6-Unit Impact-Glass Apartment
For Sale
$1,249,000
Pending
2633 Middle River Drive, Fort Lauderdale, FL
Commercial Sale, Fort Lauderdale, FL
Property Size4,854 SF
Lot Size0.23 Acres
Days on Market174
Property Features for 2633 Middle River Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RMM-25
Parking
10
Parking features
Assigned
Fencing
Fenced
Lot features
Oversized Lot
Subdivision
3260
Standard status
Pending
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
6
Flooring type
Tile
Building materials
CBS
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: Sep 16
Last Checked: Sep 22 at 6:06PM
MLS# B26010834
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.
Built in 1957, this 6-unit apartment property contains four 1-bedroom/1-bath apartments and two studio units. Two of the one-bedroom apartments are notably larger, while four units have been updated and the remaining units are described as well maintained. Full impact glass, tile flooring, assigned parking, fencing, a concrete roof, and CBS construction add to the physical profile.
The property is located in the Coral Ridge area of Fort Lauderdale, 2.5 miles from the beach and east of Federal. The 0.23-acre site measures 4,854 square feet and is served by public water and public sewer. Zoning is RMM-25, with cable available.
The property is located in the Coral Ridge area of Fort Lauderdale, 2.5 miles from the beach and east of Federal. The 0.23-acre site measures 4,854 square feet and is served by public water and public sewer. Zoning is RMM-25, with cable available.
Key Highlights
- 6‑unit multifamily property with four 1‑bedroom/1‑bath apartments and two studio units
- 4,854 square feet on a 0.23‑acre site
- Full impact glass, CBS construction, tile flooring, and concrete roof
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
5.84%
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 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.26M
$2.85M – $3.81M
NOI $228,332 @ 7.0% cap · market cap 18.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,983
Businesses Nearby
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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?
Apartment building - Four apartments have been updated, and the property includes two studio units.
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 $1,249,000.
What are key features of this property?
This property features: 6‑unit multifamily property with four 1‑bedroom/1‑bath apartments and two studio units; 4,854 square feet on a 0.23‑acre site; Full impact glass, CBS construction, tile flooring, and concrete roof
