Turnkey Furnished 4-Plex with
For Sale
$1,355,000
1109 Northeast 16th Terrace, Fort Lauderdale, FL 33304
Renovated, furnished 4-plex near the beach, perfect for short-term rentals.
Property Size2,276 SF
Price / SF$595.34
Days on Market110
Property Features for 1109 Northeast 16th Terrace
General Information
Standard status
Active
Size
2,276 SF
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$21,429
Building Details
Year Built
1952
Listing Agency:
LoKation
Listed By:
Rebecca Guy PA · License #3363179
(954) 545-5583
Source:
Compass
Added: May 16
Changed: Sep 2
Last Checked: Sep 1 at 11:14PM
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 LoKation
Investment Insights
Based on property information with market context.
This renovated and furnished 4-plex is suitable for short-term rentals and features high occupancy. Located less than 2 miles from the beach and downtown, each unit includes a washer and dryer. The property includes a pool, parking, a security gate, and cameras. Shopping, bars, entertainment, Galleria Mall, and Publix are nearby. The property size is 2276 square feet.
Key Highlights
- Turnkey furnished 4‑plex ideal for short term rental
- High occupancy rate
- Less than 2 miles from beach and downtown
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
$37,940
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
2.80%
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%
$758,800
$758.8K
Cap Rate 7%
$542,000
$542.0K
Cap Rate 9%
$421,556
$421.6K
Market Conditions
NOI Build-Up for 2,276 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
$57.4K $25.20/SF
− Vacancy
−$3.2K −$1.39/SF
EGI
$54.2K $23.81/SF
− OpEx
−$16.3K −$7.14/SF
NOI
$37.9K $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%
$758,800
Cap Rate 7%
$542,000
Cap Rate 9%
$421,556
Alternative Uses
Best Use
Multifamily LT 5
$542.0K
$474.3K – $632.3K
NOI $37,940 @ 7.0% cap · market cap 2.80%
Second Best
Apartment 5plus
$488.2K
$427.2K – $569.6K
NOI $34,177 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$1.53M
$1.34M – $1.78M
NOI $107,063 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,393
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?
Quadplex - Renovated, furnished 4-plex near the beach, perfect for short-term rentals.
Where is this quadplex located?
The property is located at 1109 Northeast 16th Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,355,000.
What are key features of this property?
This property features: Turnkey furnished 4‑plex ideal for short term rental; High occupancy rate; Less than 2 miles from beach and downtown
