Fully Occupied
For Sale
$449,000
1-2-2301 Nw 23rd Ln, Fort Lauderdale, FL 33311
Two-unit property with separately metered utilities, private backyards, and in-unit laundry equipment.
Property Size1,232 SF
Price / SF$364.45
Days on Market26
Property Features for 1-2-2301 Nw 23rd Ln
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,680
Amenities
tile floors
newer split AC units
washer and dryer
separate water and electric meters
private backyards
Building Details
Tenancy
Multi
Listing Agency:
Sola Realty & Investments LLC
(954) 822-0658
Listed By:
Ofir Rajoan · License #B26058008
(954) 822-0658
Source:
Exprealty
Added: Aug 5
Changed: Aug 20
Last Checked: Aug 29 at 2:48PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Sola Realty & Investments LLC
Investment Insights
Based on property information with market context.
This 1,232-square-foot duplex contains two 2-bedroom, 1-bathroom units. Both residences have tile flooring, newer split AC units, and washer and dryer equipment, along with a private backyard for each unit.
Separate water and electric meters place utility responsibility with the tenants. The property is fully occupied and is located at 1-2-2301 NW 23rd Ln in Fort Lauderdale, FL. Photos were taken before tenant move-in, and showings should be coordinated without disturbing occupants.
Separate water and electric meters place utility responsibility with the tenants. The property is fully occupied and is located at 1-2-2301 NW 23rd Ln in Fort Lauderdale, FL. Photos were taken before tenant move-in, and showings should be coordinated without disturbing occupants.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- 1,232 SF duplex
- Fully occupied
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
$20,537
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
4.57%
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%
$410,740
$410.7K
Cap Rate 7%
$293,386
$293.4K
Cap Rate 9%
$228,189
$228.2K
Market Conditions
NOI Build-Up for 1,232 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
$31.0K $25.20/SF
− Vacancy
−$1.7K −$1.39/SF
EGI
$29.3K $23.81/SF
− OpEx
−$8.8K −$7.14/SF
NOI
$20.5K $16.67/SF
Area
Fort Lauderdale, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$410,740
Cap Rate 7%
$293,386
Cap Rate 9%
$228,189
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$264.3K
$231.3K – $308.3K
NOI $18,500 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$827.9K
$724.4K – $965.9K
NOI $57,953 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
752
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
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?
Duplex - Two-unit property with separately metered utilities, private backyards, and in-unit laundry equipment.
Where is this duplex located?
The property is located at 1-2-2301 Nw 23rd Ln Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; 1,232 SF duplex; Fully occupied
