths. renovating this office building in its current form. the recommended upgrades included paint both interior and exterior, new flooring, new roof, and new landscaping. the estimated costs of these renovations along with the new roof is $300,000. after stabilization based on current market rents in the area ($22 a sf net), this property is projected to net $954,368 per year. which will provide a strong 18% proforma capitalization rate. the second scenario would be to convert this existing building to a 100 unit, 126 bed licensed assisted living facility. full city approvals to do this conversion.

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