Remodeled Three-Unit
For Sale
$899,000
1-2-312 Se 23rd St, Fort Lauderdale, FL 33316
Multifamily property with two occupied units and one recently renovated unit available for occupancy.
Property Size1,653 SF
Price / SF$543.86
Days on Market10
Property Features for 1-2-312 Se 23rd St
General Information
Standard status
Active
Size
1,653 SF
Property subtype
Residential Income
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,171
Listing Agency:
Southwest Ranches Realty LLC
Listed By:
Michael Cardinez · License #3149335
(954) 849-0769
Source:
Exprealty
Added: Sep 4
Changed: Sep 10
Last Checked: Sep 12 at 10:25AM
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 Southwest Ranches Realty LLC
Investment Insights
Based on property information with market context.
This Fort Lauderdale triplex contains three 1-bedroom, 1-bath residences within 1,653 square feet. The property has been remodeled, with two units currently occupied and a third unit recently renovated and vacant for a new occupant.
The property is located at 1-2-312 SE 23rd St, with access to the airport, seaport, beaches, downtown dining, shopping, and entertainment within minutes. Its three-unit configuration supports continued rental use while also accommodating an owner-occupant in one residence, as described by the current occupancy setup.
The property is located at 1-2-312 SE 23rd St, with access to the airport, seaport, beaches, downtown dining, shopping, and entertainment within minutes. Its three-unit configuration supports continued rental use while also accommodating an owner-occupant in one residence, as described by the current occupancy setup.
Key Highlights
- Three 1‑bedroom, 1‑bath units
- 1,653‑square‑foot triplex in Fort Lauderdale
- Two units are currently tenant‑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
$27,555
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
3.07%
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%
$551,100
$551.1K
Cap Rate 7%
$393,643
$393.6K
Cap Rate 9%
$306,167
$306.2K
Market Conditions
NOI Build-Up for 1,653 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
$41.7K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.4K $23.81/SF
− OpEx
−$11.8K −$7.14/SF
NOI
$27.6K $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%
$551,100
Cap Rate 7%
$393,643
Cap Rate 9%
$306,167
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.3K
NOI $27,555 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$354.6K
$310.3K – $413.7K
NOI $24,822 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.11M
$972.0K – $1.30M
NOI $77,757 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,355
Businesses Nearby
Explore this area
Business Placement
Demographics for 33316, FL
12,669
Population
8,946
Households
1.4
Avg Household Size
50
Median Age
54%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
3,090
Density / Sq Mi
$89,200
Median Household Income
$52,992
Median Earnings
$2,047
Median Rent
$793,500
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?
Triplex - Multifamily property with two occupied units and one recently renovated unit available for occupancy.
Where is this triplex located?
The property is located at 1-2-312 Se 23rd St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units; 1,653‑square‑foot triplex in Fort Lauderdale; Two units are currently tenant‑occupied
