Furnished Apartment Buildings with
For Sale
$2,235,000
615 & 617 NE 9th Avenue, Fort Lauderdale, FL 33304
Gated multifamily property with furnished units, renovated kitchens, courtyards, laundry facilities, and a heated pool.
Property Size4,655 SF
Price / SF$480.13
Days on Market66
Property Features for 615 & 617 NE 9th Avenue
General Information
Standard status
Active
Size
4,655 SF
Total Parking Spaces
9
Property subtype
Residential Income
Zoning
RMM-25
Taxes and HOA fees
Annual Taxes
$42,523
Building Details
Building Size
4,655 SF
Year Built
1957
Stories
1
Listing Agency:
Coastal Preferred Properties L
Listed By:
Margaret E King · License #679100
(954) 614-4599
Source:
Laerrealty
Added: Jul 1
Changed: Sep 3
Last Checked: Aug 31 at 12:52PM
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 Coastal Preferred Properties L
Investment Insights
Based on property information with market context.
This multifamily offering comprises two income-producing apartment buildings with 10 bedrooms and 7 bathrooms across 5+ units. The residences are furnished and rented, with renovated kitchens equipped with stainless steel appliances. Impact-resistant windows and doors are included, and one building has a brand-new roof. The property was built in 1957 and is zoned RMM-25.
The fully gated grounds include landscaped courtyards, a grill area, exterior lighting, and a heated pool. Additional improvements include 9 parking spaces, 2 laundry rooms, and a Tesla charger. The property is located at 615 & 617 NE 9th Avenue in Fort Lauderdale, near Holiday Park Tennis, Panthers Iceplex, Las Olas shops, and the beach.
The fully gated grounds include landscaped courtyards, a grill area, exterior lighting, and a heated pool. Additional improvements include 9 parking spaces, 2 laundry rooms, and a Tesla charger. The property is located at 615 & 617 NE 9th Avenue in Fort Lauderdale, near Holiday Park Tennis, Panthers Iceplex, Las Olas shops, and the beach.
Key Highlights
- Two income‑producing apartment buildings with 5+ units, 10BR/7BA, and 9 parking spaces
- Furnished units with renovated kitchens and stainless appliances
- Brand‑new roof installed on one building
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
$69,901
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
3.13%
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%
$1,398,020
$1.4M
Cap Rate 7%
$998,586
$998.6K
Cap Rate 9%
$776,678
$776.7K
Market Conditions
NOI Build-Up for 4,655 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
$134.1K $28.80/SF
− Vacancy
−$7.0K −$1.50/SF
EGI
$127.1K $27.30/SF
− OpEx
−$57.2K −$12.29/SF
NOI
$69.9K $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%
$1,398,020
Cap Rate 7%
$998,586
Cap Rate 9%
$776,678
Alternative Uses
Best Use
Apartment 5plus
$998.6K
$873.8K – $1.17M
NOI $69,901 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $218,971 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,139
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 - Gated multifamily property with furnished units, renovated kitchens, courtyards, laundry facilities, and a heated pool.
Where is this apartment building located?
The property is located at 615 & 617 NE 9th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,235,000.
What are key features of this property?
This property features: Two income‑producing apartment buildings with 5+ units, 10BR/7BA, and 9 parking spaces; Furnished units with renovated kitchens and stainless appliances; Brand‑new roof installed on one building
