Renovated Four-Unit
For Sale
Contact for pricing
1028 NW 3rd Ave, Fort Lauderdale, FL 33311
Fully renovated multifamily property with leased units, upgraded building systems, and shared laundry serving all residents.
Property Size2,586 SF
Price / SF$425.37
Days on Market201
Property Features for 1028 NW 3rd Ave
General Information
Standard status
Active
Size
2,586 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
RMM-25
Occupancy
100%
Financials
Gross Income
$88,200
Average Monthly Rent
$1,837
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/2BA
Multifamily Units
4
Amenities
shared on site laundry
Building Details
Year Built
1970
Stories
4
Units
4
Listing Agency:
Miami Connections Realty LLC
Listed By:
Ignacio Vilas · License #3557421
Source:
Crexi
Added: Feb 16
Changed: Aug 31
Last Checked: Sep 3 at 2:13AM
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 Miami Connections Realty LLC
Investment Insights
Based on property information with market context.
This 2,586-square-foot quadplex contains three 1 BR/1 BA residences and one 2 BR/2 BA residence. The property was built in 1970 and has undergone renovations that include a new roof and impact windows. Shared on-site laundry is available for all tenants.
All four units are leased on 1-year terms, providing an occupied configuration for the next owner. The property is located at 1028 NW 3rd Ave in Fort Lauderdale, within the RMM-25 zoning district and an area described as experiencing new construction and development activity.
All four units are leased on 1-year terms, providing an occupied configuration for the next owner. The property is located at 1028 NW 3rd Ave in Fort Lauderdale, within the RMM-25 zoning district and an area described as experiencing new construction and development activity.
Key Highlights
- 2,586 SF quadplex with four residential units
- Unit mix includes three 1 BR/1 BA units and one 2 BR/2 BA unit
- All units leased on 1‑year terms
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
$43,108
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
3.92%
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%
$862,160
$862.2K
Cap Rate 7%
$615,829
$615.8K
Cap Rate 9%
$478,978
$479.0K
Market Conditions
NOI Build-Up for 2,586 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
$65.2K $25.20/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$61.6K $23.81/SF
− OpEx
−$18.5K −$7.14/SF
NOI
$43.1K $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%
$862,160
Cap Rate 7%
$615,829
Cap Rate 9%
$478,978
Alternative Uses
Best Use
Multifamily LT 5
$615.8K
$538.9K – $718.5K
NOI $43,108 @ 7.0% cap · market cap 3.92%
Second Best
Apartment 5plus
$554.7K
$485.4K – $647.2K
NOI $38,832 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,645 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,600
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
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?
Quadplex - Fully renovated multifamily property with leased units, upgraded building systems, and shared laundry serving all residents.
Where is this quadplex located?
The property is located at 1028 NW 3rd Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: 2,586 SF quadplex with four residential units; Unit mix includes three 1 BR/1 BA units and one 2 BR/2 BA unit; All units leased on 1‑year terms
