Eight-Unit Multifamily
For Sale
$2,450,000
806 NE 16th Place #1-8, Fort Lauderdale, FL 33305
Well-maintained 8-unit building with 2-bedroom, 1-bath units, terrazzo floors, impact windows, and a common laundry area.
Property Size6,606 SF
Days on Market132
Property Features for 806 NE 16th Place #1-8
General Information
Standard status
Active
Size
6,606 SF
Total Parking Spaces
9
Zoning
RDS-15
Additional Details
Highway Access
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$25,363
Building Details
Building Size
6,606 SF
Year Built
1970
Buildings
1
Stories
2
Listing Agency:
Gibson Real Estate Services
Listed By:
Rosy A Baron · License #3419520
(954) 909-0195
Source:
Laerrealty
Added: May 29
Changed: Oct 3
Last Checked: Oct 5 at 4:03PM
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 Gibson Real Estate Services
Investment Insights
Based on property information with market context.
This well-maintained multifamily property consists of eight units with spacious 2-bedroom, 1-bath layouts. Units feature terrazzo floors and impact windows. The building also includes a common laundry area that can support additional on-site income.
Located in Fort Lauderdale near Wilton Manors and Wilton Drive, the property is described as only a few miles from the beach and close to shopping, dining, and major highways.
The property is reported to have strong year-round occupancy. Current leases do not include water, which may allow a new owner to adjust utility billing to improve revenue. The offering is also positioned as flexible for an ownership strategy that combines short-term furnished rentals with long-term annual leases, based on the stated opportunity in the remarks.
Located in Fort Lauderdale near Wilton Manors and Wilton Drive, the property is described as only a few miles from the beach and close to shopping, dining, and major highways.
The property is reported to have strong year-round occupancy. Current leases do not include water, which may allow a new owner to adjust utility billing to improve revenue. The offering is also positioned as flexible for an ownership strategy that combines short-term furnished rentals with long-term annual leases, based on the stated opportunity in the remarks.
Key Highlights
- Well‑maintained 8‑unit multifamily building built in 1970
- All units feature 2‑bedroom, 1‑bath layouts with large bedrooms
- Interior finishes include terrazzo floors throughout the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$99,198
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,983,960
$2.0M
Cap Rate 7%
$1,417,114
$1.4M
Cap Rate 9%
$1,102,200
$1.1M
Market Conditions
NOI Build-Up for 6,606 SF
Gross rent
$190.3K $28.80/SF
− Vacancy
−$9.9K −$1.50/SF
EGI
$180.4K $27.30/SF
− OpEx
−$81.2K −$12.29/SF
NOI
$99.2K $15.02/SF
Area
Fort Lauderdale, FL
Vacancy
5.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,983,960
Cap Rate 7%
$1,417,114
Cap Rate 9%
$1,102,200
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,198 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,746 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 33305, FL
12,044
Population
8,285
Households
1.5
Avg Household Size
52
Median Age
54%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
5,475
Density / Sq Mi
$89,944
Median Household Income
$60,924
Median Earnings
$1,850
Median Rent
$558,200
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?
Apartment building - Well-maintained 8-unit building with 2-bedroom, 1-bath units, terrazzo floors, impact windows, and a common laundry area.
Where is this apartment building located?
The property is located at 806 NE 16th Place #1-8 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Well‑maintained 8‑unit multifamily building built in 1970; All units feature 2‑bedroom, 1‑bath layouts with large bedrooms; Interior finishes include terrazzo floors throughout the units
