Two-Unit Duplex with Private
For Sale
$640,000
1118-1120 NW 2nd Avenue, Fort Lauderdale, FL 33311
Two rented one-bedroom apartments feature separate layouts, private outdoor space, and new appliances.
Property Size1,368 SF
Price / SF$467.84
Days on Market180
Property Features for 1118-1120 NW 2nd Avenue
General Information
Standard status
Active
Size
1,368 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RD-15
Taxes and HOA fees
Annual Taxes
$9,534
Building Details
Building Size
1,368 SF
Year Built
1961
Stories
1
Listing Agency:
Potential Property Group
Listed By:
Beatriz Misas Restrepo · License #3545794
(954) 999-6981
Source:
Laerrealty
Added: Mar 13
Changed: Aug 30
Last Checked: Sep 7 at 4:52AM
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 Potential Property Group
Investment Insights
Based on property information with market context.
This duplex contains two independent apartments, each configured with one bedroom and one bathroom. The property measures 1,368 square feet and includes new appliances, along with a large private yard. Constructed in 1961, the two-unit layout provides separate residential spaces within one building.
The property is located at 1118-1120 Northwest 2nd Avenue in Fort Lauderdale, near US-1 and Las Olas Boulevard, with the beach only minutes away. Both apartments are currently rented, providing an existing income-producing configuration for the next owner.
The property is located at 1118-1120 Northwest 2nd Avenue in Fort Lauderdale, near US-1 and Las Olas Boulevard, with the beach only minutes away. Both apartments are currently rented, providing an existing income-producing configuration for the next owner.
Key Highlights
- Two independent 1‑bedroom, 1‑bathroom apartments
- Both apartments are currently rented
- 1,368 square feet
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
$22,804
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
3.56%
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%
$456,080
$456.1K
Cap Rate 7%
$325,771
$325.8K
Cap Rate 9%
$253,378
$253.4K
Market Conditions
NOI Build-Up for 1,368 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
$34.5K $25.20/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$32.6K $23.81/SF
− OpEx
−$9.8K −$7.14/SF
NOI
$22.8K $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%
$456,080
Cap Rate 7%
$325,771
Cap Rate 9%
$253,378
Alternative Uses
Best Use
Multifamily LT 5
$325.8K
$285.1K – $380.1K
NOI $22,804 @ 7.0% cap · market cap 3.56%
Second Best
Apartment 5plus
$293.5K
$256.8K – $342.4K
NOI $20,542 @ 7.0% cap · market cap 3.21%
Theoretical Best
Office A
$919.3K
$804.4K – $1.07M
NOI $64,351 @ 7.0% cap · market cap 10.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,504
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?
Duplex - Two rented one-bedroom apartments feature separate layouts, private outdoor space, and new appliances.
Where is this duplex located?
The property is located at 1118-1120 NW 2nd 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 independent 1‑bedroom, 1‑bathroom apartments; Both apartments are currently rented; 1,368 square feet
