Remodeled Duplex with
For Sale
$739,999
2609 NW 9th Avenue, Wilton Manors, FL 33311
Residential Income, Wilton Manors, FL
Property Size1,638 SF
Price / SF$451.77
Days on Market1030
Property Features for 2609 NW 9th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
RD-10
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 4, Bedroom 3, Bedroom 2
Fencing
Fenced
Subdivision
Bonie Villas Sec One 57-2
Directions
West on Oakland Park Blvd. South on NW 9th Ave.
Standard status
Active
APN
494228120070
Size
1,638 SF
Taxes and HOA fees
Tax Year
2022
Tax Description
BONIE VILLAS SEC ONE 57-21 B LOT 7 BLK 1
Tax Annual Amount
11619
Legal Description
BONIE VILLAS SEC ONE 57-21 B LOT 7 BLK 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Ceiling Fan(s), Central Air
Amenities
courtyard
Building Details
Year built
1964
Floors in Building
1
Number of units
2
Flooring type
Tile
Building materials
Block
Roof type
Shingle, Composition
Listing Agency:
Select Homes Realty Group LLC
(954) 263-6461
Listed By:
John H Spellman · License #3328980
(954) 256-4043
Added: Nov 17, 2023
Changed: Sep 11
Last Checked: Sep 12 at 7:06PM
MLS# F10410104
Copyright © 2026 BeachesMLS. 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 remodeled duplex contains two separate residences, each arranged with 2 bedrooms and 1 bathroom. The property totals 1,638 square feet and includes tile flooring, central heating, central air, and ceiling fans. Block construction, a shingle and composition roof, and a fenced courtyard with landscaped grounds round out the physical improvements.
Both residences are currently rented. The property is served by public sewer, with cable available, and carries RD-10 zoning. Built in 1964, it provides a two-unit residential income configuration in Wilton Manors, Florida.
Both residences are currently rented. The property is served by public sewer, with cable available, and carries RD-10 zoning. Built in 1964, it provides a two-unit residential income configuration in Wilton Manors, Florida.
Key Highlights
- Two‑unit duplex totaling 1,638 square feet
- Each residence includes 2 bedrooms and 1 bathroom
- Both units are currently rented
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
$27,305
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%
$546,100
$546.1K
Cap Rate 7%
$390,071
$390.1K
Cap Rate 9%
$303,389
$303.4K
Market Conditions
NOI Build-Up for 1,638 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
$41.3K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.0K $23.81/SF
− OpEx
−$11.7K −$7.14/SF
NOI
$27.3K $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%
$546,100
Cap Rate 7%
$390,071
Cap Rate 9%
$303,389
Alternative Uses
Best Use
Multifamily LT 5
$390.1K
$341.3K – $455.1K
NOI $27,305 @ 7.0% cap · market cap 3.69%
Second Best
Apartment 5plus
$359.9K
$314.9K – $419.9K
NOI $25,191 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$831.0K
$727.2K – $969.5K
NOI $58,172 @ 7.0% cap · market cap 7.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,372
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing duplex with two two-bedroom residences, updated interiors, and enclosed outdoor space.
Where is this duplex located?
The property is located at 2609 NW 9th Avenue Wilton Manors, FL.
What is the asking price?
The asking price for this property is $739,999.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,638 square feet; Each residence includes 2 bedrooms and 1 bathroom; Both units are currently rented
