Renovated 6-Unit Apartment
For Sale
$1,500,000
824 Northeast 4th Street Unit 16, Fort Lauderdale, FL 33301
Updated multifamily property with refreshed interiors, impact-rated openings, private patios, and two laundry rooms.
Property Size2,903 SF
Price / SF$516.71
Days on Market753
Property Features for 824 Northeast 4th Street Unit 16
General Information
Standard status
Active
Size
2,903 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Occupancy
100%
Units
Unit Mix
5 x 1BR/1BA, 1 x Efficiency
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$17,644
Amenities
laundry rooms
private patios
Building Details
Year Built
1960
Buildings
1
Tenancy
Multi
Listing Agency:
Galleria International Realty
Listed By:
Karin Benyamin · License #3158314
(954) 229-2222
Source:
Compass
Added: Aug 12, 2024
Changed: Sep 2
Last Checked: Sep 1 at 11:49PM
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 Galleria International Realty
Investment Insights
Based on property information with market context.
This 6-unit apartment property in Fort Lauderdale’s Victoria Park neighborhood has undergone extensive renovation. The unit mix includes five one-bedroom/one-bath residences and one efficiency. Improvements include new kitchens, new bathrooms, a new roof, impact windows and doors, two laundry rooms, and two units with large private patios. The property measures 2,903 square feet and was built in 1960.
The building is located at 824 Northeast 4th Street, Unit 16, within walking distance of downtown Fort Lauderdale, Las Olas, and Fort Lauderdale Beach. Restaurants, nightlife, museums, waterways, and shopping are also identified in the surrounding area. The property is currently occupied by annual tenants and is described as ready for Airbnb and short-term vacation rental use.
The building is located at 824 Northeast 4th Street, Unit 16, within walking distance of downtown Fort Lauderdale, Las Olas, and Fort Lauderdale Beach. Restaurants, nightlife, museums, waterways, and shopping are also identified in the surrounding area. The property is currently occupied by annual tenants and is described as ready for Airbnb and short-term vacation rental use.
Key Highlights
- 6‑unit building with five 1/1s and one efficiency
- 2,903‑square‑foot property built in 1960
- Renovated kitchens, bathrooms, roof, impact windows, and impact doors
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
$43,592
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
2.91%
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%
$871,840
$871.8K
Cap Rate 7%
$622,743
$622.7K
Cap Rate 9%
$484,356
$484.4K
Market Conditions
NOI Build-Up for 2,903 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
$83.6K $28.80/SF
− Vacancy
−$4.3K −$1.50/SF
EGI
$79.3K $27.30/SF
− OpEx
−$35.7K −$12.29/SF
NOI
$43.6K $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%
$871,840
Cap Rate 7%
$622,743
Cap Rate 9%
$484,356
Alternative Uses
Best Use
Apartment 5plus
$622.7K
$544.9K – $726.5K
NOI $43,592 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,557 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
8,429
Businesses Nearby
Explore this area
Business Placement
Demographics for 33301, FL
19,109
Population
13,955
Households
1.4
Avg Household Size
42
Median Age
62%
College-Educated
96%
High-School Grad
2.5 sq mi
ZIP Area
7,644
Density / Sq Mi
$115,421
Median Household Income
$76,365
Median Earnings
$2,341
Median Rent
$751,600
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 - Updated multifamily property with refreshed interiors, impact-rated openings, private patios, and two laundry rooms.
Where is this apartment building located?
The property is located at 824 Northeast 4th Street Unit 16 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 6‑unit building with five 1/1s and one efficiency; 2,903‑square‑foot property built in 1960; Renovated kitchens, bathrooms, roof, impact windows, and impact doors
