Six-Unit Apartment Building with Rooftop
For Sale
$1,349,000
2633 Middle River Drive, Fort Lauderdale, FL 33306
MULTI_FAMILY - Fort Lauderdale, FL
Property Size4,854 SF
Lot Size0.23 Acres
Price / SF$277.92
Days on Market128
Property Features for 2633 Middle River Drive
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RMM-25
Bedrooms
1
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 1
Pets allowed
Yes, Dogs OK, Cats OK
Exterior features
Barbecue, Private Rooftop Terrace
Subdivision
CORAL RIDGE GALT ADD NO 1
Elementary school
Bayview
Middle school
Sunrise
High school
Fort Lauderdale
Standard status
Active
APN
494225045280
Size
4,854 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
CORAL RIDGE GALT ADD NO 1 31-37 B LOT 19 BLK 66
Tax Annual Amount
23753
Legal Description
CORAL RIDGE GALT ADD NO 1 31-37 B LOT 19 BLK 66
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s), Central Air
Water source
Public
Building Details
Year built
1957
Floors in Building
2
Number of units
2
Flooring type
Tile - Ceramic
Building materials
Cement Siding, Concrete
Roof type
Concrete
Listing Agency:
RE/MAX Select Group · RE/MAX International
(954) 368-8000
Listed By:
Hector Vidaurre · License #654358
(954) 253-1943
Added: Apr 2
Changed: Aug 4
Last Checked: Aug 7 at 12:06AM
MLS# B26010851
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 well-maintained six-unit apartment building features full impact glass and a unit mix of four one-bedroom, one-bath apartments and two studio units. Two of the one-bedroom units are exceptionally large, and the four apartments have been tastefully updated, with the remaining two units kept in very clean condition. Interior finishes include tile (ceramic) flooring. Cooling is provided by central air plus wall/window and window units. The building was constructed in 1957.
Outdoor features include a private rooftop terrace and a barbecue area. The property sits on a 0.23-acre lot with public water and public sewer services, and cable is available.
Zoned RMM-25, this multifamily offering is located at 2633 Middle River Drive in Fort Lauderdale, FL 33306.
Outdoor features include a private rooftop terrace and a barbecue area. The property sits on a 0.23-acre lot with public water and public sewer services, and cable is available.
Zoned RMM-25, this multifamily offering is located at 2633 Middle River Drive in Fort Lauderdale, FL 33306.
Key Highlights
- Six‑unit apartment building with full impact glass
- Unit mix: four one‑bedroom, one‑bath apartments (two exceptionally large) plus two studios
- Private rooftop terrace and barbecue exterior features
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
$72,889
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
5.40%
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%
$1,457,780
$1.5M
Cap Rate 7%
$1,041,271
$1.0M
Cap Rate 9%
$809,878
$809.9K
Market Conditions
NOI Build-Up for 4,854 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
$139.8K $28.80/SF
− Vacancy
−$7.3K −$1.50/SF
EGI
$132.5K $27.30/SF
− OpEx
−$59.6K −$12.29/SF
NOI
$72.9K $15.02/SF
Area
Fort Lauderdale, FL
Vacancy
5.20%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
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%
$1,457,780
Cap Rate 7%
$1,041,271
Cap Rate 9%
$809,878
Alternative Uses
Best Use
Apartment 5plus
$1.04M
$911.1K – $1.21M
NOI $72,889 @ 7.0% cap · market cap 5.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.26M
$2.85M – $3.81M
NOI $228,332 @ 7.0% cap · market cap 16.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,107
Businesses Nearby
Explore this area
Business Placement
Demographics for 33306, FL
3,526
Population
2,109
Households
1.7
Avg Household Size
53
Median Age
44%
College-Educated
96%
High-School Grad
0.9 sq mi
ZIP Area
3,918
Density / Sq Mi
$82,375
Median Household Income
$77,118
Median Earnings
$1,369
Median Rent
$469,800
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?
Apartment building - Six-unit multifamily property with impact glass and private rooftop terrace, zoned RMM-25.
Where is this apartment building located?
The property is located at 2633 Middle River Drive Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,349,000.
What are key features of this property?
This property features: Six‑unit apartment building with full impact glass; Unit mix: four one‑bedroom, one‑bath apartments (two exceptionally large) plus two studios; Private rooftop terrace and barbecue exterior features
