6-Unit Apartment
For Sale
$1,325,000
1-6-1820 Ne 56th St, Fort Lauderdale, FL 33334
Corner-lot property with central air, on-site laundry, and parking without HOA or rental restrictions.
Property Size4,588 SF
Price / SF$288.80
Days on Market42
Property Features for 1-6-1820 Ne 56th St
General Information
Standard status
Active
Size
4,588 SF
Total Parking Spaces
13
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,814
Amenities
coin-operated laundry room
Building Details
Buildings
1
Listing Agency:
Berkshire Hathaway Florida Realty
(561) 981-9400
Listed By:
Ram Almog · License #3207875
(561) 208-6483
Source:
Exprealty
Added: Jul 28
Changed: Sep 6
Last Checked: Sep 6 at 3:00PM
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 Berkshire Hathaway Florida Realty
Investment Insights
Based on property information with market context.
This 4,588-square-foot apartment property contains six units arranged as two 2-bedroom, 1-bath residences and four 1-bedroom, 1-bath residences. The concrete corner-lot building includes parking for up to 13 vehicles, a coin-operated laundry room, and central air-conditioning systems, most of which are 1–4 years old. A roof replacement was completed in 2021, and the property includes a new washer and dryer.
Located at 1-6-1820 NE 56th St in Fort Lauderdale, the property has no HOA and no rental restrictions. All 40/10-year recertifications have been completed, providing a documented update to the building’s compliance status.
Located at 1-6-1820 NE 56th St in Fort Lauderdale, the property has no HOA and no rental restrictions. All 40/10-year recertifications have been completed, providing a documented update to the building’s compliance status.
Key Highlights
- Six‑unit configuration: two 2/1 units and four 1/1 units
- 4,588 SF apartment property on a concrete corner lot
- Parking for up to 13 vehicles
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
$68,895
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
5.20%
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%
$1,377,900
$1.4M
Cap Rate 7%
$984,214
$984.2K
Cap Rate 9%
$765,500
$765.5K
Market Conditions
NOI Build-Up for 4,588 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
$132.1K $28.80/SF
− Vacancy
−$6.9K −$1.50/SF
EGI
$125.3K $27.30/SF
− OpEx
−$56.4K −$12.29/SF
NOI
$68.9K $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%
$1,377,900
Cap Rate 7%
$984,214
Cap Rate 9%
$765,500
Alternative Uses
Best Use
Apartment 5plus
$984.2K
$861.2K – $1.15M
NOI $68,895 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,820 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,697
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
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?
Apartment building - Corner-lot property with central air, on-site laundry, and parking without HOA or rental restrictions.
Where is this apartment building located?
The property is located at 1-6-1820 Ne 56th St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Six‑unit configuration: two 2/1 units and four 1/1 units; 4,588 SF apartment property on a concrete corner lot; Parking for up to 13 vehicles
