Fort Lauderdale Apartment
For Sale
$2,295,000
1329 Northeast 5th Terrace Unit 1, Fort Lauderdale, FL 33304
Eleven-unit apartment building in east Fort Lauderdale, fully occupied.
Property Size6,458 SF
Lot Size0.50 Acres
Price / SF$355.37
Days on Market116
Property Features for 1329 Northeast 5th Terrace Unit 1
General Information
Standard status
Active
Size
6,458 SF
Lot size
0.50 Acres
Property subtype
Commercial Sale / Multi Family
Taxes and HOA fees
Annual Taxes
$38,800
Amenities
Central Air, Central Individual
Central
1.0
Ceramic Tile, Laminate, Wood
1
11
Building, Leases, Trade Name
Block, Stucco
Drywall
Shingle
Front Yard
No
Smoke Detector(s)
Building Details
Year Built
1948
Stories
1
Listing Agency:
Compass
(954) 812-4801
Listed By:
Richard Salter · License #0703927
(954) 812-4801
Source:
Compass
Added: Apr 17
Changed: Aug 10
Last Checked: Aug 10 at 9:36AM
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 Compass
Investment Insights
Based on property information with market context.
The Hemingway at Middle River Terrace is an eleven-unit apartment building situated in east Fort Lauderdale. The property is fully occupied and consists of three separate buildings 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. The property is fully fenced and gated. All three buildings feature new roofs, and impact windows and doors are installed throughout. The units currently have individual deeds and can be sold off individually as condominiums. Some units are fully renovated, and most have been updated within the last five years. 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. The building has a total size of 6,458 square feet.
Key Highlights
- Fully occupied 11‑unit apartment building in east Fort Lauderdale
- Potential for individual condominium sales 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
1,920
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 1329 Northeast 5th Terrace Unit 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 condominium sales due to individual deeds; New roofs on all 3 buildings and impact windows/doors throughout**
