Multifamily Investment Opportunity in Fort
For Sale
$1,500,000
1118 Northwest 31st Avenue, Fort Lauderdale, FL 33311
16-unit multifamily property with renovation and income potential.
Property Size5,827 SF
Price / SF$257.42
Days on Market1793
Property Features for 1118 Northwest 31st Avenue
General Information
Standard status
Active
Size
5,827 SF
Property subtype
Commercial/Industrial / Fourplex
Taxes and HOA fees
Annual Taxes
$12,467
Building Details
Year Built
1956
Listing Agency:
RE/MAX Advance Realty
Listed By:
Issabella Silverstein · License #0626609
(305) 444-7111
Source:
Compass
Added: Nov 26, 2021
Changed: Oct 20
Last Checked: Oct 23 at 10:48AM
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 RE/MAX Advance Realty
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Investment Insights
Based on property information with market context.
This multifamily property in Fort Lauderdale presents an investment opportunity with 16 units, comprising 14 studios and 2 one-bedroom apartments, plus a bonus of 4 shell condition studios with plumbing. The property has been renovated and features impact windows and a new roof. The minimum potential income as a multifamily property is estimated as follows: 14 studios at $1,300 per month, totaling $218,400 annually, and 2 one-bedroom apartments at $1,500 per month, totaling $36,000 annually. After deducting $35,000 in annual expenses, the total net operating income (NOI) is projected to be $219,400 per year, equating to an 11.2% cap rate. The property is suitable for various uses, including multifamily rentals, Airbnb, or a motel.
Key Highlights
- High 11.2% Cap Rate investment opportunity.
- Potential for significant income: $219,400 Net Operating Income (NOI) per year.
- 16 total units: 14 studios and 2 one‑bedroom apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,500
Cap Rate
5.83%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,750,000
$1.8M
Cap Rate 7%
$1,250,000
$1.3M
Cap Rate 9%
$972,222
$972.2K
Market Conditions
NOI Build-Up for 5,827 SF
Gross rent
$167.8K $28.80/SF
− Vacancy
−$8.7K −$1.50/SF
EGI
$159.1K $27.30/SF
− OpEx
−$71.6K −$12.29/SF
NOI
$87.5K $15.02/SF
Area
Fort Lauderdale, FL
Vacancy
5.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,750,000
Cap Rate 7%
$1,250,000
Cap Rate 9%
$972,222
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,500 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.57M
NOI $274,102 @ 7.0% cap · market cap 18.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Location Intelligence
Trade Area within ½ mile
1,040
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit multifamily property with renovation and income potential.
Where is this apartment building located?
The property is located at 1118 Northwest 31st Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: High 11.2% Cap Rate investment opportunity.; Potential for significant income: $219,400 Net Operating Income (NOI) per year.; 16 total units: 14 studios and 2 one‑bedroom apartments.
