Duplex with Fenced
New
For Sale
$1,100,000
1400 NE 23RD Street, Wilton Manors, FL 33305
Both residences offer two bedrooms and two baths, and furnishings are included in the sale.
Property Size1,938 SF
Days on Market4
Property Features for 1400 NE 23RD Street
General Information
Standard status
Active
Size
1,938 SF
Property subtype
Duplex
Taxes and HOA fees
Annual Taxes
$15,424
Building Details
Building Size
1,938 SF
Year Built
1964
Listing Agency:
Coldwell Banker Realty
Listed By:
James Burke · License #3409744
Source:
Relinkre
Added: Sep 28
Changed: Sep 30
Last Checked: Sep 30 at 3:33PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This renovated duplex contains two villa-style residences, each arranged with two bedrooms and two bathrooms. A private, fenced backyard serves the property, and the sale includes furnishings. The building dates to 1964.
The property is in Wilton Manors, a short walk from Wilton Drive and nearby restaurants, bars, coffee shops, a bowling alley, Publix, and CVS. The beach and downtown are each described as 3 miles away.
The property is in Wilton Manors, a short walk from Wilton Drive and nearby restaurants, bars, coffee shops, a bowling alley, Publix, and CVS. The beach and downtown are each described as 3 miles away.
Key Highlights
- Two residences, each with 2 bedrooms and 2 baths
- Renovated villa‑style duplex
- Private, fenced backyard
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
$32,306
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
2.94%
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%
$646,120
$646.1K
Cap Rate 7%
$461,514
$461.5K
Cap Rate 9%
$358,956
$359.0K
Market Conditions
NOI Build-Up for 1,938 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
$48.8K $25.20/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$46.2K $23.81/SF
− OpEx
−$13.8K −$7.14/SF
NOI
$32.3K $16.67/SF
Area
Broward County, 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%
$646,120
Cap Rate 7%
$461,514
Cap Rate 9%
$358,956
Alternative Uses
Best Use
Multifamily LT 5
$461.5K
$403.8K – $538.4K
NOI $32,306 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$425.8K
$372.6K – $496.8K
NOI $29,805 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$983.2K
$860.3K – $1.15M
NOI $68,826 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,037
Businesses Nearby
Explore this area
Business Placement
Demographics for 33305, FL
12,044
Population
8,285
Households
1.5
Avg Household Size
52
Median Age
54%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
5,475
Density / Sq Mi
$89,944
Median Household Income
$60,924
Median Earnings
$1,850
Median Rent
$558,200
Median Home Value
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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 two bedrooms and two baths, and furnishings are included in the sale.
Where is this duplex located?
The property is located at 1400 NE 23RD Street Wilton Manors, FL.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms and 2 baths; Renovated villa‑style duplex; Private, fenced backyard
