Renovated 16-Unit Coral Ridge
2901 Middle River Dr Fort Lauderdale, FL 33306
For Sale
$3,295,000
2 Multi Family Apartment Buildings
Property Size8,483 SF
Lot Size0.52 Acres
Price / SF$388.42
Days on Market559
Property Features for 2901 Middle River Dr
General Information
- Standard status
- Active
- Property type
- Multifamily properties, Other investment properties, Residential income homes, Residential income properties, Investment properties
- Size
- 8,483 SF
- Class
- C
- Elevators
- N/A
- Lot size
- 0.52 Acres
Building Details
- Year Built
- 1957
- Year Renovated
- 2011
- Buildings
- 2
- Stories
- 2
- Units
- 16
Listing Agency:
(954) 563-6800
Listed By:
Karen
(954) 563-6800
Added: Jan 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This multifamily investment property features two adjacent buildings totaling 8,483 square feet. Located in Fort Lauderdale, Florida, the garden-style complex contains 16 units. The property, situated on a 0.52-acre lot, has undergone recent renovations, including premium tile flooring, new cabinetry, and impact-resistant windows and doors. New tile roofs were installed in 2011. The location offers convenient access to Coral Ridge Mall, which includes Publix, TJ Maxx, Target, and an AMC Theatre. Local bus lines and the beach are also easily accessible. Proximity to I-95 facilitates commuting. The property is located at 2901 Middle River Dr, zip code 33306.
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $213.8k | $25.20 |
| − Vacancy | −$11.8k | −$1.39 |
| EGI | $202.0k | $23.81 |
| − OpEx | −$60.6k | −$7.14 |
| NOI | $141.4k | $16.67 |
8,483 SF · lease $25.20/SF/yr · vacancy 5.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$2.02M
$1.77M – $2.36M
NOI $141,410 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,383 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$5.70M
$4.99M – $6.65M
NOI $399,040 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Investment properties
FAQs
What type of property is this?
Multifamily property - 2 Multi Family Apartment Buildings
Where is this multifamily property located?
The property is located at 2901 Middle River Dr Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $3,295,000.
