Multifamily Triplex
New
For Sale
$895,000
1028 NE 10TH Ave 1-4, Fort Lauderdale, FL 33334
Multifamily property configured as a triplex with documented long-term and short-term rental activity.
Property Size2,368 SF
Days on Market4
Property Features for 1028 NE 10TH Ave 1-4
General Information
Standard status
Active
Size
2,368 SF
Property subtype
Investment
Additional Details
Unit Mix
1 x 3BR/3BA, 1 x 2BR/2BA
Taxes and HOA fees
Annual Taxes
$15,943
Building Details
Building Size
2,368 SF
Year Built
1958
Stories
1
Units
3
Listing Agency:
Fausto Commercial
(347) 359-0371
Listed By:
Avigail Gayer · License #3456700
(347) 359-0371
Source:
Elliman
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 22 at 10:14AM
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 Fausto Commercial
Investment Insights
Based on property information with market context.
This Fort Lauderdale multifamily property is configured as a triplex and was built in 1958. The available information describes a combination of long-term leasing and short-term rental activity, supporting multiple residential income approaches without relying on a single occupancy model.
Located at 1028 NE 10TH Ave 1-4, the property records a Walk Score of 73, a Bike Score of 69, and a Transit Score of 38. The address is in Fort Lauderdale, Florida 33334.
Located at 1028 NE 10TH Ave 1-4, the property records a Walk Score of 73, a Bike Score of 69, and a Transit Score of 38. The address is in Fort Lauderdale, Florida 33334.
Key Highlights
- Configured as a triplex
- Built in 1958
- Long‑term leasing and short‑term rental activity described
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
$39,474
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
4.41%
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%
$789,480
$789.5K
Cap Rate 7%
$563,914
$563.9K
Cap Rate 9%
$438,600
$438.6K
Market Conditions
NOI Build-Up for 2,368 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
$59.7K $25.20/SF
− Vacancy
−$3.3K −$1.39/SF
EGI
$56.4K $23.81/SF
− OpEx
−$16.9K −$7.14/SF
NOI
$39.5K $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%
$789,480
Cap Rate 7%
$563,914
Cap Rate 9%
$438,600
Alternative Uses
Best Use
Multifamily LT 5
$563.9K
$493.4K – $657.9K
NOI $39,474 @ 7.0% cap · market cap 4.41%
Second Best
Apartment 5plus
$508.0K
$444.5K – $592.7K
NOI $35,559 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,391 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,331
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?
Triplex - Multifamily property configured as a triplex with documented long-term and short-term rental activity.
Where is this triplex located?
The property is located at 1028 NE 10TH Ave 1-4 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Configured as a triplex; Built in 1958; Long‑term leasing and short‑term rental activity described
