Fourplex with Park
For Sale
$745,000
Pending
2216 NW 15th Ave, Fort Lauderdale, FL 33311
Residential Income, Fort Lauderdale, FL
Property Size2,612 SF
Days on Market50
Property Features for 2216 NW 15th Ave
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RML-25
Bedrooms
6
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2
Parking
4
Subdivision
FT LAUDERDALE ESTATES 1ST
Lot features
Sprinkler System, < 1/4 Acre
Standard status
Pending
APN
494228190340
Size
2,612 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
FT LAUDERDALE ESTATES 1ST ADD 80-28 B LOT 17 BLK 6
Tax Annual Amount
12754
Legal Description
FT LAUDERDALE ESTATES 1ST ADD 80-28 B LOT 17 BLK 6
Utilities
Heating system
Central
Cooling system
Central Air
Amenities
open kitchens with snack counters
in-unit washer/dryer
Building Details
Year built
1995
Flooring type
Tile
Building materials
Block
Roof type
Flat, Tile
Architectural style
Other
Listing Agency:
Keller Williams Eagle Realty · Keller Williams Realty
(305) 757-1700
Listed By:
Ana Waxman · License #3165926
(305) 450-6878
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 5 at 10:06AM
MLS# A11949222
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fourplex contains 2,612 square feet across four residential units and was built in 1995. Each unit offers a spacious layout with an open kitchen, snack counter, and in-unit washer and dryer. Separate meters serve the units. The property has block construction, tile flooring, central heating, and central air conditioning, and the roof was recently replaced.
Positioned on a corner lot at the end of a dead-end street, the property overlooks Millspond Park. The combination of four individual units, separate metering, and in-unit laundry creates a consistent configuration throughout the building.
Positioned on a corner lot at the end of a dead-end street, the property overlooks Millspond Park. The combination of four individual units, separate metering, and in-unit laundry creates a consistent configuration throughout the building.
Key Highlights
- 2,612‑square‑foot fourplex built in 1995
- Four units with separate utility meters
- Open kitchens with snack counters in every unit
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
$43,542
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
5.84%
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%
$870,840
$870.8K
Cap Rate 7%
$622,029
$622.0K
Cap Rate 9%
$483,800
$483.8K
Market Conditions
NOI Build-Up for 2,612 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
$65.8K $25.20/SF
− Vacancy
−$3.6K −$1.39/SF
EGI
$62.2K $23.81/SF
− OpEx
−$18.7K −$7.14/SF
NOI
$43.5K $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%
$870,840
Cap Rate 7%
$622,029
Cap Rate 9%
$483,800
Alternative Uses
Best Use
Multifamily LT 5
$622.0K
$544.3K – $725.7K
NOI $43,542 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$560.3K
$490.3K – $653.7K
NOI $39,223 @ 7.0% cap · market cap 5.26%
Theoretical Best
Office A
$1.76M
$1.54M – $2.05M
NOI $122,868 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
605
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four separately metered units feature open kitchens, snack counters, and in-unit laundry.
Where is this quadplex located?
The property is located at 2216 NW 15th Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $745,000.
What are key features of this property?
This property features: 2,612‑square‑foot fourplex built in 1995; Four units with separate utility meters; Open kitchens with snack counters in every unit
