Duplex with Covered
For Sale
Contact for pricing
2318 N Ocean Boulevard, Fort Lauderdale, FL 33305
Two-unit duplex near the ocean and Intracoastal Waterway, with outdoor patios for flexible tenant use.
Property Size2,655 SF
Price / SF$451.98
Days on Market69
Property Features for 2318 N Ocean Boulevard
General Information
Standard status
Active
Size
2,655 SF
Property subtype
Multifamily
Zoning
RS-8
Building Details
Year Built
1952
Units
2
Tenancy
Multi
Listing Agency:
Balistreri Real Estate Inc
(754) 235-7012
Listed By:
Diana Fairbanks · License #3165158
Source:
Crexi
Added: Jun 11
Changed: Aug 14
Last Checked: Aug 17 at 2:57PM
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 Balistreri Real Estate Inc
Investment Insights
Based on property information with market context.
This duplex includes two spacious residential units, providing a straightforward setup for owner-occupancy or rental use. The first unit is a 3-bedroom, 2-bath residence with a private backyard and a covered patio, designed for everyday indoor-outdoor living. The second unit offers 2 bedrooms and 2 baths, along with its own patio area and an additional kitchenette, which can support tenant flexibility or accommodate multi-generational arrangements.
Located at 2318 N Ocean Boulevard in Fort Lauderdale, the property is described as being just two blocks from both the ocean and the Intracoastal Waterway. That proximity supports a coastal lifestyle, while the duplex configuration gives owners options if they want to hold and lease the property as residential income.
For tenants, the unit layouts offer separate outdoor spaces and, in the second unit, an added kitchenette that may be useful for different household needs. For buyers, the building presents a manageable duplex structure with two distinct living configurations, whether the goal is to maintain the property as a residential income-producing duplex or consider redevelopment planning, subject to applicable requirements.
Located at 2318 N Ocean Boulevard in Fort Lauderdale, the property is described as being just two blocks from both the ocean and the Intracoastal Waterway. That proximity supports a coastal lifestyle, while the duplex configuration gives owners options if they want to hold and lease the property as residential income.
For tenants, the unit layouts offer separate outdoor spaces and, in the second unit, an added kitchenette that may be useful for different household needs. For buyers, the building presents a manageable duplex structure with two distinct living configurations, whether the goal is to maintain the property as a residential income-producing duplex or consider redevelopment planning, subject to applicable requirements.
Key Highlights
- Two‑unit duplex built in 1952, offered as a duplex or for redevelopment possibilities
- Unit 1: 3 bed, 2 bath with a private backyard and covered patio
- Unit 2: 2 bed, 2 bath with its own patio area and an additional kitchenette
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
$44,258
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
3.69%
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%
$885,160
$885.2K
Cap Rate 7%
$632,257
$632.3K
Cap Rate 9%
$491,756
$491.8K
Market Conditions
NOI Build-Up for 2,655 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
$66.9K $25.20/SF
− Vacancy
−$3.7K −$1.39/SF
EGI
$63.2K $23.81/SF
− OpEx
−$19.0K −$7.14/SF
NOI
$44.3K $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%
$885,160
Cap Rate 7%
$632,257
Cap Rate 9%
$491,756
Alternative Uses
Best Use
Multifamily LT 5
$632.3K
$553.2K – $737.6K
NOI $44,258 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$569.5K
$498.4K – $664.5K
NOI $39,868 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$1.78M
$1.56M – $2.08M
NOI $124,891 @ 7.0% cap · market cap 10.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
291
Businesses Nearby
Explore this area
Business Placement
Demographics for 33305, FL
12,044
Population
8,285
Households
1.5
Avg Household Size
52
Median Age
54%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
5,475
Density / Sq Mi
$89,944
Median Household Income
$60,924
Median Earnings
$1,850
Median Rent
$558,200
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-unit duplex near the ocean and Intracoastal Waterway, with outdoor patios for flexible tenant use.
Where is this duplex located?
The property is located at 2318 N Ocean Boulevard Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1952, offered as a duplex or for redevelopment possibilities; Unit 1: 3 bed, 2 bath with a private backyard and covered patio; Unit 2: 2 bed, 2 bath with its own patio area and an additional kitchenette
