Fort Lauderdale Apartment
For Sale
$2,295,000
1325/1329/1333 NE 5th Ter 1, Fort Lauderdale, FL 33334
Eleven-unit apartment building in east Fort Lauderdale, fully occupied.
Property Size6,458 SF
Lot Size0.50 Acres
Days on Market93
Property Features for 1325/1329/1333 NE 5th Ter 1
General Information
Standard status
Active
Size
6,458 SF
Lot size
0.50 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$38,800
Building Details
Building Size
6,458 SF
Year Built
1948
Stories
1
Units
11
Listing Agency:
(954) 812-4801
Listed By:
Richard N Salter
(954) 812-4801
Source:
Elliman
Added: May 16
Changed: Aug 15
Last Checked: Aug 16 at 7:03AM
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 Richard N Salter
Investment Insights
Based on property information with market context.
The Hemingway at Middle River Terrace is an apartment building containing eleven units. The property is located in east Fort Lauderdale. The complex is fully occupied and consists of three separate buildings situated on a lot of just under 0.5 acres. The unit mix includes nine one-bedroom, one-bathroom units, one two-bedroom, one-bathroom unit, and one two-bedroom, two-bathroom unit. All three buildings feature new roofs, and impact windows and doors are installed throughout. The property is fully fenced and gated. Some units have been fully renovated, and most have been updated within the last five years. The units currently have individual deeds and can be sold off individually as condominiums. The location provides access to downtown, the airport, port, and highways. There is some development in the area of new construction residential units with more slated in the future. The neighborhood is in demand due to the affordable rents and proximity to downtown, the airport, port and highways.
Key Highlights
- Fully occupied 11‑unit apartment building in east Fort Lauderdale.
- Potential for individual sale as condominiums due to individual deeds.
- New roofs on all 3 buildings and impact windows/doors throughout.**
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
$96,975
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
4.23%
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%
$1,939,500
$1.9M
Cap Rate 7%
$1,385,357
$1.4M
Cap Rate 9%
$1,077,500
$1.1M
Market Conditions
NOI Build-Up for 6,458 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
$186.0K $28.80/SF
− Vacancy
−$9.7K −$1.50/SF
EGI
$176.3K $27.30/SF
− OpEx
−$79.3K −$12.29/SF
NOI
$97.0K $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%
$1,939,500
Cap Rate 7%
$1,385,357
Cap Rate 9%
$1,077,500
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $96,975 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.06M
NOI $303,784 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,977
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 - Eleven-unit apartment building in east Fort Lauderdale, fully occupied.
Where is this apartment building located?
The property is located at 1325/1329/1333 NE 5th Ter 1 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: Fully occupied 11‑unit apartment building in east Fort Lauderdale.; Potential for individual sale as condominiums due to individual deeds.; New roofs on all 3 buildings and impact windows/doors throughout.**
