4-Unit Multifamily
For Sale
$800,000
1506 Northeast 5th Avenue, Fort Lauderdale, FL 33304
Four-unit multifamily building with approximately 2,269 sf of improvements on a 6,507 sf lot, zoned RM-15.
Property Size2,269 SF
Lot Size0.15 Acres
Price / SF$352.58
Days on Market140
Property Features for 1506 Northeast 5th Avenue
General Information
Standard status
Active
Size
2,269 SF
Lot size
0.15 Acres
Property subtype
Multi-Family
Zoning
RM-15
Additional Details
Multifamily Units
4
Building Details
Building Size
2,269 SF
Year Built
1968
Units
4
Listing Agency:
Native Realty
(954) 595-2999
Listed By:
Jaime Sturgis · License #B26041904
Source:
Commercialcafe
Added: Mar 30
Changed: Aug 11
Last Checked: Aug 15 at 8:36PM
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 Native Realty
Investment Insights
Based on property information with market context.
Native Realty is pleased to present a 4-unit multifamily investment opportunity in Fort Lauderdale. The property includes approximately 2,269 square feet of improvements on a 6,507 square foot lot, with a well-configured layout designed to support small-format rental demand. The offering provides stable in-place income, with an opportunity to increase rents through interior upgrades and improved management.
The property is positioned near Wilton Drive and the Galleria at Fort Lauderdale, with the Hugh Taylor Birch State Park and Fort Lauderdale Beach also nearby. It benefits from access to major transit routes and proximity to downtown Fort Lauderdale, Flagler Village, and Wilton Manors.
Zoned RM-15, the property permits multifamily residential use. Its manageable scale makes it suitable as an entry-level investment or as an addition to an existing portfolio, with potential for future redevelopment or density optimization.
The property is positioned near Wilton Drive and the Galleria at Fort Lauderdale, with the Hugh Taylor Birch State Park and Fort Lauderdale Beach also nearby. It benefits from access to major transit routes and proximity to downtown Fort Lauderdale, Flagler Village, and Wilton Manors.
Zoned RM-15, the property permits multifamily residential use. Its manageable scale makes it suitable as an entry-level investment or as an addition to an existing portfolio, with potential for future redevelopment or density optimization.
Key Highlights
- 4‑unit multifamily building with approximately 2,269 SF of improvements
- Situated on a 6,507 SF lot in Fort Lauderdale
- Zoned RM‑15 for multifamily residential use
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
$37,824
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
4.73%
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%
$756,480
$756.5K
Cap Rate 7%
$540,343
$540.3K
Cap Rate 9%
$420,267
$420.3K
Market Conditions
NOI Build-Up for 2,269 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
$57.2K $25.20/SF
− Vacancy
−$3.1K −$1.39/SF
EGI
$54.0K $23.81/SF
− OpEx
−$16.2K −$7.14/SF
NOI
$37.8K $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%
$756,480
Cap Rate 7%
$540,343
Cap Rate 9%
$420,267
Alternative Uses
Best Use
Multifamily LT 5
$540.3K
$472.8K – $630.4K
NOI $37,824 @ 7.0% cap · market cap 4.73%
Second Best
Apartment 5plus
$486.7K
$425.9K – $567.9K
NOI $34,072 @ 7.0% cap · market cap 4.26%
Theoretical Best
Office A
$1.52M
$1.33M – $1.78M
NOI $106,734 @ 7.0% cap · market cap 13.34%
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
5,287
Businesses Nearby
Explore this area
Business Placement
Demographics for 33304, FL
19,978
Population
12,367
Households
1.6
Avg Household Size
46
Median Age
51%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,445
Density / Sq Mi
$84,951
Median Household Income
$55,527
Median Earnings
$1,727
Median Rent
$556,400
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-unit multifamily building with approximately 2,269 sf of improvements on a 6,507 sf lot, zoned RM-15.
Where is this quadplex located?
The property is located at 1506 Northeast 5th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 4‑unit multifamily building with approximately 2,269 SF of improvements; Situated on a 6,507 SF lot in Fort Lauderdale; Zoned RM‑15 for multifamily residential use
