Three-Unit Multifamily
For Sale
$598,000
224 SW 14th Street, Dania Beach, FL 33004
Original three-unit layout with voucher-supported tenancy and convenient access to Dania Beach amenities.
Property Size1,328 SF
Price / SF$450.30
Days on Market51
Property Features for 224 SW 14th Street
General Information
Standard status
Active
Size
1,328 SF
Property subtype
Triplex
Building Details
Year Built
1959
Listing Agency:
Barnes International Realty, LLC
(305) 361-2233
Listed By:
Damien Rispoli · License #3636865
(754) 328-8218
Source:
Lehmannflorida
Added: Jul 31
Changed: Sep 18
Last Checked: Sep 19 at 9:44AM
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 Barnes International Realty, LLC
Investment Insights
Based on property information with market context.
This three-unit multifamily property, built in 1959, includes two 2/1 residences and one 3/1 residence. The units retain their original configuration and require TLC, presenting a property with existing improvements and a clearly defined unit mix. Most rents are supported by Broward housing vouchers, providing an established rental structure without relying solely on conventional tenancy.
The property is west of US-1 in Dania Beach, with beaches, shopping, and dining destinations located minutes away. WalkScore is 56, BikeScore is 47, and TransitScore is 35, reflecting somewhat walkable and bikeable surroundings with some transit service. The property may also be packaged with the adjacent triplex at 230 SW 14th St.
The property is west of US-1 in Dania Beach, with beaches, shopping, and dining destinations located minutes away. WalkScore is 56, BikeScore is 47, and TransitScore is 35, reflecting somewhat walkable and bikeable surroundings with some transit service. The property may also be packaged with the adjacent triplex at 230 SW 14th St.
Key Highlights
- Three‑unit configuration with two 2/1 residences and one 3/1 residence
- Built in 1959 with original unit layouts
- Most rents supported by Broward housing vouchers
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
$22,137
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
3.70%
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%
$442,740
$442.7K
Cap Rate 7%
$316,243
$316.2K
Cap Rate 9%
$245,967
$246.0K
Market Conditions
NOI Build-Up for 1,328 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
$33.5K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$31.6K $23.81/SF
− OpEx
−$9.5K −$7.14/SF
NOI
$22.1K $16.67/SF
Area
Broward County, 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%
$442,740
Cap Rate 7%
$316,243
Cap Rate 9%
$245,967
Alternative Uses
Best Use
Multifamily LT 5
$316.2K
$276.7K – $369.0K
NOI $22,137 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$291.8K
$255.3K – $340.4K
NOI $20,424 @ 7.0% cap · market cap 3.42%
Theoretical Best
Office A
$673.8K
$589.5K – $786.1K
NOI $47,163 @ 7.0% cap · market cap 7.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,243
Businesses Nearby
Explore this area
Business Placement
Demographics for 33004, FL
16,162
Population
9,427
Households
1.7
Avg Household Size
45
Median Age
34%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
2,377
Density / Sq Mi
$50,783
Median Household Income
$41,540
Median Earnings
$1,616
Median Rent
$336,200
Median Home Value
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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 - Original three-unit layout with voucher-supported tenancy and convenient access to Dania Beach amenities.
Where is this triplex located?
The property is located at 224 SW 14th Street Dania Beach, FL.
What is the asking price?
The asking price for this property is $598,000.
What are key features of this property?
This property features: Three‑unit configuration with two 2/1 residences and one 3/1 residence; Built in 1959 with original unit layouts; Most rents supported by Broward housing vouchers
