Renovated Duplex with In-Unit
For Sale
$628,000
3621 Northeast 1st Terrace, Oakland Park, FL 33334
Two residences offer open interiors, impact windows, stainless steel appliances, and existing tenants.
Property Size1,700 SF
Price / SF$369.41
Days on Market482
Property Features for 3621 Northeast 1st Terrace
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Residential Income / Duplex
Additional Details
Gross Income
$48,600
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,678
Amenities
laundry inside each unit
impact windows
Central Air
Separate Meters, None
1.0
Tile
1
2
CBS
Shingle
Fenced
No
Duplex
Clear Impact Glass
Building Details
Year Built
1971
Listing Agency:
Bluesage Realty
Listed By:
Beatriz Penate · License #3331955
(754) 302-0062
Source:
Compass
Added: May 15, 2025
Changed: Sep 7
Last Checked: Sep 8 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 Bluesage Realty
Investment Insights
Based on property information with market context.
This duplex contains two renovated residences with modern open layouts and updated kitchens and bathrooms. Each unit includes stainless steel appliances and private in-unit laundry, while impact windows add a notable building feature. The property is painted and fenced, and the roof dates to 2021.
Located at 3621 Northeast 1st Terrace in Oakland Park, the property is occupied by tenants and produces rental income. The building was constructed in 1971 and offers a straightforward two-unit configuration for an investor seeking an established residential income property.
Located at 3621 Northeast 1st Terrace in Oakland Park, the property is occupied by tenants and produces rental income. The building was constructed in 1971 and offers a straightforward two-unit configuration for an investor seeking an established residential income property.
Key Highlights
- Renovated duplex with two residential units
- Each unit has a new kitchen, new bathroom, stainless steel appliances, and in‑unit laundry
- Impact windows and modern open layouts in both units
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
$28,339
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
4.51%
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%
$566,780
$566.8K
Cap Rate 7%
$404,843
$404.8K
Cap Rate 9%
$314,878
$314.9K
Market Conditions
NOI Build-Up for 1,700 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
$42.8K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$40.5K $23.81/SF
− OpEx
−$12.1K −$7.14/SF
NOI
$28.3K $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%
$566,780
Cap Rate 7%
$404,843
Cap Rate 9%
$314,878
Alternative Uses
Best Use
Multifamily LT 5
$404.8K
$354.2K – $472.3K
NOI $28,339 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$373.5K
$326.8K – $435.8K
NOI $26,145 @ 7.0% cap · market cap 4.16%
Theoretical Best
Office A
$862.5K
$754.7K – $1.01M
NOI $60,374 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,779
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
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?
Duplex - Two residences offer open interiors, impact windows, stainless steel appliances, and existing tenants.
Where is this duplex located?
The property is located at 3621 Northeast 1st Terrace Oakland Park, FL.
What is the asking price?
The asking price for this property is $628,000.
What are key features of this property?
This property features: Renovated duplex with two residential units; Each unit has a new kitchen, new bathroom, stainless steel appliances, and in‑unit laundry; Impact windows and modern open layouts in both units
