Renovated Triplex Apartment
New
For Sale
$1,190,000
1640 NE 4th Place, Fort Lauderdale, FL 33301
Three-unit property with varied floor plans and recent upgrades to core building systems.
Property Size3,491 SF
Days on Market7
Property Features for 1640 NE 4th Place
General Information
Standard status
Active
Size
3,491 SF
Property subtype
Triplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/2BA, 1 x 3BR/3BA
Multifamily Units
3
Additional Details
Gross Income
$98,400
Taxes and HOA fees
Annual Taxes
$19,136
Building Details
Building Size
3,491 SF
Year Built
1971
Buildings
1
Listing Agency:
FlatFee.com
(954) 965-3990
Listed By:
Cliff Glansen · License #707077
Source:
Relinkre
Added: Aug 26
Changed: Aug 29
Last Checked: Aug 30 at 11:14PM
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 FlatFee.com
Investment Insights
Based on property information with market context.
This three-unit apartment building offers a 1/1, 2/2, and 3/3 configuration within a property built in 1971. Recent renovation work addressed the roof, HVAC, electrical, and plumbing systems, providing updated core infrastructure across the building.
The property is located within walking distance of Las Olas in Fort Lauderdale. Its location also supports licensed vacation rental use, offering flexibility between conventional residential leasing and short-term rental operations, subject to applicable licensing and regulations.
The property is located within walking distance of Las Olas in Fort Lauderdale. Its location also supports licensed vacation rental use, offering flexibility between conventional residential leasing and short-term rental operations, subject to applicable licensing and regulations.
Key Highlights
- Three‑unit apartment building with 1/1, 2/2, and 3/3 layouts
- Recent renovations include roof, HVAC, electrical, and plumbing systems
- Built in 1971
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
$58,194
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
4.89%
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%
$1,163,880
$1.2M
Cap Rate 7%
$831,343
$831.3K
Cap Rate 9%
$646,600
$646.6K
Market Conditions
NOI Build-Up for 3,491 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
$88.0K $25.20/SF
− Vacancy
−$4.8K −$1.39/SF
EGI
$83.1K $23.81/SF
− OpEx
−$24.9K −$7.14/SF
NOI
$58.2K $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%
$1,163,880
Cap Rate 7%
$831,343
Cap Rate 9%
$646,600
Alternative Uses
Best Use
Multifamily LT 5
$831.3K
$727.4K – $969.9K
NOI $58,194 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$748.9K
$655.3K – $873.7K
NOI $52,422 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,217 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,675
Businesses Nearby
Explore this area
Business Placement
Demographics for 33301, FL
19,109
Population
13,955
Households
1.4
Avg Household Size
42
Median Age
62%
College-Educated
96%
High-School Grad
2.5 sq mi
ZIP Area
7,644
Density / Sq Mi
$115,421
Median Household Income
$76,365
Median Earnings
$2,341
Median Rent
$751,600
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?
Triplex - Three-unit property with varied floor plans and recent upgrades to core building systems.
Where is this triplex located?
The property is located at 1640 NE 4th Place Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,190,000.
What are key features of this property?
This property features: Three‑unit apartment building with 1/1, 2/2, and 3/3 layouts; Recent renovations include roof, HVAC, electrical, and plumbing systems; Built in 1971
