Legal 8-Plex with
For Sale
$1,649,000
Pending
1415 Southwest 1st Street Unit 18, Fort Lauderdale, FL 33312
Legal 8-plex includes a detached 3/1 home, seven 1/1 units, on-site laundry, and plenty of parking.
Property Size4,910 SF
Days on Market165
Property Features for 1415 Southwest 1st Street Unit 18
General Information
Standard status
Pending
Size
4,910 SF
Property subtype
Commercial Sale / Multi Family
Zoning
RML-25
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$26,091
Amenities
on-site laundry facility
electrical individually metered units
Wall/Window Unit(s)
Window/Wall
1.0
Tile, Vinyl
1
2
Building, Land
Block, CBS, Frame
Shingle
No
Building Details
Year Built
1975
Tenancy
Multi
Listing Agency:
Canvas Real Estate
(954) 297-4884
Listed By:
Jamie Deal · License #3271017
(954) 297-4884
Source:
Compass
Added: Feb 26
Changed: Aug 8
Last Checked: Jul 24 at 12:11PM
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 Canvas Real Estate
Investment Insights
Based on property information with market context.
This legal 8-plex investment property includes a detached 3-bedroom, 1-bath home plus seven 1-bedroom, 1-bath apartments. The offering includes four fully furnished vacation rental units and four long-term rental units, with electrical individually metered for the units. An on-site laundry facility supports resident needs, and the property has plenty of parking on site.
The property is zoned RML-25, which may provide development potential. Located in Sailboat Bend in downtown Fort Lauderdale, it is positioned for convenient access to Las Olas Blvd, restaurants, nightlife, the beach, FLL airport, the cruise port, and public transportation.
The property is zoned RML-25, which may provide development potential. Located in Sailboat Bend in downtown Fort Lauderdale, it is positioned for convenient access to Las Olas Blvd, restaurants, nightlife, the beach, FLL airport, the cruise port, and public transportation.
Key Highlights
- Legal 8‑plex with 2 total stories: detached 3 bed/1 bath home plus seven 1 bed/1 bath apartments
- Four fully furnished vacation rental units and four long‑term units
- On‑site laundry facility and plenty of parking
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
$73,730
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
4.47%
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%
$1,474,600
$1.5M
Cap Rate 7%
$1,053,286
$1.1M
Cap Rate 9%
$819,222
$819.2K
Market Conditions
NOI Build-Up for 4,910 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
$141.4K $28.80/SF
− Vacancy
−$7.4K −$1.50/SF
EGI
$134.1K $27.30/SF
− OpEx
−$60.3K −$12.29/SF
NOI
$73.7K $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%
$1,474,600
Cap Rate 7%
$1,053,286
Cap Rate 9%
$819,222
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$921.6K – $1.23M
NOI $73,730 @ 7.0% cap · market cap 4.47%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.30M
$2.89M – $3.85M
NOI $230,966 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 33312, FL
51,570
Population
21,332
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
86%
High-School Grad
11.1 sq mi
ZIP Area
4,646
Density / Sq Mi
$77,644
Median Household Income
$39,333
Median Earnings
$1,566
Median Rent
$397,800
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 - Legal 8-plex includes a detached 3/1 home, seven 1/1 units, on-site laundry, and plenty of parking.
Where is this apartment building located?
The property is located at 1415 Southwest 1st Street Unit 18 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Legal 8‑plex with 2 total stories: detached 3 bed/1 bath home plus seven 1 bed/1 bath apartments; Four fully furnished vacation rental units and four long‑term units; On‑site laundry facility and plenty of parking
