Duplex With Rear
For Sale
$500,000
1-3-1223 Ne 3rd Ave, Fort Lauderdale, FL 33394
Three separate living areas include updated electrical, private outdoor spaces, and a flexible bonus room.
Property Size1,372 SF
Price / SF$364.43
Days on Market10
Property Features for 1-3-1223 Ne 3rd Ave
General Information
Standard status
Active
Size
1,372 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$4,963
Listing Agency:
RE/MAX Experience
(954) 599-6100
Listed By:
Trent Head · License #SL3018358
(954) 599-6100
Source:
Exprealty
Added: Aug 21
Changed: Aug 29
Last Checked: Aug 29 at 10:46AM
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 RE/MAX Experience
Investment Insights
Based on property information with market context.
This duplex property includes a one-bedroom, one-bathroom front unit and a two-bedroom, one-bathroom rear unit. The front residence features a spacious walk-in closet and has been maintained in good condition. The rear unit includes a laundry room, an updated bathroom, an original kitchen, and a bonus room suitable for office or additional living use. A separate rear cottage provides an open interior with a sleeping area toward the back.
Outdoor features include a front courtyard, a cottage patio, a second patio behind the two-bedroom unit, and a full privacy fence with gate. Both building roofs were replaced in 2022, and the electrical system was updated around 2022. The property is located at 1-3-1223 NE 3rd Ave in Fort Lauderdale, close to Downtown and Wilton Manors.
Outdoor features include a front courtyard, a cottage patio, a second patio behind the two-bedroom unit, and a full privacy fence with gate. Both building roofs were replaced in 2022, and the electrical system was updated around 2022. The property is located at 1-3-1223 NE 3rd Ave in Fort Lauderdale, close to Downtown and Wilton Manors.
Key Highlights
- Two‑bedroom, one‑bathroom rear unit with laundry room and bonus room
- One‑bedroom, one‑bathroom front unit with spacious walk‑in closet
- Separate rear cottage with open layout and sleeping area
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
$22,871
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%
$457,420
$457.4K
Cap Rate 7%
$326,729
$326.7K
Cap Rate 9%
$254,122
$254.1K
Market Conditions
NOI Build-Up for 1,372 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
$34.6K $25.20/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$32.7K $23.81/SF
− OpEx
−$9.8K −$7.14/SF
NOI
$22.9K $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%
$457,420
Cap Rate 7%
$326,729
Cap Rate 9%
$254,122
Alternative Uses
Best Use
Multifamily LT 5
$326.7K
$285.9K – $381.2K
NOI $22,871 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$294.3K
$257.5K – $343.4K
NOI $20,602 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$922.0K
$806.7K – $1.08M
NOI $64,539 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,743
Businesses Nearby
Explore this area
Business Placement
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 - Three separate living areas include updated electrical, private outdoor spaces, and a flexible bonus room.
Where is this duplex located?
The property is located at 1-3-1223 Ne 3rd Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bathroom rear unit with laundry room and bonus room; One‑bedroom, one‑bathroom front unit with spacious walk‑in closet; Separate rear cottage with open layout and sleeping area
