Duplex with Rear
New
For Sale
$500,000
Pending
1223 NE 3rd Avenue #1-3, Fort Lauderdale, FL 33304
Three separate living areas with patios, a courtyard, privacy fencing, and convenient access to Downtown Fort Lauderdale and Wilton Manors.
Property Size1,897 SF
Days on Market7
Property Features for 1223 NE 3rd Avenue #1-3
General Information
Standard status
Pending
Size
1,897 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RD-15
Taxes and HOA fees
Annual Taxes
$4,963
Building Details
Building Size
1,897 SF
Year Built
1968
Stories
1
Listing Agency:
RE/MAX Experience
(954) 599-6100
Listed By:
Trent T Head · License #SL3018358
(954) 599-6100
Source:
Laerrealty
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 8:07PM
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 Experience
Investment Insights
Based on property information with market context.
This RD-15 property includes a duplex and a rear cottage at 1223 NE 3rd Avenue in Fort Lauderdale. The front duplex residence has one bedroom, one bathroom, and a walk-in closet. The second unit provides two bedrooms, one bathroom, a laundry room, and a bonus room that can serve as office or additional living space. Its kitchen remains original, while the bathroom has received updates. The cottage is primarily open, with a sleeping area toward the rear.
Outdoor features include a front courtyard, a patio at the cottage, and another open patio behind the two-bedroom unit. A full privacy fence and gated entry secure the front courtyard. Both building roofs were replaced in 2022, and the electrical system was updated around 2022. The property was built in 1968 and is positioned near Downtown Fort Lauderdale and Wilton Manors.
Outdoor features include a front courtyard, a patio at the cottage, and another open patio behind the two-bedroom unit. A full privacy fence and gated entry secure the front courtyard. Both building roofs were replaced in 2022, and the electrical system was updated around 2022. The property was built in 1968 and is positioned near Downtown Fort Lauderdale and Wilton Manors.
Key Highlights
- Duplex plus rear cottage with three separate living areas
- Front unit: 1 bedroom and 1 bathroom with spacious walk‑in closet
- Rear unit: 2 bedrooms, 1 bathroom, laundry room, and bonus room
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
$22,871
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
4.57%
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%
$457,420
$457.4K
Cap Rate 7%
$326,729
$326.7K
Cap Rate 9%
$254,122
$254.1K
Market Conditions
NOI Build-Up for 1,372 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
$34.6K $25.20/SF
− Vacancy
−$1.9K −$1.39/SF
EGI
$32.7K $23.81/SF
− OpEx
−$9.8K −$7.14/SF
NOI
$22.9K $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%
$457,420
Cap Rate 7%
$326,729
Cap Rate 9%
$254,122
Alternative Uses
Best Use
Multifamily LT 5
$326.7K
$285.9K – $381.2K
NOI $22,871 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$294.3K
$257.5K – $343.4K
NOI $20,602 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$922.0K
$806.7K – $1.08M
NOI $64,539 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
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
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 - Three separate living areas with patios, a courtyard, privacy fencing, and convenient access to Downtown Fort Lauderdale and Wilton Manors.
Where is this duplex located?
The property is located at 1223 NE 3rd Avenue #1-3 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Duplex plus rear cottage with three separate living areas; Front unit: 1 bedroom and 1 bathroom with spacious walk‑in closet; Rear unit: 2 bedrooms, 1 bathroom, laundry room, and bonus room
