Fort Lauderdale Multifamily Investment
For Sale
$1,349,000
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$277.92
Days on Market132
Property Features for 2633 Middle River Drive 1-6
General Information
Standard status
Active
Size
4,854 SF
Total Parking Spaces
8
Property subtype
Residential Income
Zoning
RMM-25
Taxes and HOA fees
Annual Taxes
$23,753
Amenities
Central Air, Wall/Window Unit(s)
Wall Furnace
Barbecue
Building Details
Building Size
4,854 SF
Year Built
1957
Stories
2
Listing Agency:
RE/MAX Select Group
(954) 253-1943
Listed By:
Hector Vidaurre · License #654358
(954) 253-1943
Source:
Evrealestate
Added: Apr 15
Changed: Aug 23
Last Checked: Aug 24 at 3:48AM
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 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 = 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $1,349,000.
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.
