8-Unit Garden-Style Apartment
New
For Sale
$1,875,000
1520 NE 56th St, Fort Lauderdale, FL 33334
Most residences have updated kitchens, flooring, and bathroom fixtures.
Property Size4,879 SF
Days on Market2
Property Features for 1520 NE 56th St
General Information
Standard status
Active
Size
4,879 SF
Property subtype
Multifamily
Amenities
8-unit garden-style apartment community in Fort Lauderdale's Coral Ridge Isles neighborhood
75% of units fully renovated with new flooring, granite countertops, and stainless-steel appliances
High-impact windows and mini-split A/C installed 2021–2024
Seller financing available (60% LTV, 7% IO, 3-year term, no windstorm insurance required)
Individually metered electric; tenants responsible for electric and internet
Durable concrete block construction and municipal water/sewer service
Building Details
Building Size
4,879 SF
Units
8
Listing Agency:
Fort Lauderdale Office
Listed By:
Austin Michels · License #License(s): FL: SL3510497
(954) 245-3439
Source:
Marcusmillichap
Added: Sep 30
Changed: Oct 1
Last Checked: Oct 1 at 7:54AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Built in 1965, this two-story apartment property contains eight one-bedroom, one-bathroom units averaging 610 square feet each, with 4,880 square feet of total rentable area. The concrete block building occupies a 0.18-acre site. Six residences have renovated flooring, granite kitchen counters, stainless-steel appliances, and refreshed bathroom fixtures. High-impact windows were installed from 2021 through 2024.
The property is at 1520 NE 56th Street in Fort Lauderdale, Florida. Municipal water and sewer serve the building. Electric service is individually metered through FPL, and Universal Waste provides trash removal. The reported unit mix is consistent across all eight apartments.
The property is at 1520 NE 56th Street in Fort Lauderdale, Florida. Municipal water and sewer serve the building. Electric service is individually metered through FPL, and Universal Waste provides trash removal. The reported unit mix is consistent across all eight apartments.
Key Highlights
- Eight one‑bedroom, one‑bathroom apartments averaging 610 square feet
- 4,880 total rentable square feet on a 0.18‑acre site
- Six units (75%) feature renovated flooring, granite counters, stainless‑steel appliances, and updated bathroom fixtures
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
$73,265
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
3.91%
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%
$1,465,300
$1.5M
Cap Rate 7%
$1,046,643
$1.0M
Cap Rate 9%
$814,056
$814.1K
Market Conditions
NOI Build-Up for 4,879 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
$140.5K $28.80/SF
− Vacancy
−$7.3K −$1.50/SF
EGI
$133.2K $27.30/SF
− OpEx
−$59.9K −$12.29/SF
NOI
$73.3K $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%
$1,465,300
Cap Rate 7%
$1,046,643
Cap Rate 9%
$814,056
Alternative Uses
Best Use
Apartment 5plus
$1.05M
$915.8K – $1.22M
NOI $73,265 @ 7.0% cap · market cap 3.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.28M
$2.87M – $3.83M
NOI $229,508 @ 7.0% cap · market cap 12.24%
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
2,016
Businesses Nearby
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Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
Median Home Value
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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?
Apartment building - Most residences have updated kitchens, flooring, and bathroom fixtures.
Where is this apartment building located?
The property is located at 1520 NE 56th St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: Eight one‑bedroom, one‑bathroom apartments averaging 610 square feet; 4,880 total rentable square feet on a 0.18‑acre site; Six units (75%) feature renovated flooring, granite counters, stainless‑steel appliances, and updated bathroom fixtures
