6-Unit Apartment Building with Impact
For Sale
$1,249,000
Pending
2633 Middle River Drive, Fort Lauderdale, FL 33306
Residential Income, Fort Lauderdale, FL
Property Size4,854 SF
Lot Size0.23 Acres
Days on Market158
Property Features for 2633 Middle River Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RMM-25
Bedrooms
1
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 1, Bathroom 2, Bathroom 3, Bathroom 1
Pets allowed
Dogs OK, Cats OK, Yes
Exterior features
Barbecue, Private Rooftop Terrace
Subdivision
CORAL RIDGE GALT ADD NO 1
Elementary school
Bayview
Middle school
Sunrise
High school
Fort Lauderdale
Standard status
Pending
APN
494225045280
Size
4,854 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CORAL RIDGE GALT ADD NO 1 31-37 B LOT 19 BLK 66
Tax Annual Amount
23753
Legal Description
CORAL RIDGE GALT ADD NO 1 31-37 B LOT 19 BLK 66
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1957
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Cement Siding, Concrete
Roof type
Concrete
Listing Agency:
RE/MAX Select Group · RE/MAX International
(954) 368-8000
Listed By:
Hector Vidaurre · License #654358
(954) 253-1943
Added: Apr 2
Changed: Aug 28
Last Checked: Sep 6 at 9:06PM
MLS# B26010851
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6-unit multifamily property in Fort Lauderdale contains four 1-bedroom/1-bath apartments and two studio units within 4,854 square feet. Four residences have been updated, while the remaining two are described as being in very clean condition. Full impact glass, tile flooring, concrete construction, a concrete roof, and a private rooftop terrace are among the property features. Cooling includes central air and window or wall/window units.
The property occupies 0.23 acres at 2633 Middle River Drive, approximately 2.5 miles from the beach and east of Federal. Public water and public sewer serve the site, with cable available. Built in 1957, the building is zoned RMM-25 and includes on-site barbecue amenities. The unit mix combines one-bedroom apartments with studio residences, and the property has long-term tenants in place.
The property occupies 0.23 acres at 2633 Middle River Drive, approximately 2.5 miles from the beach and east of Federal. Public water and public sewer serve the site, with cable available. Built in 1957, the building is zoned RMM-25 and includes on-site barbecue amenities. The unit mix combines one-bedroom apartments with studio residences, and the property has long-term tenants in place.
Key Highlights
- 6‑unit multifamily property with four 1‑bedroom/1‑bath apartments and two studio units
- 4,854 square feet on 0.23 acres
- Full impact glass, concrete construction, and concrete roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$72,889
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,457,780
$1.5M
Cap Rate 7%
$1,041,271
$1.0M
Cap Rate 9%
$809,878
$809.9K
Market Conditions
NOI Build-Up for 4,854 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$139.8K $28.80/SF
− Vacancy
−$7.3K −$1.50/SF
EGI
$132.5K $27.30/SF
− OpEx
−$59.6K −$12.29/SF
NOI
$72.9K $15.02/SF
Area
Fort Lauderdale, FL
Vacancy
5.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,457,780
Cap Rate 7%
$1,041,271
Cap Rate 9%
$809,878
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$911.1K – $1.21M
NOI $72,889 @ 7.0% cap · market cap 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.26M
$2.85M – $3.81M
NOI $228,332 @ 7.0% cap · market cap 18.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 33306, FL
3,526
Population
2,109
Households
1.7
Avg Household Size
53
Median Age
44%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
3,918
Density / Sq Mi
$82,375
Median Household Income
$77,118
Median Earnings
$1,369
Median Rent
$469,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained multifamily property with updated apartments, studios, and a private rooftop terrace.
Where is this apartment building located?
The property is located at 2633 Middle River Drive Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: 6‑unit multifamily property with four 1‑bedroom/1‑bath apartments and two studio units; 4,854 square feet on 0.23 acres; Full impact glass, concrete construction, and concrete roof
