Beachfront Condo in Sea
For Sale
$365,000
Pending
2840 N Ocean Blvd 407, Fort Lauderdale, FL 33308
Updated 4th-floor condo with ocean views and ample storage.
Property Size769 SF
Days on Market275
Property Features for 2840 N Ocean Blvd 407
General Information
Standard status
Pending
Size
769 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$7,499
Building Details
Building Size
769 SF
Year Built
1958
Stories
1
Listing Agency:
(954) 829-3215
Listed By:
Shelley Anne Walker · License #3073485
(954) 829-3215
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 8
Last Checked: Jul 28 at 2:34PM
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 Shelley Anne Walker
Investment Insights
Based on property information with market context.
Located in a quiet beachfront community east of A1A, this unit is situated in the Sea Tower, known for its mid-century modern design overlooking Vista Park and the ocean. The 4th-floor unit features kitchen and bath upgrades, including an easy step-in shower with black and white tile and an all-white kitchen. A large walk-in closet and separate storage space are included. The unit offers the opportunity to create a secure, personal style of living with breezy east to west through space. Residents can enjoy lounging and dining on the spacious porch, capturing views and sounds of the Atlantic Ocean in a lush tropical setting. The building is located within walking distance of cafes, shops, and a new boutique Publix on A1A. This is a 55+ building. Concrete restoration is nearly complete, and the assessment has been paid.
Key Highlights
- Beachfront community east of A1A with ocean views.
- Upgraded kitchen and bath with easy step‑in shower.
- Spacious porch with ocean views and tropical setting.
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
$11,548
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
3.16%
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%
$230,960
$231.0K
Cap Rate 7%
$164,971
$165.0K
Cap Rate 9%
$128,311
$128.3K
Market Conditions
NOI Build-Up for 769 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
$22.1K $28.80/SF
− Vacancy
−$1.2K −$1.50/SF
EGI
$21.0K $27.30/SF
− OpEx
−$9.4K −$12.29/SF
NOI
$11.5K $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%
$230,960
Cap Rate 7%
$164,971
Cap Rate 9%
$128,311
Alternative Uses
Best Use
Apartment 5plus
$165.0K
$144.4K – $192.5K
NOI $11,548 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$516.8K
$452.2K – $602.9K
NOI $36,174 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,842
Businesses Nearby
Explore this area
Business Placement
Demographics for 33308, FL
29,519
Population
23,230
Households
1.3
Avg Household Size
57
Median Age
56%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
6,417
Density / Sq Mi
$83,413
Median Household Income
$58,600
Median Earnings
$1,850
Median Rent
$536,900
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 - Updated 4th-floor condo with ocean views and ample storage.
Where is this apartment building located?
The property is located at 2840 N Ocean Blvd 407 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Beachfront community east of A1A with ocean views.; Upgraded kitchen and bath with easy step‑in shower.; Spacious porch with ocean views and tropical setting.
