Remodeled Two-Unit
New
For Sale
$640,000
1004 SW 24th Avenue, Fort Lauderdale, FL 33312
RS-8-zoned property with tenant-occupied units and individual laundry rooms.
Property Size1,620 SF
Price / SF$395.06
Days on Market4
Property Features for 1004 SW 24th Avenue
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RS-8
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,763
Building Details
Building Size
1,620 SF
Year Built
1955
Buildings
1
Stories
1
Tenancy
Multi
Listing Agency:
Canvas Real Estate
(754) 422-1831
Listed By:
Gissella I Mariategui · License #3374523
(754) 422-1831
Source:
Laerrealty
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 11 at 4:44AM
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 Canvas Real Estate
Investment Insights
Based on property information with market context.
This remodeled duplex contains 1,620 square feet arranged as two residential units, each offering two bedrooms, one bathroom, and a private laundry room. The property was built in 1955, with the roof replaced in 2025. Both units are currently tenant occupied, providing established rental use.
Located at 1004 SW 24th Avenue in Fort Lauderdale, the property is near I-95, Davie Boulevard, shopping, dining, and other local amenities. The zoning designation is RS-8. Property access is limited to a drive-by, and prospective visitors are asked not to disturb the tenants or walk the site.
Located at 1004 SW 24th Avenue in Fort Lauderdale, the property is near I-95, Davie Boulevard, shopping, dining, and other local amenities. The zoning designation is RS-8. Property access is limited to a drive-by, and prospective visitors are asked not to disturb the tenants or walk the site.
Key Highlights
- Two 2‑bedroom, 1‑bath units within a 1,620 SF duplex
- Each unit includes its own laundry room
- Both units are 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
$27,005
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
4.22%
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%
$540,100
$540.1K
Cap Rate 7%
$385,786
$385.8K
Cap Rate 9%
$300,056
$300.1K
Market Conditions
NOI Build-Up for 1,620 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
$40.8K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$38.6K $23.81/SF
− OpEx
−$11.6K −$7.14/SF
NOI
$27.0K $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%
$540,100
Cap Rate 7%
$385,786
Cap Rate 9%
$300,056
Alternative Uses
Best Use
Multifamily LT 5
$385.8K
$337.6K – $450.1K
NOI $27,005 @ 7.0% cap · market cap 4.22%
Second Best
Apartment 5plus
$347.5K
$304.1K – $405.4K
NOI $24,326 @ 7.0% cap · market cap 3.80%
Theoretical Best
Office A
$1.09M
$952.6K – $1.27M
NOI $76,205 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,038
Businesses Nearby
Explore this area
Business Placement
Demographics for 33312, FL
51,570
Population
21,332
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
86%
High-School Grad
11.1 sq mi
ZIP Area
4,646
Density / Sq Mi
$77,644
Median Household Income
$39,333
Median Earnings
$1,566
Median Rent
$397,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - RS-8-zoned property with tenant-occupied units and individual laundry rooms.
Where is this duplex located?
The property is located at 1004 SW 24th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bath units within a 1,620 SF duplex; Each unit includes its own laundry room; Both units are tenant occupied
