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 Market86
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
(954) 909-0195
Listed By:
Rosy A Baron · License #B26031058
(954) 909-0195
Source:
Laerrealty
Added: May 29
Changed: Aug 8
Last Checked: Aug 21 at 4:25AM
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 = 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
$99,198
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
4.05%
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%
$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
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
$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 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%
$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
