Deep Water Redevelopment Opportunity | 121 E Hendricks Is
Waterfront four-unit multifamily redevelopment opportunity in Fort Lauderdale's prestigious Las Olas Isles, offered at $2,600,000 at a 2.72% cap. Built in 1952, the two-story concrete block building contains approximately 3,022 SF of living space across two studios, one one-bedroom, and one four-bedroom unit on a 0.17-acre waterfront lot with 125 feet of deep-water frontage. Select units currently operate as short-term rentals, providing immediate income while the RMM-25 zoning enables significant redevelopment potential.
The property sits just off Las Olas Boulevard in one of South Florida's most sought-after coastal neighborhoods, with direct access to premier dining, shopping, entertainment, Downtown Fort Lauderdale, and nearby beaches. The trade area benefits from strong local demographics, high household incomes, and steady population growth. Public transportation, commuter rail, and bus lines serve the area, with airport access nearby.
- 125 feet of deep-water waterfront frontage on 0.17-acre lot
- Four-unit income-producing asset with short-term rental operations
- RMM-25 zoning supports significant redevelopment upside
- Las Olas Isles location near premier dining, shopping, and beaches
- Strong local demographics and high household incomes
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Location
121 Hendricks Isle is a unique four-unit multifamily property and redevelopment opportunity located in the prestigious Las Olas Isles neighborhood of Fort Lauderdale, Florida. Built in 1951, the property features a two-story concrete block building with a stucco exterior, offering approximately 3,022 square feet of living area on a 7,500-square-foot waterfront lot with 125 feet of deep-water frontage. The property includes two studio apartments, one one-bedroom/one-bathroom unit, and one spacious four-bedroom/two-bathroom unit, with select units currently operating as successful short-term rentals. Zoned RMM-25, the site presents significant redevelopment potential while also providing immediate income-producing opportunities. Ideally situated just off Las Olas Boulevard, residents and visitors enjoy convenient access to premier dining, shopping, entertainment, Downtown Fort Lauderdale, beautiful beaches, and major transportation routes. Supported by strong local demographics, high household incomes, and steady population growth, this waterfront asset represents an exceptional investment opportunity in one of South Florida's most sought-after coastal communities.