Two-Unit Duplex Income
For Sale
Contact for pricing
1840 SW 24th Street # 2 #1-2, Fort Lauderdale, FL 33315
Well-located duplex with two 2-bedroom, 2-bath units suited for long- or short-term rental strategies.
Property Size1,912 SF
Price / SF$417.89
Days on Market210
Property Features for 1840 SW 24th Street # 2 #1-2
General Information
Standard status
Active
Size
1,912 SF
Property subtype
Multifamily
Additional Details
Business Included
Yes
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1972
Tenancy
Multi
Listing Agency:
LoKation
Listed By:
Yvonne Plass · License #3402236
Source:
Crexi
Added: Jan 9
Changed: Jul 10
Last Checked: Aug 6 at 7:32AM
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 LoKation
Investment Insights
Based on property information with market context.
This well-located duplex features two separate units in a twin-duplex configuration, with each unit offering 2 bedrooms and 2 bathrooms. The property is available as part of a twin-duplex package, with both properties offered for sale. Subject to an agreed offer, the property may be sold fully furnished as shown, supporting an immediate operational setup.
The property benefits from convenient access to major transportation routes, including proximity to I-595 and I-95. It is positioned for straightforward travel to Fort Lauderdale-Hollywood International Airport, Port Everglades, major marinas, hospitals, and employment centers.
With two well-proportioned rental units, this duplex can fit a range of investor and operator needs, including short-term or mid-term rental use for traveling groups and professionals such as cruise passengers and crew, yacht staff, and airport and hospital professionals. The seller notes strong rental demand in the area, and the property is presented as a turnkey option. Pricing is per individual multifamily property; the companion listing contains additional information on the twin-duplex package.
The property benefits from convenient access to major transportation routes, including proximity to I-595 and I-95. It is positioned for straightforward travel to Fort Lauderdale-Hollywood International Airport, Port Everglades, major marinas, hospitals, and employment centers.
With two well-proportioned rental units, this duplex can fit a range of investor and operator needs, including short-term or mid-term rental use for traveling groups and professionals such as cruise passengers and crew, yacht staff, and airport and hospital professionals. The seller notes strong rental demand in the area, and the property is presented as a turnkey option. Pricing is per individual multifamily property; the companion listing contains additional information on the twin-duplex package.
Key Highlights
- Duplex built in 1972 with 2 units total
- Each unit features 2 bedrooms and 2 bathrooms
- Part of a twin‑duplex package; both properties available for sale
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
$31,873
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
3.99%
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%
$637,460
$637.5K
Cap Rate 7%
$455,329
$455.3K
Cap Rate 9%
$354,144
$354.1K
Market Conditions
NOI Build-Up for 1,912 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
$48.2K $25.20/SF
− Vacancy
−$2.7K −$1.39/SF
EGI
$45.5K $23.81/SF
− OpEx
−$13.7K −$7.14/SF
NOI
$31.9K $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%
$637,460
Cap Rate 7%
$455,329
Cap Rate 9%
$354,144
Alternative Uses
Best Use
Multifamily LT 5
$455.3K
$398.4K – $531.2K
NOI $31,873 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$410.2K
$358.9K – $478.5K
NOI $28,711 @ 7.0% cap · market cap 3.59%
Theoretical Best
Office A
$1.28M
$1.12M – $1.50M
NOI $89,940 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
963
Businesses Nearby
Explore this area
Business Placement
Demographics for 33315, FL
13,555
Population
6,991
Households
1.9
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
5.3 sq mi
ZIP Area
2,558
Density / Sq Mi
$90,760
Median Household Income
$43,815
Median Earnings
$1,789
Median Rent
$492,400
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 - Well-located duplex with two 2-bedroom, 2-bath units suited for long- or short-term rental strategies.
Where is this duplex located?
The property is located at 1840 SW 24th Street # 2 #1-2 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Duplex built in 1972 with 2 units total; Each unit features 2 bedrooms and 2 bathrooms; Part of a twin‑duplex package; both properties available for sale
