Remodeled 14-Unit Apartment
For Sale
$2,299,000
1301 Northeast 16th Terrace Unit 19 & 15, Fort Lauderdale, FL 33304
Three remodeled buildings feature equipped kitchens, central A/C, and on-site laundry facilities.
Property Size8,471 SF
Price / SF$271.40
Days on Market2283
Property Features for 1301 Northeast 16th Terrace Unit 19 & 15
General Information
Standard status
Active
Size
8,471 SF
Property subtype
Commercial/Industrial / Income/Multi Family
Taxes and HOA fees
Annual Taxes
$26,781
Building Details
Year Built
1949
Listing Agency:
Eastside Coast Properties LLC
Listed By:
Edgard Cuenca · License #3022890
(786) 942-1112
Source:
Compass
Added: Jun 5, 2020
Changed: Aug 31
Last Checked: Sep 1 at 11:54PM
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 Eastside Coast Properties LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises 14 units across three buildings at 1301, 1305, and 1309 NE 16th Terrace. The units have been remodeled and include full kitchens and central A/C. An on-site laundry facility serves residents and provides an additional property feature.
The property is located in Fort Lauderdale north of Sunrise Boulevard and west of US-1, with proximity to the Downtown Financial District, Port Everglades, Fort Lauderdale-Hollywood International Airport, The Galleria Mall, and area beaches. Occupancy is reported at 100%. An assumable loan is also available, subject to its terms.
The property is located in Fort Lauderdale north of Sunrise Boulevard and west of US-1, with proximity to the Downtown Financial District, Port Everglades, Fort Lauderdale-Hollywood International Airport, The Galleria Mall, and area beaches. Occupancy is reported at 100%. An assumable loan is also available, subject to its terms.
Key Highlights
- 14 units arranged across 3 buildings
- Remodeled units with full kitchens and central A/C
- On‑site laundry facility for tenant use
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
$127,203
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
5.53%
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%
$2,544,060
$2.5M
Cap Rate 7%
$1,817,186
$1.8M
Cap Rate 9%
$1,413,367
$1.4M
Market Conditions
NOI Build-Up for 8,471 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
$244.0K $28.80/SF
− Vacancy
−$12.7K −$1.50/SF
EGI
$231.3K $27.30/SF
− OpEx
−$104.1K −$12.29/SF
NOI
$127.2K $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%
$2,544,060
Cap Rate 7%
$1,817,186
Cap Rate 9%
$1,413,367
Alternative Uses
Best Use
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,203 @ 7.0% cap · market cap 5.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.69M
$4.98M – $6.64M
NOI $398,476 @ 7.0% cap · market cap 17.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,441
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Three remodeled buildings feature equipped kitchens, central A/C, and on-site laundry facilities.
Where is this apartment building located?
The property is located at 1301 Northeast 16th Terrace Unit 19 & 15 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,299,000.
What are key features of this property?
This property features: 14 units arranged across 3 buildings; Remodeled units with full kitchens and central A/C; On‑site laundry facility for tenant use
