6-Unit Multifamily with Impact
For Sale
$1,249,000
Pending
2633 Middle River Drive 1-6, Fort Lauderdale, FL 33306
Well-maintained 6-unit property with four updated 1-bed/1-bath units and two studio units.
Property Size4,854 SF
Days on Market51
Property Features for 2633 Middle River Drive 1-6
General Information
Standard status
Pending
Size
4,854 SF
Additional Details
Multifamily Units
6
Building Details
Year Built
1957
Listing Agency:
RE/MAX Select Group
Listed By:
Hector Vidaurre · License #654358
(954) 253-1943
Source:
Mymiahomes
Added: Jul 15
Changed: Aug 31
Last Checked: Sep 1 at 8:40PM
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
Investment Insights
Based on property information with market context.
This well-maintained 6-unit multifamily property features full impact glass and a tenant-friendly mix of apartments. The building includes four spacious 1-bedroom/1-bath units, two of which are exceptionally large, along with two studio units. According to the current information provided, the property is generating $128,542 in gross income with below-market rents. Four units have been tastefully updated, and the remaining two are in very clean condition.
The property is located in Fort Lauderdale, approximately 2.5 miles from the beach and east of Federal in the Coral Ridge area. Long-term tenants are in place, supporting day-to-day stability.
For buyers looking for a 6-unit residential income asset with recent updates in part of the unit mix and full impact glass features, this property offers an immediately operating portfolio in a desirable rental area.
The property is located in Fort Lauderdale, approximately 2.5 miles from the beach and east of Federal in the Coral Ridge area. Long-term tenants are in place, supporting day-to-day stability.
For buyers looking for a 6-unit residential income asset with recent updates in part of the unit mix and full impact glass features, this property offers an immediately operating portfolio in a desirable rental area.
Key Highlights
- Well‑maintained 6‑unit multifamily built in 1957
- Unit mix includes four 1‑bed/1‑bath apartments and two studio units
- Four units tastefully updated; remaining two units in very clean condition
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
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,983
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 - Well-maintained 6-unit property with four updated 1-bed/1-bath units and two studio units.
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: Well‑maintained 6‑unit multifamily built in 1957; Unit mix includes four 1‑bed/1‑bath apartments and two studio units; Four units tastefully updated; remaining two units in very clean condition
