Waterfront Six-Unit Apartment
For Sale
$3,600,000
3450 Northwest 17th Terrace, Oakland Park, FL 33309
Modern residences offer individual utility metering, upgraded kitchens, and bright interiors with elevated ceiling details.
Property Size12,138 SF
Price / SF$296.59
Days on Market837
Property Features for 3450 Northwest 17th Terrace
General Information
Standard status
Active
Size
12,138 SF
Property subtype
Commercial/Industrial / Fourplex
Additional Details
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$8,876
Building Details
Year Built
2007
Listing Agency:
The Agency Florid LLC
Listed By:
Daniel Tzinker · License #3185618
(786) 239-8013
Source:
Compass
Added: May 20, 2024
Changed: Sep 2
Last Checked: Sep 1 at 11:35PM
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 The Agency Florid LLC
Investment Insights
Based on property information with market context.
This apartment building comprises six waterfront villas completed in 2007. Each residence includes a contemporary kitchen with European-style cabinetry, granite counters, and stainless steel appliances, along with bedrooms, upgraded bathrooms, and individual water and electric meters. Nine-foot ceilings and a 20-foot skylight add volume and natural light to the interiors.
The property is located at 3450 Northwest 17th Terrace in Oakland Park, Florida, with the units identified as 3450, 3454, 3458, 3462, 3466, and 3470 NW 17th Terrace. Parks, boutiques, and dining destinations are described as nearby, adding established neighborhood amenities to the waterfront setting.
The property is located at 3450 Northwest 17th Terrace in Oakland Park, Florida, with the units identified as 3450, 3454, 3458, 3462, 3466, and 3470 NW 17th Terrace. Parks, boutiques, and dining destinations are described as nearby, adding established neighborhood amenities to the waterfront setting.
Key Highlights
- Six waterfront villas in one apartment property
- Built in 2007
- Individual water and electric meters for each residence
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
$186,674
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
5.19%
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%
$3,733,480
$3.7M
Cap Rate 7%
$2,666,771
$2.7M
Cap Rate 9%
$2,074,156
$2.1M
Market Conditions
NOI Build-Up for 12,138 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
$355.4K $29.28/SF
− Vacancy
−$16.0K −$1.32/SF
EGI
$339.4K $27.96/SF
− OpEx
−$152.7K −$12.58/SF
NOI
$186.7K $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%
$3,733,480
Cap Rate 7%
$2,666,771
Cap Rate 9%
$2,074,156
Alternative Uses
Best Use
Apartment 5plus
$2.67M
$2.33M – $3.11M
NOI $186,674 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.16M
$5.39M – $7.18M
NOI $431,068 @ 7.0% cap · market cap 11.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 33309, FL
37,642
Population
14,783
Households
2.5
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
9.7 sq mi
ZIP Area
3,881
Density / Sq Mi
$73,496
Median Household Income
$35,850
Median Earnings
$1,829
Median Rent
$309,100
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 - Modern residences offer individual utility metering, upgraded kitchens, and bright interiors with elevated ceiling details.
Where is this apartment building located?
The property is located at 3450 Northwest 17th Terrace Oakland Park, FL.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Six waterfront villas in one apartment property; Built in 2007; Individual water and electric meters for each residence
