Duplex with Private
For Sale
$640,000
1118-1120 NW 2nd Ave, Fort Lauderdale, FL 33311
MULTI_FAMILY - Fort Lauderdale, FL
Property Size1,368 SF
Price / SF$467.84
Days on Market68
Property Features for 1118-1120 NW 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RD-15
Bedrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Parking
4
Patio and Porch features
Patio
Exterior features
Patio
Subdivision
PROGRESSO
Lot features
1/4 to 1/2 Acre Lot
Directions
2 blocks north of Sunrise Blvd, before Andrews.
Standard status
Active
APN
494234039010
Size
1,368 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
PROGRESSO 2-18 D LOTS 35 & 36 BLK 138
Tax Annual Amount
9534
Legal Description
PROGRESSO 2-18 D LOTS 35 & 36 BLK 138
Utilities
Sewer type
Septic Tank
Heating system
Wall Furnace
Cooling system
Central Air
Water source
Public
Amenities
new appliances
private yard
Building Details
Year built
1961
Floors in Building
1
Flooring type
Tile - Ceramic
Building materials
Block
Roof type
Wood, Shingle
Listing Agency:
Potential Property Group
(305) 260-6300
Listed By:
Beatriz Misas Restrepo · License #3545794
(954) 999-6981
Added: Jun 17
Changed: Aug 13
Last Checked: Aug 23 at 6:06PM
MLS# A11954456
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This duplex includes two independent 1-bedroom, 1-bath apartments. Each unit is currently rented, supporting immediate tenant occupancy. The property includes a private patio area and a large private yard for outdoor use. Interior finishes include tile - ceramic flooring. Heating is provided by wall furnace, and cooling is available through central air. The building is constructed with block materials and was built in 1961.
The duplex is located at 1118-1120 NW 2nd Ave, Fort Lauderdale, FL 33311, near US-1 and Las Olas Boulevard, with the beach described as just minutes away. Utilities include public water service and a septic tank sewer system. The roof is wood and shingle.
With two separate apartments under one property, this configuration can appeal to buyers looking for an owner-occupied or investor setup with independent living units.
The duplex is located at 1118-1120 NW 2nd Ave, Fort Lauderdale, FL 33311, near US-1 and Las Olas Boulevard, with the beach described as just minutes away. Utilities include public water service and a septic tank sewer system. The roof is wood and shingle.
With two separate apartments under one property, this configuration can appeal to buyers looking for an owner-occupied or investor setup with independent living units.
Key Highlights
- Two independent 1‑bedroom, 1‑bath apartments, both currently rented
- Large private yard plus patio
- Block construction built in 1961
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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
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 - Duplex featuring two separate 1-bedroom, 1-bath apartments, each currently rented, plus a private patio and yard.
Where is this duplex located?
The property is located at 1118-1120 NW 2nd Ave 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‑bath apartments, both currently rented; Large private yard plus patio; Block construction built in 1961
