Income-Producing Fourplex on Corner
For Sale
$745,000
2216 NW 15th Ave, Fort Lauderdale, FL 33311
Fourplex with park views, spacious layouts, and in-unit laundry.
Property Size2,612 SF
Price / SF$285.22
Days on Market177
Property Features for 2216 NW 15th Ave
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$12,754
Building Details
Building Size
2,612 SF
Year Built
1995
Listing Agency:
Eagle Realty LLC d/b/a Keller Williams Eagle Realty
Listed By:
Ana Waxman · License #3165926
(305) 450-6878
Source:
Elliman
Added: Mar 13
Changed: Sep 3
Last Checked: Sep 4 at 2:09PM
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 Eagle Realty LLC d/b/a Keller Williams Eagle Realty
Investment Insights
Based on property information with market context.
This income-producing fourplex is situated on a corner lot at the end of a quiet, dead-end street, offering views of Millspond Park. Each unit features a spacious layout and an open kitchen equipped with a snack counter. For convenience, each unit also includes its own in-unit washer and dryer. Separate meters are installed for each unit. The property, with a size of 2612 square feet, presents a strong rental appeal due to its prime location, making it an excellent investment opportunity.
Key Highlights
- Income‑producing fourplex: Immediate return on investment.
- Prime location: Strong rental appeal.
- Corner lot on a quiet dead‑end street: Enhanced privacy and reduced traffic.
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
$43,542
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
5.84%
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%
$870,840
$870.8K
Cap Rate 7%
$622,029
$622.0K
Cap Rate 9%
$483,800
$483.8K
Market Conditions
NOI Build-Up for 2,612 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
$65.8K $25.20/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$62.2K $23.81/SF
− OpEx
−$18.7K −$7.14/SF
NOI
$43.5K $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%
$870,840
Cap Rate 7%
$622,029
Cap Rate 9%
$483,800
Alternative Uses
Best Use
Multifamily LT 5
$622.0K
$544.3K – $725.7K
NOI $43,542 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$560.3K
$490.3K – $653.7K
NOI $39,223 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,868 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with park views, spacious layouts, and in-unit laundry.
Where is this quadplex located?
The property is located at 2216 NW 15th Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: Income‑producing fourplex: Immediate return on investment.; Prime location: Strong rental appeal.; Corner lot on a quiet dead‑end street: Enhanced privacy and reduced traffic.
