Remodeled Three-Unit
New
For Sale
$899,000
312 SE 23RD Street 1-2, Fort Lauderdale, FL 33316
Multifamily property with two occupied units and one recently renovated vacancy.
Property Size1,653 SF
Days on Market5
Property Features for 312 SE 23RD Street 1-2
General Information
Standard status
Active
Size
1,653 SF
Property subtype
Triplex
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$13,171
Building Details
Building Size
1,653 SF
Year Built
1957
Buildings
1
Tenancy
Multi
Listing Agency:
Southwest Ranches Realty LLC
Listed By:
Michael Cardinez · License #3149335
(954) 849-0769
Source:
Tylertuchow
Added: Sep 4
Changed: Sep 8
Last Checked: Sep 8 at 6:35AM
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 Southwest Ranches Realty LLC
Investment Insights
Based on property information with market context.
This triplex contains three 1-bedroom, 1-bath residences and was built in 1957. The property has undergone remodeling, including a recently renovated vacant unit that can accommodate an owner-occupant or a new tenant. The other two residences are tenant-occupied, creating a mix of existing occupancy and immediate availability.
Located at 312 SE 23RD St in Fort Lauderdale, the property is minutes from the airport, seaport, beaches, downtown dining, shopping, and entertainment. Walk Score is 67, Bike Score is 60, and Transit Score is 24. The address is also positioned within the South Florida market and offers access to a range of nearby employment, leisure, and transportation destinations.
Located at 312 SE 23RD St in Fort Lauderdale, the property is minutes from the airport, seaport, beaches, downtown dining, shopping, and entertainment. Walk Score is 67, Bike Score is 60, and Transit Score is 24. The address is also positioned within the South Florida market and offers access to a range of nearby employment, leisure, and transportation destinations.
Key Highlights
- Three 1‑bedroom, 1‑bath units
- Two units are tenant‑occupied
- One recently remodeled unit is vacant
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
$27,555
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
3.07%
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%
$551,100
$551.1K
Cap Rate 7%
$393,643
$393.6K
Cap Rate 9%
$306,167
$306.2K
Market Conditions
NOI Build-Up for 1,653 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
$41.7K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$39.4K $23.81/SF
− OpEx
−$11.8K −$7.14/SF
NOI
$27.6K $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 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%
$551,100
Cap Rate 7%
$393,643
Cap Rate 9%
$306,167
Alternative Uses
Best Use
Multifamily LT 5
$393.6K
$344.4K – $459.3K
NOI $27,555 @ 7.0% cap · market cap 3.07%
Second Best
Apartment 5plus
$354.6K
$310.3K – $413.7K
NOI $24,822 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$1.11M
$972.0K – $1.30M
NOI $77,757 @ 7.0% cap · market cap 8.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,355
Businesses Nearby
Explore this area
Business Placement
Demographics for 33316, FL
12,669
Population
8,946
Households
1.4
Avg Household Size
50
Median Age
54%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
3,090
Density / Sq Mi
$89,200
Median Household Income
$52,992
Median Earnings
$2,047
Median Rent
$793,500
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?
Triplex - Multifamily property with two occupied units and one recently renovated vacancy.
Where is this triplex located?
The property is located at 312 SE 23RD Street 1-2 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units; Two units are tenant‑occupied; One recently remodeled unit is vacant
