Two-Unit Residential
New
For Sale
$680,000
1515 NW 8TH Avenue, Fort Lauderdale, FL 33311
Both residences offer three bedrooms, 1.5 bathrooms, and separate yard areas.
Property Size2,480 SF
Price / SF$274.19
Days on Market4
Property Features for 1515 NW 8TH Avenue
General Information
Standard status
Active
Size
2,480 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
RDS-15
Occupancy
100%
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$7,802
Amenities
private yard spaces
Building Details
Building Size
2,480 SF
Year Built
1971
Buildings
1
Stories
1
Listing Agency:
Florida Elite Homes Inc.
Listed By:
Coryn Mock
(954) 395-9089
Source:
Laerrealty
Added: Sep 28
Last Checked: Oct 1 at 7:59AM
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 Florida Elite Homes Inc.
Investment Insights
Based on property information with market context.
Built in 1971, this duplex contains two residences, each with three bedrooms, 1.5 bathrooms, a kitchen, living space, and a private yard. The property totals 2,480 square feet and received a new roof in 2025. Each residence has two allocated parking spaces, and tenants pay their own utilities.
Leases run through August 2027. The property is in Fort Lauderdale’s South Middle River area, with access to Wilton Manors, Downtown Fort Lauderdale, and major highways. Zoning is RDS-15.
Leases run through August 2027. The property is in Fort Lauderdale’s South Middle River area, with access to Wilton Manors, Downtown Fort Lauderdale, and major highways. Zoning is RDS-15.
Key Highlights
- Two residences, each with 3 bedrooms and 1.5 bathrooms
- 2,480 square feet; built in 1971
- New roof installed in 2025
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
$41,341
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
6.08%
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%
$826,820
$826.8K
Cap Rate 7%
$590,586
$590.6K
Cap Rate 9%
$459,344
$459.3K
Market Conditions
NOI Build-Up for 2,480 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
$62.5K $25.20/SF
− Vacancy
−$3.4K −$1.39/SF
EGI
$59.1K $23.81/SF
− OpEx
−$17.7K −$7.14/SF
NOI
$41.3K $16.67/SF
Area
Fort Lauderdale, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$826,820
Cap Rate 7%
$590,586
Cap Rate 9%
$459,344
Alternative Uses
Best Use
Multifamily LT 5
$590.6K
$516.8K – $689.0K
NOI $41,341 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$532.0K
$465.5K – $620.7K
NOI $37,240 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$1.67M
$1.46M – $1.94M
NOI $116,659 @ 7.0% cap · market cap 17.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
970
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences offer three bedrooms, 1.5 bathrooms, and separate yard areas.
Where is this duplex located?
The property is located at 1515 NW 8TH Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $680,000.
What are key features of this property?
This property features: Two residences, each with 3 bedrooms and 1.5 bathrooms; 2,480 square feet; built in 1971; New roof installed in 2025
