Four-Unit Quadraplex
For Sale
$649,000
Pending
840 NW 3rd St 1-4, Fort Lauderdale, FL 33311
Four 2-bedroom, 1-bath units offer a straightforward residential income setup in Fort Lauderdale.
Property Size2,090 SF
Days on Market92
Property Features for 840 NW 3rd St 1-4
General Information
Standard status
Pending
Size
2,090 SF
Property subtype
Investment
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$11,747
Building Details
Building Size
2,090 SF
Year Built
1958
Stories
1
Units
4
Listing Agency:
RE/MAX Preferred
Listed By:
Rachael A Barach · License #3095523
(954) 815-1418
Source:
Elliman
Added: Jun 4
Changed: Aug 7
Last Checked: Aug 1 at 12:14PM
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 Preferred
Investment Insights
Based on property information with market context.
This quadraplex consists of four separate units, each configured as 2 bedrooms and 1 bathroom. The property is presented as a residential income asset with four tenants in place within the building.
Located at 840 NW 3rd St 1-4 in Fort Lauderdale, the offering is described as minutes from Downtown Fort Lauderdale, FAT Village, Holiday Park, Las Olas Boulevard, Brightline, and Fort Lauderdale Beach. The public remarks also note BikeScore 67, WalkScore 58, and TransitScore 47.
For investors seeking a small, manageable multifamily holding, the four-unit layout provides multiple income streams within a single property. For owner-operators or buyers looking to add to a local portfolio, this configuration supports a practical approach to residential rental management in Fort Lauderdale’s Progresso Village area, as described in the marketing materials.
Located at 840 NW 3rd St 1-4 in Fort Lauderdale, the offering is described as minutes from Downtown Fort Lauderdale, FAT Village, Holiday Park, Las Olas Boulevard, Brightline, and Fort Lauderdale Beach. The public remarks also note BikeScore 67, WalkScore 58, and TransitScore 47.
For investors seeking a small, manageable multifamily holding, the four-unit layout provides multiple income streams within a single property. For owner-operators or buyers looking to add to a local portfolio, this configuration supports a practical approach to residential rental management in Fort Lauderdale’s Progresso Village area, as described in the marketing materials.
Key Highlights
- Four‑unit multifamily property built in 1958
- Four 2‑bedroom, 1‑bath units
- Proximity to Downtown Fort Lauderdale, FAT Village, Holiday Park, and Las Olas Boulevard
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
$34,840
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
5.37%
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%
$696,800
$696.8K
Cap Rate 7%
$497,714
$497.7K
Cap Rate 9%
$387,111
$387.1K
Market Conditions
NOI Build-Up for 2,090 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
$52.7K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$49.8K $23.81/SF
− OpEx
−$14.9K −$7.14/SF
NOI
$34.8K $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%
$696,800
Cap Rate 7%
$497,714
Cap Rate 9%
$387,111
Alternative Uses
Best Use
Multifamily LT 5
$497.7K
$435.5K – $580.7K
NOI $34,840 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$448.3K
$392.3K – $523.1K
NOI $31,384 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,314 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,279
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 2-bedroom, 1-bath units offer a straightforward residential income setup in Fort Lauderdale.
Where is this quadplex located?
The property is located at 840 NW 3rd St 1-4 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 1958; Four 2‑bedroom, 1‑bath units; Proximity to Downtown Fort Lauderdale, FAT Village, Holiday Park, and Las Olas Boulevard
