Furnished Duplex in Fort
For Sale
$734,999
300 SW 23rd St, Fort Lauderdale, FL 33315
Turn-key duplex near Fort Lauderdale Airport, ideal for rental.
Property Size1,652 SF
Price / SF$444.91
Days on Market593
Property Features for 300 SW 23rd St
General Information
Standard status
Active
Size
1,652 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$12,106
Building Details
Year Built
1968
Listing Agency:
Compass Florida, LLC
(305) 330-4791
Listed By:
Leon Damjanovic · License #3362326
(305) 330-4791
Source:
Exitrealty
Added: Dec 28, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 Compass Florida, LLC
Investment Insights
Based on property information with market context.
This is a fully furnished duplex property located in Fort Lauderdale. Each unit features one bedroom and one bathroom, offering updated living spaces. Impact windows and doors are installed throughout. The kitchens are modern, and each unit includes its own washer and dryer. Private, fenced backyards are included. A new roof has been installed. The property has four on-site parking spaces and no HOA. Separate electric meters are in place. The property is located in Flood Zone X, meaning flood insurance is not required by lenders. Both units are currently leased, providing immediate income. The property is near Fort Lauderdale Airport, Port Everglades, and 17th Street. The property size is 1652 square feet.
Key Highlights
- Turn‑key, fully furnished duplex providing immediate rental income.
- Prime Fort Lauderdale location near the airport, Port Everglades, and 17th Street.
- Impact windows and doors, modern kitchens, and in‑unit washer/dryers in both units.
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
$27,539
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
3.75%
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%
$550,780
$550.8K
Cap Rate 7%
$393,414
$393.4K
Cap Rate 9%
$305,989
$306.0K
Market Conditions
NOI Build-Up for 1,652 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
$41.6K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.3K $23.81/SF
− OpEx
−$11.8K −$7.14/SF
NOI
$27.5K $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%
$550,780
Cap Rate 7%
$393,414
Cap Rate 9%
$305,989
Alternative Uses
Best Use
Multifamily LT 5
$393.4K
$344.2K – $459.0K
NOI $27,539 @ 7.0% cap · market cap 3.75%
Second Best
Apartment 5plus
$354.4K
$310.1K – $413.5K
NOI $24,807 @ 7.0% cap · market cap 3.38%
Theoretical Best
Office A
$1.11M
$971.4K – $1.30M
NOI $77,710 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,907
Businesses Nearby
Explore this area
Business Placement
Demographics for 33315, FL
13,555
Population
6,991
Households
1.9
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
5.3 sq mi
ZIP Area
2,558
Density / Sq Mi
$90,760
Median Household Income
$43,815
Median Earnings
$1,789
Median Rent
$492,400
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 - Turn-key duplex near Fort Lauderdale Airport, ideal for rental.
Where is this duplex located?
The property is located at 300 SW 23rd St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $734,999.
What are key features of this property?
This property features: Turn‑key, fully furnished duplex providing immediate rental income.; Prime Fort Lauderdale location near the airport, Port Everglades, and 17th Street.; Impact windows and doors, modern kitchens, and in‑unit washer/dryers in both units.
