Fort Lauderdale Multifamily Investment
For Sale
$1,249,000
2633 Middle River Drive 1-6, Fort Lauderdale, FL 33306
Well-maintained 6-unit property near the beach with income potential.
Property Size4,854 SF
Price / SF$257.31
Days on Market190
Property Features for 2633 Middle River Drive 1-6
General Information
Standard status
Active
Size
4,854 SF
Building Details
Year Built
1957
Listing Agency:
RE/MAX Select Group
Listed By:
Hector Vidaurre · License #654358
(954) 253-1943
Source:
Mymiahomes
Added: Apr 15
Changed: Oct 2
Last Checked: Oct 7 at 5:35PM
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 RE/MAX Select Group
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Investment Insights
Based on property information with market context.
This 6-unit multifamily property is located approximately 2.5 miles from the beach, east of Federal in Fort Lauderdale. The property consists of four 1-bedroom/1-bath apartments, two of which are described as exceptionally large, and two studio units. The property is currently generating a gross income of $119,892. Four units have been updated, and the remaining two are described as being in very clean condition. The property has stable, long-term tenants. The location has a bike score of 42, indicating it is somewhat bikeable, a walk score of 44, indicating car-dependent, and a transit score of 29, indicating some transit options are available.
Key Highlights
- Excellent location: Just 2.5 miles from the beach and east of Federal Highway.
- Strong income potential: Currently generating $119,892 gross income with below‑market rents.
- Well‑maintained 6‑unit multifamily property.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,889
Cap Rate
5.84%
Suggested Prices Based on Cap Rates
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
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 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.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
2,983
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 6-unit property near the beach with income potential.
Where is this apartment building located?
The property is located at 2633 Middle River Drive 1-6 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: Excellent location: Just 2.5 miles from the beach and east of Federal Highway.; Strong income potential: Currently generating $119,892 gross income with below‑market rents.; Well‑maintained 6‑unit multifamily property.
