Four-Unit Residential Income
For Sale
Contact for pricing
1405 NE 5th Terrace, Fort Lauderdale, FL 33304
Four units on an RM-15 lot, offered as part of a required two-property assemblage for redevelopment.
Property Size2,106 SF
Lot Size0.16 Acres
Price / SF$403.13
Days on Market129
Property Features for 1405 NE 5th Terrace
General Information
Standard status
Active
Size
2,106 SF
Lot size
0.16 Acres
Property subtype
Multifamily
Zoning
RM-15
Additional Details
Multifamily Units
4
Building Details
Year Built
1949
Units
4
Listing Agency:
Homeinc Realty LLC
(954) 648-8266
Listed By:
Peter Cacciatore · License #3460955
Source:
Crexi
Added: Apr 8
Changed: Aug 8
Last Checked: Jul 21 at 1:00PM
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 Homeinc Realty LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property consists of two 1-bedroom, 1-bath apartments and two studio units. The building totals 2,106 square feet, situated on a 6,760 square foot lot designated RM-15.
The property is located in the heart of Middle River Terrace and is being sold as part of a package. Purchase is required together with the adjacent property at 1409 NE 5th Ter, creating a combined assemblage that the seller states can unlock development potential.
For buyers, this configuration supports a straightforward income strategy with a mix of studios and 1-bedroom units, while also offering an option for those looking to plan beyond the existing improvements. The RM-15 zoning designation and the required assemblage purchase are key factors for investors and developers evaluating redevelopment options with the two parcels working together.
The property is located in the heart of Middle River Terrace and is being sold as part of a package. Purchase is required together with the adjacent property at 1409 NE 5th Ter, creating a combined assemblage that the seller states can unlock development potential.
For buyers, this configuration supports a straightforward income strategy with a mix of studios and 1-bedroom units, while also offering an option for those looking to plan beyond the existing improvements. The RM-15 zoning designation and the required assemblage purchase are key factors for investors and developers evaluating redevelopment options with the two parcels working together.
Key Highlights
- 4‑unit income property built in 1949
- Unit mix: two 1‑bed/1‑bath units plus two studio units
- Building size: 2,106 SF on a 6,760 SF RM‑15 zoned lot
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
$35,107
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
4.14%
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%
$702,140
$702.1K
Cap Rate 7%
$501,529
$501.5K
Cap Rate 9%
$390,078
$390.1K
Market Conditions
NOI Build-Up for 2,106 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
$53.1K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$50.2K $23.81/SF
− OpEx
−$15.0K −$7.14/SF
NOI
$35.1K $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%
$702,140
Cap Rate 7%
$501,529
Cap Rate 9%
$390,078
Alternative Uses
Best Use
Multifamily LT 5
$501.5K
$438.8K – $585.1K
NOI $35,107 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$451.8K
$395.3K – $527.1K
NOI $31,624 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,066 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,906
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?
Quadplex - Four units on an RM-15 lot, offered as part of a required two-property assemblage for redevelopment.
Where is this quadplex located?
The property is located at 1405 NE 5th Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $848,990.
What are key features of this property?
This property features: 4‑unit income property built in 1949; Unit mix: two 1‑bed/1‑bath units plus two studio units; Building size: 2,106 SF on a 6,760 SF RM‑15 zoned lot
