Renovated Five-Space
For Sale
$900,000
1202 NE 3RD Avenue, Fort Lauderdale, FL 33304
Updated income-producing duplex with multiple residential spaces, private laundry, controlled access, and shared outdoor areas.
Property Size1,686 SF
Days on Market37
Property Features for 1202 NE 3RD Avenue
General Information
Standard status
Active
Size
1,686 SF
Total Parking Spaces
6
Property subtype
Quadruplex
Units
Unit Mix
2 x studio, 2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
5
Additional Details
Gross Income
$102,600
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$12,625
Amenities
gated common patio
in-unit washer/dryer
EV charger
solar panel system
water filtration
Ring cameras
Building Details
Building Size
1,686 SF
Year Built
1962
Buildings
2
Listing Agency:
Gofman Real Estate Group
Listed By:
Gary Gofman · License #3140438
Source:
Relinkre
Added: Aug 26
Changed: Sep 27
Last Checked: Sep 30 at 4:09PM
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 Gofman Real Estate Group
Investment Insights
Based on property information with market context.
This 1962 duplex has been substantially renovated and is configured as five rentable spaces: two studios, two one-bedroom/one-bath units, and one two-bedroom/one-bath unit. The property is arranged across two separate buildings linked by a breezeway with a hurricane-rated roof. Improvements include a metal roof, impact-resistant windows and doors, new appliances, in-unit washer and dryer service, property-wide water filtration, solar panels, asphalt paving, and refreshed landscaping.
A gated common patio, Ring cameras with 24/7 monitoring, EV charger, and six off-street parking spaces add to the property’s operating features. Located at 1202 NE 3RD Avenue in Fort Lauderdale, the property is approximately 5 minutes from Downtown Fort Lauderdale and Wilton Manors and 10 minutes from the beach. All utilities are included.
A gated common patio, Ring cameras with 24/7 monitoring, EV charger, and six off-street parking spaces add to the property’s operating features. Located at 1202 NE 3RD Avenue in Fort Lauderdale, the property is approximately 5 minutes from Downtown Fort Lauderdale and Wilton Manors and 10 minutes from the beach. All utilities are included.
Key Highlights
- Five rentable spaces: 2 studios, 2 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit
- Fully renovated with new metal roof, impact windows and doors, appliances, asphalt, and landscaping
- Two separate buildings connected by a breezeway with hurricane‑rated roof
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
$28,105
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
3.12%
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%
$562,100
$562.1K
Cap Rate 7%
$401,500
$401.5K
Cap Rate 9%
$312,278
$312.3K
Market Conditions
NOI Build-Up for 1,686 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
$42.5K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$40.2K $23.81/SF
− OpEx
−$12.0K −$7.14/SF
NOI
$28.1K $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%
$562,100
Cap Rate 7%
$401,500
Cap Rate 9%
$312,278
Alternative Uses
Best Use
Multifamily LT 5
$401.5K
$351.3K – $468.4K
NOI $28,105 @ 7.0% cap · market cap 3.12%
Second Best
Apartment 5plus
$361.7K
$316.5K – $422.0K
NOI $25,318 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$1.13M
$991.4K – $1.32M
NOI $79,309 @ 7.0% cap · market cap 8.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,058
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated income-producing duplex with multiple residential spaces, private laundry, controlled access, and shared outdoor areas.
Where is this duplex located?
The property is located at 1202 NE 3RD Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Five rentable spaces: 2 studios, 2 one‑bedroom/one‑bath units, and 1 two‑bedroom/one‑bath unit; Fully renovated with new metal roof, impact windows and doors, appliances, asphalt, and landscaping; Two separate buildings connected by a breezeway with hurricane‑rated roof
