6-Unit Apartment
For Sale
$1,325,000
Pending
1820 NE 56th Street # 6 Unit #1-6, Fort Lauderdale, FL 33308
RMM-25 zoning, refreshed systems, and shared laundry serve a multifamily property without HOA or rental restrictions.
Property Size4,588 SF
Days on Market55
Property Features for 1820 NE 56th Street # 6 Unit #1-6
General Information
Standard status
Pending
Size
4,588 SF
Total Parking Spaces
13
Property subtype
Quadruplex
Units
Unit Mix
2 x 2BR/1BA, 4 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,814
Amenities
coin-operated laundry room
Building Details
Building Size
4,588 SF
Year Built
1965
Buildings
1
Listing Agency:
Berkshire Hathaway Florida Rea
Listed By:
Ram Almog · License #3207875
(561) 981-9400
Source:
Relinkre
Added: Jul 27
Changed: Sep 18
Last Checked: Sep 18 at 12:04PM
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 Berkshire Hathaway Florida Rea
Investment Insights
Based on property information with market context.
This 6-unit apartment property at 1820 NE 56th Street in Fort Lauderdale contains two 2-bedroom/1-bath units and four 1-bedroom/1-bath units across 4,588 square feet. The building sits on a concrete corner lot with parking for up to 13 vehicles and includes a coin-operated laundry room. Constructed in 1965, the property has a roof installed in 2021, a new washer and dryer, and central air-conditioning systems that are mostly 1–4 years new.
The property is located in the Coral Ridge area and carries RMM-25 zoning. All 40/10-year recertifications have been completed. There is no HOA, and the property has no rental restrictions.
The property is located in the Coral Ridge area and carries RMM-25 zoning. All 40/10-year recertifications have been completed. There is no HOA, and the property has no rental restrictions.
Key Highlights
- Six‑unit layout with two 2/1 apartments and four 1/1 apartments
- 4,588 square feet on a concrete corner lot
- Parking for up to 13 vehicles
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
$68,895
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
5.20%
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%
$1,377,900
$1.4M
Cap Rate 7%
$984,214
$984.2K
Cap Rate 9%
$765,500
$765.5K
Market Conditions
NOI Build-Up for 4,588 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
$132.1K $28.80/SF
− Vacancy
−$6.9K −$1.50/SF
EGI
$125.3K $27.30/SF
− OpEx
−$56.4K −$12.29/SF
NOI
$68.9K $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%
$1,377,900
Cap Rate 7%
$984,214
Cap Rate 9%
$765,500
Alternative Uses
Best Use
Apartment 5plus
$984.2K
$861.2K – $1.15M
NOI $68,895 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.08M
$2.70M – $3.60M
NOI $215,820 @ 7.0% cap · market cap 16.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,272
Businesses Nearby
Explore this area
Business Placement
Demographics for 33308, FL
29,519
Population
23,230
Households
1.3
Avg Household Size
57
Median Age
56%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
6,417
Density / Sq Mi
$83,413
Median Household Income
$58,600
Median Earnings
$1,850
Median Rent
$536,900
Median Home Value
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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?
Apartment building - RMM-25 zoning, refreshed systems, and shared laundry serve a multifamily property without HOA or rental restrictions.
Where is this apartment building located?
The property is located at 1820 NE 56th Street # 6 Unit #1-6 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: Six‑unit layout with two 2/1 apartments and four 1/1 apartments; 4,588 square feet on a concrete corner lot; Parking for up to 13 vehicles
