Apartment Complex Near
For Sale
$1,750,000
Pending
100 SE 21st St 1-8, Fort Lauderdale, FL 33316
Eight-unit apartment complex with renovation potential near beaches and amenities.
Property Size5,104 SF
Lot Size0.33 Acres
Days on Market110
Property Features for 100 SE 21st St 1-8
General Information
Standard status
Pending
Size
5,104 SF
Lot size
0.33 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$18,800
Building Details
Building Size
5,104 SF
Year Built
1977
Units
8
Listing Agency:
ONE SOTHEBY'S INT'L REALTY
(954) 465-6615
Listed By:
Henri F Vezie · License #F10540017
(954) 465-6615
Source:
Elliman
Added: Apr 24
Changed: Aug 8
Last Checked: Aug 8 at 6:49AM
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 ONE SOTHEBY'S INT'L REALTY
Investment Insights
Based on property information with market context.
This two-story apartment complex, constructed in 1978, features a contemporary design and comprises eight units. The unit mix includes one 2-bedroom, 1-bathroom unit and seven 1-bedroom, 1-bathroom units, each with private entrances, patios, and balconies. Central air conditioning is provided throughout the complex. There are 12 parking spaces available for guests and assigned parking. The total square footage under air is 5,104, situated on a 14,300 square foot lot. All eight units are currently rented on a month-to-month basis. The property includes a laundry facility on the premises, which generates income. The location provides convenient access to beaches, restaurants, shops, groceries, and the expressway. The bike score is 71, indicating it is very bikeable. The walk score is 66, indicating it is somewhat walkable, and the transit score is 24, indicating minimal transit.
Key Highlights
- Potential for a 6%+ cap rate with renovations and increased rents.
- Excellent location: minutes to beaches, restaurants, shops, groceries, and expressway.
- Eight units with private entrances and patios/balconies.
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
$76,643
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
4.38%
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%
$1,532,860
$1.5M
Cap Rate 7%
$1,094,900
$1.1M
Cap Rate 9%
$851,589
$851.6K
Market Conditions
NOI Build-Up for 5,104 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
$147.0K $28.80/SF
− Vacancy
−$7.6K −$1.50/SF
EGI
$139.4K $27.30/SF
− OpEx
−$62.7K −$12.29/SF
NOI
$76.6K $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%
$1,532,860
Cap Rate 7%
$1,094,900
Cap Rate 9%
$851,589
Alternative Uses
Best Use
Apartment 5plus
$1.09M
$958.0K – $1.28M
NOI $76,643 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.43M
$3.00M – $4.00M
NOI $240,092 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,172
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?
Apartment building - Eight-unit apartment complex with renovation potential near beaches and amenities.
Where is this apartment building located?
The property is located at 100 SE 21st St 1-8 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Potential for a 6%+ cap rate with renovations and increased rents.; Excellent location: minutes to beaches, restaurants, shops, groceries, and expressway.; Eight units with private entrances and patios/balconies.
