7-Unit Renovated Apartment
For Sale
$695,000
Pending
2451 NW 13th Ct, Fort Lauderdale, FL 33311
Single-story CBS property with a defined unit mix, ceramic tile flooring, and on-site parking.
Property Size3,868 SF
Days on Market2811
Property Features for 2451 NW 13th Ct
General Information
Standard status
Pending
Size
3,868 SF
Property subtype
General Commercial
Occupancy
100%
Units
Unit Mix
3 x 1BR/1BA, 4 x 2BR/1BA
Multifamily Units
7
Amenities
3
7 Parking Spaces.
Building Details
Year Built
1960
Buildings
1
Stories
1
Construction
CBS
Tenancy
Multi
Listing Agency:
(954) 918-4902
Listed By:
Meridian Commercial
(954) 918-4902
Source:
Xome
Added: Nov 27, 2018
Changed: Jul 31
Last Checked: Jul 31 at 1:04PM
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 Meridian Commercial
Investment Insights
Based on property information with market context.
This 7-unit, single-story apartment building contains three 1-bedroom/1-bath units and four 2-bedroom/1-bath units. The 3,868-square-foot property was built in 1960 and features CBS construction, ceramic tile flooring, and seven parking spaces. Kitchens and baths have been newly renovated.
Located directly across from Dillard High School in Fort Lauderdale, the property is 100% leased at below-market rates. The defined unit mix and existing occupancy provide a clear overview of the current residential configuration. Showings are by appointment only, and tenants should not be disturbed.
Located directly across from Dillard High School in Fort Lauderdale, the property is 100% leased at below-market rates. The defined unit mix and existing occupancy provide a clear overview of the current residential configuration. Showings are by appointment only, and tenants should not be disturbed.
Key Highlights
- 7‑unit apartment building with three 1‑bedroom/1‑bath and four 2‑bedroom/1‑bath units
- 3,868 square feet on a single‑story layout
- Newly renovated kitchens and baths
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
$58,083
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
8.36%
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%
$1,161,660
$1.2M
Cap Rate 7%
$829,757
$829.8K
Cap Rate 9%
$645,367
$645.4K
Market Conditions
NOI Build-Up for 3,868 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
$111.4K $28.80/SF
− Vacancy
−$5.8K −$1.50/SF
EGI
$105.6K $27.30/SF
− OpEx
−$47.5K −$12.29/SF
NOI
$58.1K $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%
$1,161,660
Cap Rate 7%
$829,757
Cap Rate 9%
$645,367
Alternative Uses
Best Use
Apartment 5plus
$829.8K
$726.0K – $968.1K
NOI $58,083 @ 7.0% cap · market cap 8.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.60M
$2.27M – $3.03M
NOI $181,951 @ 7.0% cap · market cap 26.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
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 - Single-story CBS property with a defined unit mix, ceramic tile flooring, and on-site parking.
Where is this apartment building located?
The property is located at 2451 NW 13th Ct Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: 7‑unit apartment building with three 1‑bedroom/1‑bath and four 2‑bedroom/1‑bath units; 3,868 square feet on a single‑story layout; Newly renovated kitchens and baths
