Duplex with Separate
For Sale
$638,000
280 NE 40th Court, Oakland Park, FL 33334
Residential Income, Oakland Park, FL
Property Size1,781 SF
Price / SF$358.23
Days on Market231
Property Features for 280 NE 40th Court
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Resident
Bedrooms
4
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 2, Bedroom 2
Exterior features
Garden
Fencing
Fenced, Gate
Subdivision
BONIELLO GARDENS 1 ADD
Directions
East on Commercial Blvd, make South on N Andrews, Left on NW 41st, and Right on NE 3rd Ave
Standard status
Active
APN
494222260080
Size
1,781 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
BONIELLO GARDENS 1 ADD 66-13 B LOT 2 BLK 2
Tax Annual Amount
7973
Legal Description
BONIELLO GARDENS 1 ADD 66-13 B LOT 2 BLK 2
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air, Ceiling Fan(s)
Water source
Public
Building Details
Year built
1968
Floors in Building
1
Number of units
2
Flooring type
Wood, Tile, Tile - Ceramic
Building materials
Block, Stucco
Roof type
Composition, Shingle
Listing Agency:
Dalton Wade Inc
(888) 668-8283
Listed By:
Rogerio Alves · License #3186063
(954) 798-3311
Added: Feb 5
Changed: Sep 23
Last Checked: Sep 24 at 10:06PM
MLS# F10550393
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 1,781-square-foot duplex, built in 1968, contains two separate units with private entrances. The property has block and stucco construction, wood and tile flooring, electric heating, ceiling fans, and central air conditioning. Each unit is served by its own electric and water meter, while public water and public sewer serve the property.
The fenced grounds include a gate and garden area. The property is located in Oakland Park, near Wilton Manors, I-95, shopping, dining, and beaches. The recorded zoning is Resident.
The fenced grounds include a gate and garden area. The property is located in Oakland Park, near Wilton Manors, I-95, shopping, dining, and beaches. The recorded zoning is Resident.
Key Highlights
- Two separate units with private entrances
- 1,781 square feet of total property size
- Separate electric and water meters for each unit
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
$29,689
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
4.65%
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%
$593,780
$593.8K
Cap Rate 7%
$424,129
$424.1K
Cap Rate 9%
$329,878
$329.9K
Market Conditions
NOI Build-Up for 1,781 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
$44.9K $25.20/SF
− Vacancy
−$2.5K −$1.39/SF
EGI
$42.4K $23.81/SF
− OpEx
−$12.7K −$7.14/SF
NOI
$29.7K $16.67/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$593,780
Cap Rate 7%
$424,129
Cap Rate 9%
$329,878
Alternative Uses
Best Use
Multifamily LT 5
$424.1K
$371.1K – $494.8K
NOI $29,689 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$391.3K
$342.4K – $456.5K
NOI $27,391 @ 7.0% cap · market cap 4.29%
Theoretical Best
Office A
$903.6K
$790.6K – $1.05M
NOI $63,250 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,653
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with individual utility metering, fenced grounds, and central air conditioning.
Where is this duplex located?
The property is located at 280 NE 40th Court Oakland Park, FL.
What is the asking price?
The asking price for this property is $638,000.
What are key features of this property?
This property features: Two separate units with private entrances; 1,781 square feet of total property size; Separate electric and water meters for each unit
