8-Unit Apartment
For Sale
$1,880,000
1273 NE 38th St, Oakland Park, FL 33334
Two-story multifamily property with one-bedroom units, on-site laundry, central air, and paved parking.
Property Size4,337 SF
Lot Size0.20 Acres
Price / SF$433.48
Days on Market61
Property Features for 1273 NE 38th St
General Information
Standard status
Active
Size
4,337 SF
Lot size
0.20 Acres
Property subtype
Multifamily
Zoning
RM-25
Financials
Asking Price
$1,880,000
Cap Rate
5.01%
Units
Unit Mix
8 x 1BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Amenities
on-site laundry facilities
central air conditioning
paved asphalt parking
Extensively Renovated 8-Unit Apartment Building Located next to Funky Buddha in Oakland Park
Beautifully Finished One-Bedroom Apartments w/Central Air Conditioning, In-Unit Washer/Dryer
Turn-Key Property with On-Site Parking, Manicured Landscaping and a Private Gated Courtyard
Excellent Location between Dixie & Federal Highways and Oakland Park & Commercial Boulevards
Near LA Fitness, 3x Publix Supermarkets, Fresh Market, Coral Ridge Mall, Central Business District
10.7% Population Growth since 2010 and $108,824 Average Household Income within 3-Mile Radius
Building Details
Building Size
4,337 SF
Year Built
1969
Buildings
1
Stories
2
Units
8
Construction
concrete block
Listing Agency:
Marcus & Millichap - Fort Lauderdale
(954) 245-3492
Listed By:
Joseph P. Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Jul 3
Changed: Aug 30
Last Checked: Aug 31 at 12:51PM
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 Marcus & Millichap - Fort Lauderdale
Investment Insights
Based on property information with market context.
Located at 1273 NE 38th St in Oakland Park, Zen Garden is an 8-unit apartment property consisting of one two-story concrete block building with a painted stucco exterior and flat roof. The asset contains 4,337 square feet of gross building area and approximately 4,200 square feet of gross leaseable area on an 8,837-square-foot lot. All eight residences are one-bedroom, one-bathroom units averaging 525 square feet. Property features include on-site laundry, central air conditioning, paved asphalt parking, smoke detectors, and fire extinguishers. The property is zoned RM-25 and was constructed in 1969.
The property provides access to Dixie Highway, US-1 (Federal Highway), and I-95. Nearby destinations include Funky Buddha Brewery, Jaco Pastorius Park, Central Bark, The Butcher’s Barrel, Nour Thai Kitchen, Ethel M. Gordon Library, Aldi, LA Fitness, Publix at Five Points, Sprouts Farmers Market, Downtown Fort Lauderdale, and Fort Lauderdale-Hollywood International Airport. Beaches, Lauderdale-by-the-Sea, and Coral Ridge Mall are also within a short drive.
The property provides access to Dixie Highway, US-1 (Federal Highway), and I-95. Nearby destinations include Funky Buddha Brewery, Jaco Pastorius Park, Central Bark, The Butcher’s Barrel, Nour Thai Kitchen, Ethel M. Gordon Library, Aldi, LA Fitness, Publix at Five Points, Sprouts Farmers Market, Downtown Fort Lauderdale, and Fort Lauderdale-Hollywood International Airport. Beaches, Lauderdale-by-the-Sea, and Coral Ridge Mall are also within a short drive.
Key Highlights
- 8‑unit apartment property at 1273 NE 38th St, Oakland Park, FL 33334
- Eight one‑bedroom/one‑bathroom units averaging 525 square feet
- 4,337 square feet of gross building area and 4,200 square feet of gross leaseable area
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
$66,700
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
3.55%
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%
$1,334,000
$1.3M
Cap Rate 7%
$952,857
$952.9K
Cap Rate 9%
$741,111
$741.1K
Market Conditions
NOI Build-Up for 4,337 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
$127.0K $29.28/SF
− Vacancy
−$5.7K −$1.32/SF
EGI
$121.3K $27.96/SF
− OpEx
−$54.6K −$12.58/SF
NOI
$66.7K $15.38/SF
Area
Broward County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$1,334,000
Cap Rate 7%
$952,857
Cap Rate 9%
$741,111
Alternative Uses
Best Use
Apartment 5plus
$952.9K
$833.8K – $1.11M
NOI $66,700 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.20M
$1.93M – $2.57M
NOI $154,024 @ 7.0% cap · market cap 8.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,785
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
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 - Two-story multifamily property with one-bedroom units, on-site laundry, central air, and paved parking.
Where is this apartment building located?
The property is located at 1273 NE 38th St Oakland Park, FL.
What is the asking price?
The asking price for this property is $1,880,000.
What are key features of this property?
This property features: 8‑unit apartment property at 1273 NE 38th St, Oakland Park, FL 33334; Eight one‑bedroom/one‑bathroom units averaging 525 square feet; 4,337 square feet of gross building area and 4,200 square feet of gross leaseable area
