Updated Duplex with Private
For Sale
$465,000
1515 Northwest 2nd Avenue, Fort Lauderdale, FL 33311
Fully leased two-unit property with separate electric meters, individual laundry, and outdoor space for each residence.
Property Size1,523 SF
Price / SF$305.32
Days on Market177
Property Features for 1515 Northwest 2nd Avenue
General Information
Standard status
Active
Size
1,523 SF
Property subtype
Multi-Family Income / Duplex
Occupancy
100%
Financials
Cap Rate
4.88%
Gross Income
$43,200
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,912
Amenities
washer/dryer
water heater
private electric meter
spacious backyard
Building Details
Year Built
1963
Buildings
1
Tenancy
Multi
Listing Agency:
Related General Realty, LLC.
Listed By:
Carlos Pulido · License #3145441
(305) 932-6365
Source:
Compass
Added: Mar 13
Changed: Sep 5
Last Checked: Sep 5 at 2:26PM
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 Related General Realty, LLC.
Investment Insights
Based on property information with market context.
Built in 1963, this 1,523-square-foot duplex is fully leased and arranged for separate residential occupancy. Each unit includes its own washer and dryer, water heater, private electric meter, and spacious backyard. The property also features PVC plumbing, no cast-iron piping, no cloth wiring, and newer appliances.
The address is minutes from Wilton Manors, Las Olas, Fort Lauderdale Beach, Sistrunk Marketplace, Flagler Village, Publix, and Home Depot. Long-term residents are in place under active leases, providing an existing rental setup for the next owner.
The address is minutes from Wilton Manors, Las Olas, Fort Lauderdale Beach, Sistrunk Marketplace, Flagler Village, Publix, and Home Depot. Long-term residents are in place under active leases, providing an existing rental setup for the next owner.
Key Highlights
- 1,523‑square‑foot duplex built in 1963
- Fully leased with long‑term residents and active leases
- Each unit has a private electric meter, water heater, and washer/dryer
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
$25,388
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
5.46%
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%
$507,760
$507.8K
Cap Rate 7%
$362,686
$362.7K
Cap Rate 9%
$282,089
$282.1K
Market Conditions
NOI Build-Up for 1,523 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
$38.4K $25.20/SF
− Vacancy
−$2.1K −$1.39/SF
EGI
$36.3K $23.81/SF
− OpEx
−$10.9K −$7.14/SF
NOI
$25.4K $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%
$507,760
Cap Rate 7%
$362,686
Cap Rate 9%
$282,089
Alternative Uses
Best Use
Multifamily LT 5
$362.7K
$317.4K – $423.1K
NOI $25,388 @ 7.0% cap · market cap 5.46%
Second Best
Apartment 5plus
$326.7K
$285.9K – $381.2K
NOI $22,870 @ 7.0% cap · market cap 4.92%
Theoretical Best
Office A
$1.02M
$895.5K – $1.19M
NOI $71,642 @ 7.0% cap · market cap 15.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,559
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased two-unit property with separate electric meters, individual laundry, and outdoor space for each residence.
Where is this duplex located?
The property is located at 1515 Northwest 2nd Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: 1,523‑square‑foot duplex built in 1963; Fully leased with long‑term residents and active leases; Each unit has a private electric meter, water heater, and washer/dryer
