9-Unit Multifamily with Redevelopment
For Sale
$1,995,000
3315 SW 15th Ave 1-9, Fort Lauderdale, FL 33315
Nine-unit multifamily property on an oversized 37,000-square-foot lot with a unit mix of one- and two-bedroom homes.
Property Size9,000 SF
Lot Size0.85 Acres
Price / SF$221.67
Days on Market22
Property Features for 3315 SW 15th Ave 1-9
General Information
Standard status
Active
Size
9,000 SF
Lot size
0.85 Acres
Additional Details
Highway Access
Yes
Multifamily Units
9
Building Details
Year Built
1951
Tenancy
Multi
Listing Agency:
London Foster Realty
(954) 263-5234
Listed By:
Joseph Iaciofano · License #3286424
Source:
Mymiahomes
Added: Jul 20
Changed: Jul 21
Last Checked: Aug 9 at 9:49AM
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 London Foster Realty
Investment Insights
Based on property information with market context.
This 9-unit multifamily property is offered on a 37,000-square-foot lot and includes three two-bedroom units and six one-bedroom units. The configuration features six standalone cottages along with three additional detached units, creating operational flexibility while maintaining a tenant-friendly mix.
The property is positioned near downtown Fort Lauderdale and offers quick access to major routes, including approximately one minute to I-95. It is also described as being about 3.5 miles from Las Olas Boulevard and 4.5 miles from Fort Lauderdale Beach.
The adjacent redevelopment pattern is noted as properties directly across the street being redeveloped into new-construction townhomes. The remarks indicate there may be an opportunity to construct up to nine townhomes of approximately 2,200 square feet each, subject to independent verification of zoning, density, and approvals by the buyer.
The property is positioned near downtown Fort Lauderdale and offers quick access to major routes, including approximately one minute to I-95. It is also described as being about 3.5 miles from Las Olas Boulevard and 4.5 miles from Fort Lauderdale Beach.
The adjacent redevelopment pattern is noted as properties directly across the street being redeveloped into new-construction townhomes. The remarks indicate there may be an opportunity to construct up to nine townhomes of approximately 2,200 square feet each, subject to independent verification of zoning, density, and approvals by the buyer.
Key Highlights
- 9‑unit multifamily property built in 1951 on a 37,000 SF lot
- Unit mix includes 3 two‑bedroom units and 6 one‑bedroom units
- Configured with six standalone cottages and three additional detached units for flexible operations
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
$135,147
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
6.77%
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%
$2,702,940
$2.7M
Cap Rate 7%
$1,930,671
$1.9M
Cap Rate 9%
$1,501,633
$1.5M
Market Conditions
NOI Build-Up for 9,000 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
$259.2K $28.80/SF
− Vacancy
−$13.5K −$1.50/SF
EGI
$245.7K $27.30/SF
− OpEx
−$110.6K −$12.29/SF
NOI
$135.1K $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%
$2,702,940
Cap Rate 7%
$1,930,671
Cap Rate 9%
$1,501,633
Alternative Uses
Best Use
Apartment 5plus
$1.93M
$1.69M – $2.25M
NOI $135,147 @ 7.0% cap · market cap 6.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.05M
$5.29M – $7.06M
NOI $423,360 @ 7.0% cap · market cap 21.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
675
Businesses Nearby
Explore this area
Business Placement
Demographics for 33315, FL
13,555
Population
6,991
Households
1.9
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
5.3 sq mi
ZIP Area
2,558
Density / Sq Mi
$90,760
Median Household Income
$43,815
Median Earnings
$1,789
Median Rent
$492,400
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?
Apartment building - Nine-unit multifamily property on an oversized 37,000-square-foot lot with a unit mix of one- and two-bedroom homes.
Where is this apartment building located?
The property is located at 3315 SW 15th Ave 1-9 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: 9‑unit multifamily property built in 1951 on a 37,000 SF lot; Unit mix includes 3 two‑bedroom units and 6 one‑bedroom units; Configured with six standalone cottages and three additional detached units for flexible operations
