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Ron Osborne, President and Broker at RJ Realty, announced the sale of a used car lot located at 1080 NW 31 Avenue in unincorporated Broward County, across from the Swap Shop.
Osborne represented the Seller, E-Z Deal Inc., in the $920,000 purchase. The transaction closed on January 5.
This is the second transaction Osborne has closed with this Buyer, which is planning on converting the site to a high-end car wash facility. The first transaction closed in June 2017.
Osborne, who has completed numerous car lot sales in the last 18 months, explained, “Due to the changes that many of the cities are marking in zoning has caused prices for car lots, and many similar uses, to increase geometrically provided the properties have the proper zoning. Properties that have the correct uses are selling at a 10% -30% premium over properties that are grandfathered in for the use countywide.”
Osborne believes that this trend will continue as long as the use continues to be removed from the zoning codes along the major arteries. Today, it is nearly impossible to find a used car lot along State Road 7 south of Sunrise for under $50 per square foot.
The property consists of a 1,970-square-foot auto showroom situated on a 23,000-square-foot lot.
The Buyer, 1080 NW 31 Ave, LLC, was represented by Erica Mizrahi of Keter Estates.