Maintained Triplex with Tiki
For Sale
$894,000
1039 N Victoria Park Rd 1-3, Fort Lauderdale, FL 33304
Three residences combine flexible unit layouts with durable upgrades and an outdoor entertaining area.
Property Size1,971 SF
Days on Market81
Property Features for 1039 N Victoria Park Rd 1-3
General Information
Standard status
Active
Size
1,971 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$10,947
Building Details
Building Size
1,971 SF
Year Built
1956
Stories
1
Units
3
Listing Agency:
(954) 881-1081
Listed By:
Steven A Seigel · License #3182202
(954) 881-1081
Source:
Elliman
Added: Jun 12
Changed: Aug 29
Last Checked: Aug 30 at 4:45PM
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 Steven A Seigel
Investment Insights
Based on property information with market context.
This three-unit residential property at 1039 N Victoria Park Rd in Fort Lauderdale includes one larger two-bedroom, one-bath residence and two one-bedroom, one-bath units. Built in 1956, the triplex is maintained for ongoing residential rental use and includes impact-resistant windows and doors, smart electric entry locks, and Weston Heavenly Beds in the residences.
An oversized tiki hut provides a dedicated outdoor gathering area for occupants and guests. The property sits on a quiet residential street in the Lake Ridge area, with a Walk Score of 51, Bike Score of 46, and Transit Score of 37. The unit mix offers a combination of larger and smaller residences within one multifamily asset.
An oversized tiki hut provides a dedicated outdoor gathering area for occupants and guests. The property sits on a quiet residential street in the Lake Ridge area, with a Walk Score of 51, Bike Score of 46, and Transit Score of 37. The unit mix offers a combination of larger and smaller residences within one multifamily asset.
Key Highlights
- Three‑unit property with one 2‑bedroom residence and two 1‑bedroom residences
- Impact windows and doors installed throughout the property
- Smart electric door locks included
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
$32,856
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
3.68%
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%
$657,120
$657.1K
Cap Rate 7%
$469,371
$469.4K
Cap Rate 9%
$365,067
$365.1K
Market Conditions
NOI Build-Up for 1,971 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
$49.7K $25.20/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$46.9K $23.81/SF
− OpEx
−$14.1K −$7.14/SF
NOI
$32.9K $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%
$657,120
Cap Rate 7%
$469,371
Cap Rate 9%
$365,067
Alternative Uses
Best Use
Multifamily LT 5
$469.4K
$410.7K – $547.6K
NOI $32,856 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$422.8K
$370.0K – $493.3K
NOI $29,597 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$1.32M
$1.16M – $1.55M
NOI $92,716 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,673
Businesses Nearby
Explore this area
Business Placement
Demographics for 33304, FL
19,978
Population
12,367
Households
1.6
Avg Household Size
46
Median Age
51%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,445
Density / Sq Mi
$84,951
Median Household Income
$55,527
Median Earnings
$1,727
Median Rent
$556,400
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 - Three residences combine flexible unit layouts with durable upgrades and an outdoor entertaining area.
Where is this triplex located?
The property is located at 1039 N Victoria Park Rd 1-3 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $894,000.
What are key features of this property?
This property features: Three‑unit property with one 2‑bedroom residence and two 1‑bedroom residences; Impact windows and doors installed throughout the property; Smart electric door locks included
