Remodeled 2-Unit
New
For Sale
$599,000
337 Phippen Waiters Road, Dania Beach, FL 33004
Remodeled multifamily property with updated roofing, air-conditioning systems, and flooring throughout both residences.
Property Size1,575 SF
Price / SF$380.32
Days on Market3
Property Features for 337 Phippen Waiters Road
General Information
Standard status
Active
Size
1,575 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
NBHD-MU
Occupancy
100%
Financials
Gross Income
$50,400
Average Monthly Rent
$2,100
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,377
Building Details
Building Size
1,575 SF
Year Built
1960
Stories
1
Listing Agency:
EXP Realty LLC
(786) 956-1192
Listed By:
Gerardo Henriquez Zambrano · License #3495304
(786) 956-1192
Source:
Laerrealty
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 12:53PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 1960, this duplex contains two separate residences, each with two bedrooms and one bathroom, totaling approximately 1,575 square feet of living area. The property has undergone remodeling that includes a new roof, newer AC systems, updated flooring, and additional improvements. Both units are currently rented.
The property is located at 337 Phippen Waiters Road in Dania Beach, with proximity to Fort Lauderdale-Hollywood International Airport, beaches, major roads, shopping, dining, and entertainment. Zoning is NBHD-MU, providing an additional land-use detail for review.
The property is located at 337 Phippen Waiters Road in Dania Beach, with proximity to Fort Lauderdale-Hollywood International Airport, beaches, major roads, shopping, dining, and entertainment. Zoning is NBHD-MU, providing an additional land-use detail for review.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- Approximately 1,575 square feet of total living area
- Remodeled duplex with updated flooring and other improvements
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
$26,255
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
4.38%
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%
$525,100
$525.1K
Cap Rate 7%
$375,071
$375.1K
Cap Rate 9%
$291,722
$291.7K
Market Conditions
NOI Build-Up for 1,575 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
$39.7K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$37.5K $23.81/SF
− OpEx
−$11.3K −$7.14/SF
NOI
$26.3K $16.67/SF
Area
Broward County, 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%
$525,100
Cap Rate 7%
$375,071
Cap Rate 9%
$291,722
Alternative Uses
Best Use
Multifamily LT 5
$375.1K
$328.2K – $437.6K
NOI $26,255 @ 7.0% cap · market cap 4.38%
Second Best
Apartment 5plus
$346.0K
$302.8K – $403.7K
NOI $24,222 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$799.1K
$699.2K – $932.2K
NOI $55,934 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,762
Businesses Nearby
Explore this area
Business Placement
Demographics for 33004, FL
16,162
Population
9,427
Households
1.7
Avg Household Size
45
Median Age
34%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
2,377
Density / Sq Mi
$50,783
Median Household Income
$41,540
Median Earnings
$1,616
Median Rent
$336,200
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?
Duplex - Remodeled multifamily property with updated roofing, air-conditioning systems, and flooring throughout both residences.
Where is this duplex located?
The property is located at 337 Phippen Waiters Road Dania Beach, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; Approximately 1,575 square feet of total living area; Remodeled duplex with updated flooring and other improvements
