Renovated Condo Income
For Sale
$389,000
3020 NE 32nd Avenue, Fort Lauderdale, FL 33308
Third-floor condominium with water views and four covered-garage parking spaces.
Property Size918 SF
Price / SF$423.75
Days on Market25
Property Features for 3020 NE 32nd Avenue
General Information
Standard status
Active
Size
918 SF
Total Parking Spaces
4
Property subtype
Office
Additional Details
HOA Fee
$1,067
Multifamily Units
1
Building Details
Year Built
2002
Listing Agency:
Native Realty Co.
(954) 610-0440
Listed By:
Adam S Docktor · License #R11165434
(954) 610-0440
Source:
Lehmannflorida
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 29 at 10:16AM
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 Native Realty Co.
Investment Insights
Based on property information with market context.
This residential income property is a renovated condominium unit on the third floor of Tides at Bridgeside Square, a building completed in 2002. The unit has an Intracoastal view and includes four parking spaces in the covered garage.
The property is located at 3020 NE 32nd Ave in Fort Lauderdale, across from Shooters and one block from the ocean. Transit, walking, and biking scores are 29, 44, and 42, respectively.
The property is located at 3020 NE 32nd Ave in Fort Lauderdale, across from Shooters and one block from the ocean. Transit, walking, and biking scores are 29, 44, and 42, respectively.
Key Highlights
- Renovated third‑floor condominium unit at Tides at Bridgeside Square
- Intracoastal view
- 4 parking spaces in the covered garage
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
$13,785
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
3.54%
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%
$275,700
$275.7K
Cap Rate 7%
$196,929
$196.9K
Cap Rate 9%
$153,167
$153.2K
Market Conditions
NOI Build-Up for 918 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
$26.4K $28.80/SF
− Vacancy
−$1.4K −$1.50/SF
EGI
$25.1K $27.30/SF
− OpEx
−$11.3K −$12.29/SF
NOI
$13.8K $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%
$275,700
Cap Rate 7%
$196,929
Cap Rate 9%
$153,167
Alternative Uses
Best Use
Apartment 5plus
$196.9K
$172.3K – $229.8K
NOI $13,785 @ 7.0% cap · market cap 3.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$616.9K
$539.8K – $719.7K
NOI $43,183 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,381
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Third-floor condominium with water views and four covered-garage parking spaces.
Where is this residential income property located?
The property is located at 3020 NE 32nd Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Renovated third‑floor condominium unit at Tides at Bridgeside Square; Intracoastal view; 4 parking spaces in the covered garage
