Leased Duplex with Separate
For Sale
$625,000
121 NW 56th Court, Oakland Park, FL 33309
MULTI_FAMILY - Oakland Park, FL
Property Size1,660 SF
Lot Size9,331.00 Acres
Price / SF$376.51
Days on Market119
Property Features for 121 NW 56th Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RD-10
Bedrooms
4
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Pets allowed
Yes, Cats OK, Dogs OK
Exterior features
Awning(s)
Fencing
Fenced
Subdivision
PATTERSON PARK
Lot features
Corner Lot, Cul-De-Sac, Fruit Tree(s)
Elementary school
North Andrews Gardens
Middle school
James S. Rickards
High school
Northeast
Directions
FL -811A / Andrews Ave, turn right onto NW 56TH CT.
Standard status
Active
APN
494210010180
Size
1,660 SF
Lot size
9,331.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PATTERSON PARK 39-33 B LOT 9 W 20,10 BLK 2
Tax Annual Amount
9980
Legal Description
PATTERSON PARK 39-33 B LOT 9 W 20,10 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air, Wall/Window Unit(s), Electric, Window Unit(s)
Water source
Public
Amenities
laundry room
privacy fence
backyard
well-water irrigation system
Building Details
Year built
1976
Floors in Building
2
Number of units
2
Flooring type
Tile
Building materials
CBS, Stone, Stucco
Listing Agency:
LPT Realty, LLC
(561) 540-8979
Listed By:
Grisel M Arias · License #3151743
(561) 324-8354
Added: Apr 16
Changed: Aug 5
Last Checked: Aug 12 at 1:06AM
MLS# B26017958
Copyright © 2026 BeachesMLS. 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 offers two separate leased units designed for straightforward management, with each unit featuring two bedrooms and one bathroom, plus a laundry room with washer and dryer connections. Both units include privacy fence and backyard areas, tiled flooring, and electric heating with central air plus window and wall/window unit cooling options. Exterior features include awnings and a fenced setting.
The property is zoned RD-10 and built in 1976 with CBS construction. It has public water and public sewer, and separate water and electric meters that can help simplify utility management. Key capital improvements include HVAC installed in 2019, a water heater installed in 2019, and a new stove.
Additional site improvements include a well-water irrigation system with a new pump and motor (March 2026). Both units are leased on a month-to-month basis. The listing also notes the duplex may be available as part of a portfolio that includes two single-family homes and a warehouse, with all properties described as leased.
The property is zoned RD-10 and built in 1976 with CBS construction. It has public water and public sewer, and separate water and electric meters that can help simplify utility management. Key capital improvements include HVAC installed in 2019, a water heater installed in 2019, and a new stove.
Additional site improvements include a well-water irrigation system with a new pump and motor (March 2026). Both units are leased on a month-to-month basis. The listing also notes the duplex may be available as part of a portfolio that includes two single-family homes and a warehouse, with all properties described as leased.
Key Highlights
- Two‑unit duplex; both units leased month‑to‑month
- Each unit has two bedrooms and one bathroom plus a laundry room with washer and dryer connections
- Separate water and electric meters
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
$27,672
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
4.43%
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%
$553,440
$553.4K
Cap Rate 7%
$395,314
$395.3K
Cap Rate 9%
$307,467
$307.5K
Market Conditions
NOI Build-Up for 1,660 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
$41.8K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.5K $23.81/SF
− OpEx
−$11.9K −$7.14/SF
NOI
$27.7K $16.67/SF
Area
Broward County, 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%
$553,440
Cap Rate 7%
$395,314
Cap Rate 9%
$307,467
Alternative Uses
Best Use
Multifamily LT 5
$395.3K
$345.9K – $461.2K
NOI $27,672 @ 7.0% cap · market cap 4.43%
Second Best
Apartment 5plus
$364.7K
$319.1K – $425.5K
NOI $25,530 @ 7.0% cap · market cap 4.08%
Theoretical Best
Office A
$842.2K
$736.9K – $982.6K
NOI $58,953 @ 7.0% cap · market cap 9.43%
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
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,896
Businesses Nearby
Explore this area
Business Placement
Demographics for 33309, FL
37,642
Population
14,783
Households
2.5
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
9.7 sq mi
ZIP Area
3,881
Density / Sq Mi
$73,496
Median Household Income
$35,850
Median Earnings
$1,829
Median Rent
$309,100
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 zoned RD-10 with both units leased month-to-month and separate water and electric meters.
Where is this duplex located?
The property is located at 121 NW 56th Court Oakland Park, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Two‑unit duplex; both units leased month‑to‑month; Each unit has two bedrooms and one bathroom plus a laundry room with washer and dryer connections; Separate water and electric meters
