Occupied Duplex with Private
New
For Sale
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2301 NW 23RD Lane # 2 #1-2, Fort Lauderdale, FL 33311
Two two-bedroom units offer private backyards and separate utility metering.
Property Size1,232 SF
Price / SF$364.45
Days on Market6
Property Features for 2301 NW 23RD Lane # 2 #1-2
General Information
Standard status
Active
Size
1,232 SF
Property subtype
Multifamily
Zoning
RD-10
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Average Monthly Rent
$1,700
Amenities
tile floors
newer split AC units
washer and dryer
private backyards
Building Details
Year Built
1965
Units
2
Tenancy
Multi
Listing Agency:
Bex Realty, LLC
Listed By:
Ofir Rajoan · License #3361325
Source:
Crexi
Added: Aug 6
Changed: Aug 11
Last Checked: Aug 11 at 7:56AM
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 Bex Realty, LLC
Investment Insights
Based on property information with market context.
This duplex contains two 2-bedroom, 1-bathroom residences within 1,232 square feet. Both units have tile flooring, newer split AC systems, and in-unit washer and dryer equipment. Each residence also includes a private backyard, providing dedicated outdoor space for occupants.
The property is fully occupied and uses separate water and electric meters, with tenants responsible for all utilities. Built in 1965, the duplex is zoned RD-10 and is located at 2301 NW 23RD Lane in Fort Lauderdale, Florida.
The property is fully occupied and uses separate water and electric meters, with tenants responsible for all utilities. Built in 1965, the duplex is zoned RD-10 and is located at 2301 NW 23RD Lane in Fort Lauderdale, Florida.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- 1,232 SF duplex built in 1965
- Fully occupied property
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
$20,537
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
4.57%
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%
$410,740
$410.7K
Cap Rate 7%
$293,386
$293.4K
Cap Rate 9%
$228,189
$228.2K
Market Conditions
NOI Build-Up for 1,232 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
$31.0K $25.20/SF
− Vacancy
−$1.7K −$1.39/SF
EGI
$29.3K $23.81/SF
− OpEx
−$8.8K −$7.14/SF
NOI
$20.5K $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%
$410,740
Cap Rate 7%
$293,386
Cap Rate 9%
$228,189
Alternative Uses
Best Use
Multifamily LT 5
$293.4K
$256.7K – $342.3K
NOI $20,537 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$264.3K
$231.3K – $308.3K
NOI $18,500 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$827.9K
$724.4K – $965.9K
NOI $57,953 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
715
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two two-bedroom units offer private backyards and separate utility metering.
Where is this duplex located?
The property is located at 2301 NW 23RD Lane # 2 #1-2 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; 1,232 SF duplex built in 1965; Fully occupied property
