Renovated 16-Unit Coral Ridge
For Sale
$3,295,000
2901 Middle River Dr, Fort Lauderdale, FL 33306
2 Multi Family Apartment Buildings
Property Size8,483 SF
Lot Size0.52 Acres
Price / SF$388.42
Days on Market652
Property Features for 2901 Middle River Dr
General Information
Standard status
Active
Property type
Multifamily properties, Other investment properties, Residential income homes, Residential income properties, Investment properties
Size
8,483 SF
Class
C
Elevators
N/A
Lot size
0.52 Acres
Building Details
Year Built
1957
Year Renovated
2011
Buildings
2
Stories
2
Units
16
Listed By:
Karen Herman
(954) 563-6800
Added: Jan 10, 2025
Changed: Mar 16
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Investment Insights
Based on property information with market context.
This multifamily investment property features two adjacent buildings totaling 8,483 square feet. Located in Fort Lauderdale, Florida, the garden-style complex contains 16 units. The property, situated on a 0.52-acre lot, has undergone recent renovations, including premium tile flooring, new cabinetry, and impact-resistant windows and doors. New tile roofs were installed in 2011. The location offers convenient access to Coral Ridge Mall, which includes Publix, TJ Maxx, Target, and an AMC Theatre. Local bus lines and the beach are also easily accessible. Proximity to I-95 facilitates commuting. The property is located at 2901 Middle River Dr, zip code 33306.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$141,410
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,828,200
$2.8M
Cap Rate 7%
$2,020,143
$2.0M
Cap Rate 9%
$1,571,222
$1.6M
Market Conditions
NOI Build-Up for 8,483 SF
Gross rent
$213.8K $25.20/SF
− Vacancy
−$11.8K −$1.39/SF
EGI
$202.0K $23.81/SF
− OpEx
−$60.6K −$7.14/SF
NOI
$141.4K $16.67/SF
Area
Fort Lauderdale, 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 Rate 5%
$2,828,200
Cap Rate 7%
$2,020,143
Cap Rate 9%
$1,571,222
Alternative Uses
Best Use
Multifamily LT 5
$2.02M
$1.77M – $2.36M
NOI $141,410 @ 7.0% cap · market cap 4.29%
Second Best
Apartment 5plus
$1.82M
$1.59M – $2.12M
NOI $127,383 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$5.70M
$4.99M – $6.65M
NOI $399,040 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Location Intelligence
Trade Area within ½ mile
3,359
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
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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?
Multifamily property - 2 Multi Family Apartment Buildings
Where is this multifamily property located?
The property is located at 2901 Middle River Dr Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $3,295,000.
