Four Lighthouse Point apartment buildings bought for $1.1 million

Daily Business Review

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Address: 3870 NE 22nd Way, Lighthouse Point

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    While this appeared to be a sale of the 16 apartment units, it was actually a transaction based on the .92 acres of land and underlying zoning category of RM-16 allowing development of the site for new fee simple product. This should not be used as a comp for rentals. The costs (and process) of bringing the units up to current building code requirements were too great for prospective Buyers looking at this site as an income property.

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