Duplex with Separate Utility
For Sale
Contact for pricing
121 NW 56th Court # 2 #1-2, Oakland Park, FL 33309
1980 CBS duplex with separate water and electric meters, one month-to-month unit, and updated key mechanicals.
Property Size1,663 SF
Price / SF$375.83
Days on Market108
Property Features for 121 NW 56th Court # 2 #1-2
General Information
Standard status
Active
Size
1,663 SF
Property subtype
Multifamily
Occupancy
50%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
2
Building Details
Year Built
1976
Tenancy
Multi
Listing Agency:
LPT Realty
Listed By:
Grisel Arias · License #2035801
Source:
Crexi
Added: Apr 22
Changed: Jul 10
Last Checked: Aug 7 at 5:05AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This income-producing duplex was built in 1980 with CBS construction and includes two separate units. The property has separate water and electric meters, which can simplify expense tracking and management. Both units are described with in-unit washer/dryer connections and feature privacy fencing and backyard space. Utility and amenity items noted include well-water irrigation with a new pump and motor installed in March 2026. Key capital improvements listed include HVAC replacement in 2019, a water heater replacement in 2019, and an updated stove. Unit A is leased on a month-to-month basis and is described as having 2 bedrooms, 1 bathroom, and a laundry room with backyard access. Unit B is vacant and is also described as having 2 bedrooms and 1 bathroom with laundry room access and backyard space.
The property is located in Oakland Park, with the remarks stating it is minutes from Wilton Manors, Fort Lauderdale Airport, and the beaches.
For buyers and operators, this layout supports multiple operating strategies given that one unit is already leased while the second unit is available. The property also notes that short-term rentals are allowed, which may appeal to owners considering either conventional leasing or a short-term rental conversion plan for the vacant unit. For an investor seeking diversification, it is also available as part of a portfolio sale including two single-family homes and a warehouse.
The property is located in Oakland Park, with the remarks stating it is minutes from Wilton Manors, Fort Lauderdale Airport, and the beaches.
For buyers and operators, this layout supports multiple operating strategies given that one unit is already leased while the second unit is available. The property also notes that short-term rentals are allowed, which may appeal to owners considering either conventional leasing or a short-term rental conversion plan for the vacant unit. For an investor seeking diversification, it is also available as part of a portfolio sale including two single-family homes and a warehouse.
Key Highlights
- Duplex income property with 2 units, each 800 SF, offering both leased flexibility and immediate income potential
- Separate water and electric meters for each unit to help lower expenses and simplify utility management
- Unit A is leased month‑to‑month (800 SF, 2 BD/1 BA, laundry room) with privacy fencing and backyard
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
$27,722
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
4.44%
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%
$554,440
$554.4K
Cap Rate 7%
$396,029
$396.0K
Cap Rate 9%
$308,022
$308.0K
Market Conditions
NOI Build-Up for 1,663 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
$41.9K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.6K $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%
$554,440
Cap Rate 7%
$396,029
Cap Rate 9%
$308,022
Alternative Uses
Best Use
Multifamily LT 5
$396.0K
$346.5K – $462.0K
NOI $27,722 @ 7.0% cap · market cap 4.44%
Second Best
Apartment 5plus
$365.4K
$319.7K – $426.3K
NOI $25,576 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$843.7K
$738.3K – $984.3K
NOI $59,060 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Fenced yard
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 - 1980 CBS duplex with separate water and electric meters, one month-to-month unit, and updated key mechanicals.
Where is this duplex located?
The property is located at 121 NW 56th Court # 2 #1-2 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: Duplex income property with 2 units, each 800 SF, offering both leased flexibility and immediate income potential; Separate water and electric meters for each unit to help lower expenses and simplify utility management; Unit A is leased month‑to‑month (800 SF, 2 BD/1 BA, laundry room) with privacy fencing and backyard
