Fort Lauderdale Multifamily Investment
For Sale
$5,800,000
2901 NW 18th St, Fort Lauderdale, FL 33311
40-unit multifamily property in Fort Lauderdale, Florida.
Property Size16,724 SF
Lot Size1.32 Acres
Price / SF$346.81
Days on Market150
Property Features for 2901 NW 18th St
General Information
Standard status
Active
Size
16,724 SF
Lot size
1.32 Acres
Property subtype
Multifamily
Amenities
40-Units on 1.3 Acres in Central Broward County priced at $149,875 Per Unit
1959 Single-Story CBS Construction, New Roofs in 2021, Most Units Renovated
Value Add Opportunity with Average In-Place Rent of Only $1,393 Per Month
Interiors Renovated w/New Kitchens, Baths, Stainless Appliances, New Flooring
Easy Access to Downtown Fort Lauderdale, Florida's Turnpike and Interstate 95
9.64% Population Growth Since 2010 and 444,000+ Residents Within 5 Miles
Building Details
Building Size
16,724 SF
Units
40
Listed By:
Joe Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Apr 10
Changed: Aug 7
Last Checked: Sep 6 at 3:53AM
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 Joe Thomas
Investment Insights
Based on property information with market context.
The Villas at Lake Aire is a 40-unit multifamily property located in Fort Lauderdale, Florida. Constructed in 1959, the property consists of twelve single-story buildings with concrete block and painted stucco exteriors and shingle roofs. Situated on 57,639 square feet of land, the property includes forty one-bedroom, one-bathroom apartments, totaling 16,724 square feet. The property has 62 parking spaces. Nearly all units have been renovated and feature vinyl wood-plank or ceramic tile flooring, new kitchens and bathrooms, stainless steel appliances, and window/wall air conditioning units. The Villas at Lake Aire are located west of Interstate 95, between Sunrise and Oakland Park Boulevards, just south of Northwest 19th Street and east of Northwest 31st Avenue (Martin Luther King Jr. Avenue). This location provides convenient access to Downtown Fort Lauderdale, Wilton Manors, Interstate 95, and Florida’s Turnpike. Nearby retailers and points of interest include Family Dollar (0.5 miles), Bass Park & Pool (1.0 mile), the Fort Lauderdale SWAP Shop (1.4 miles), The Shoppes of Oakland Forest (1.5 miles), Central Broward Park (2.2 miles) and Walmart Supercenter (2.2 miles). Mills Pond Park (2.7 miles), Riverbend Marketplace (2.9 miles), Lowe’s (3.4 miles), Presidente Supermarket (3.2 miles), Wilton Drive (4.2 miles), Downtown Fort Lauderdale (5.2 miles), Port Everglades (9.0 miles), and Fort Lauderdale–Hollywood International Airport (9.3 miles) are also nearby. Educational facilities in the vicinity include Atlantic Technical College (1 mile), Dillard High School & Middle School (1.5 miles), Dillard Elementary School (2.0 miles), and Lauderdale Manors Elementary School (3.2 miles).
Key Highlights
- Renovated Units: Nearly all 40 one‑bedroom units feature new kitchens and bathrooms, stainless steel appliances, and updated flooring.
- Strong Location: Convenient access to Downtown Fort Lauderdale, Wilton Manors, I‑95, and Florida’s Turnpike.
- Ample Parking: 62 parking spaces available.
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
$251,133
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
4.33%
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%
$5,022,660
$5.0M
Cap Rate 7%
$3,587,614
$3.6M
Cap Rate 9%
$2,790,367
$2.8M
Market Conditions
NOI Build-Up for 16,724 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
$481.7K $28.80/SF
− Vacancy
−$25.0K −$1.50/SF
EGI
$456.6K $27.30/SF
− OpEx
−$205.5K −$12.29/SF
NOI
$251.1K $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%
$5,022,660
Cap Rate 7%
$3,587,614
Cap Rate 9%
$2,790,367
Alternative Uses
Best Use
Apartment 5plus
$3.59M
$3.14M – $4.19M
NOI $251,133 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.24M
$9.83M – $13.11M
NOI $786,697 @ 7.0% cap · market cap 13.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
621
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
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 - 40-unit multifamily property in Fort Lauderdale, Florida.
Where is this apartment building located?
The property is located at 2901 NW 18th St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: Renovated Units: Nearly all 40 one‑bedroom units feature new kitchens and bathrooms, stainless steel appliances, and updated flooring.; Strong Location: Convenient access to Downtown Fort Lauderdale, Wilton Manors, I‑95, and Florida’s Turnpike.; Ample Parking: 62 parking spaces available.
