Renovated 3-Unit
For Sale
$1,200,000
1600 NE 56th Street, Fort Lauderdale, FL 33334
All residences are occupied and feature refreshed interiors, impact windows, and generous living areas.
Property Size2,899 SF
Price / SF$413.94
Days on Market13
Property Features for 1600 NE 56th Street
General Information
Standard status
Active
Size
2,899 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$16,176
Building Details
Building Size
2,899 SF
Year Built
1962
Listing Agency:
Grant and Associates Real Estate INC
Listed By:
Kenneth E Grant · License #3379095
(786) 489-6069
Source:
Pamandtoni
Added: Sep 1
Changed: Sep 13
Last Checked: Sep 13 at 1:37PM
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 Grant and Associates Real Estate INC
Investment Insights
Based on property information with market context.
This Fort Lauderdale triplex contains three residences with a 3-bedroom/2-bath unit, a 2-bedroom/1-bath unit, and a 1-bedroom/1-bath unit. The property includes updated interior finishes, impact windows, and spacious living areas throughout. Built in 1962, the building offers a clearly defined three-unit configuration for multifamily ownership.
All three residences are currently occupied. The property is located at 1600 NE 56th Street in Fort Lauderdale, Florida, with the address identified as 33334. Tenant access is subject to scheduled showings by appointment.
All three residences are currently occupied. The property is located at 1600 NE 56th Street in Fort Lauderdale, Florida, with the address identified as 33334. Tenant access is subject to scheduled showings by appointment.
Key Highlights
- Three‑unit configuration with 3‑bedroom/2‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath residences
- All three units are currently occupied
- Impact windows across the property
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
$48,326
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
4.03%
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%
$966,520
$966.5K
Cap Rate 7%
$690,371
$690.4K
Cap Rate 9%
$536,956
$537.0K
Market Conditions
NOI Build-Up for 2,899 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
$73.1K $25.20/SF
− Vacancy
−$4.0K −$1.39/SF
EGI
$69.0K $23.81/SF
− OpEx
−$20.7K −$7.14/SF
NOI
$48.3K $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%
$966,520
Cap Rate 7%
$690,371
Cap Rate 9%
$536,956
Alternative Uses
Best Use
Multifamily LT 5
$690.4K
$604.1K – $805.4K
NOI $48,326 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$621.9K
$544.2K – $725.5K
NOI $43,532 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$1.95M
$1.70M – $2.27M
NOI $136,369 @ 7.0% cap · market cap 11.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,016
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - All residences are occupied and feature refreshed interiors, impact windows, and generous living areas.
Where is this triplex located?
The property is located at 1600 NE 56th Street Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom/2‑bath, 2‑bedroom/1‑bath, and 1‑bedroom/1‑bath residences; All three units are currently occupied; Impact windows across the property
