Duplex with Private
For Sale
$465,000
1515 NW 2nd Ave, Fort Lauderdale, FL 33311
Residential Income, Fort Lauderdale, FL
Property Size1,523 SF
Price / SF$305.32
Days on Market43
Property Features for 1515 NW 2nd Ave
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
RDS-15
Bedrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3
Parking
3
Patio and Porch features
Patio
Exterior features
Patio
Subdivision
PROGRESSO
Lot features
< 1/4 Acre
Directions
Take I-95 to Sunrise Blvd and head east. Turn left (north) on NW 9th Ave (Powerline Rd), then right on NW 15th St. Turn left on NW 2nd Ave. Property is on the left side.
Standard status
Active
APN
494234016370
Size
1,523 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
PROGRESSO 2-18 D LOT 9 BLK 32
Tax Annual Amount
9912
Legal Description
PROGRESSO 2-18 D LOT 9 BLK 32
Utilities
Utilities
Cable Available
Cooling system
Wall/Window Unit(s), Window Unit(s), Ceiling Fan(s)
Amenities
washer/dryer
backyard
Building Details
Year built
1963
Floors in Building
1
Flooring type
Terrazzo
Building materials
Block
Roof type
Shingle
Listing Agency:
Related General Realty, LLC.
(305) 932-6365
Listed By:
Carlos Jose Pulido · License #3317675
(305) 333-5859
Added: Jul 18
Changed: Aug 26
Last Checked: Aug 29 at 5:06PM
MLS# A12051695
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1963, this 1,523-square-foot block duplex contains two rented units with active leases. Each side includes a washer and dryer, individual water heater, private electric meter, and backyard space, providing distinct utility and outdoor areas for occupants. The property also features terrazzo flooring, shingle roofing, patio space, window and wall/window cooling units, and ceiling fans. Recent improvements include PVC plumbing, with no cast-iron plumbing or cloth wiring, along with newer appliances.
The property is located in Fort Lauderdale near Wilton Manors and within minutes of Las Olas, Fort Lauderdale Beach, Sistrunk Marketplace, Flagler Village, Publix, and Home Depot. Cable service is available, and both units are currently occupied by long-term tenants.
The property is located in Fort Lauderdale near Wilton Manors and within minutes of Las Olas, Fort Lauderdale Beach, Sistrunk Marketplace, Flagler Village, Publix, and Home Depot. Cable service is available, and both units are currently occupied by long-term tenants.
Key Highlights
- Two‑unit duplex with 1,523 square feet, built in 1963
- Each unit has a private electric meter and individual water heater
- Both units include a washer and dryer plus spacious backyard space
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 - Two separately metered units offer private outdoor space, in-unit laundry, and active leases.
Where is this duplex located?
The property is located at 1515 NW 2nd Ave 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: Two‑unit duplex with 1,523 square feet, built in 1963; Each unit has a private electric meter and individual water heater; Both units include a washer and dryer plus spacious backyard space
