Remodeled Duplex with New
New
For Sale
$515,000
369 Phippen Waiters Rd, Dania Beach, FL 33004
Two two-bedroom units include updated finishes and one occupied unit, with the other available for lease.
Property Size1,266 SF
Price / SF$406.79
Days on Market4
Property Features for 369 Phippen Waiters Rd
General Information
Standard status
Active
Size
1,266 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,474
Listing Agency:
EXP Realty LLC
(786) 956-1192
Listed By:
Gerardo Henriquez Zambrano · License #3495304
(786) 956-1192
Source:
Exprealty
Added: Aug 29
Changed: Aug 31
Last Checked: Aug 31 at 7:58PM
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.
This 1961 duplex contains two 2-bedroom, 1-bathroom residences within approximately 1,266 square feet of total living area. The property has been remodeled with a new roof, newer AC systems, updated flooring, and additional improvements. One residence is currently rented, while the second is available for lease.
Located in Dania Beach near Fort Lauderdale-Hollywood International Airport, the property also offers access to beaches, major roads, shopping, dining, and entertainment. NBHD-MU zoning applies to the site.
Located in Dania Beach near Fort Lauderdale-Hollywood International Airport, the property also offers access to beaches, major roads, shopping, dining, and entertainment. NBHD-MU zoning applies to the site.
Key Highlights
- Two 2‑bedroom, 1‑bathroom units
- Approximately 1,266 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
$21,104
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
4.10%
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%
$422,080
$422.1K
Cap Rate 7%
$301,486
$301.5K
Cap Rate 9%
$234,489
$234.5K
Market Conditions
NOI Build-Up for 1,266 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
$31.9K $25.20/SF
− Vacancy
−$1.8K −$1.39/SF
EGI
$30.1K $23.81/SF
− OpEx
−$9.0K −$7.14/SF
NOI
$21.1K $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%
$422,080
Cap Rate 7%
$301,486
Cap Rate 9%
$234,489
Alternative Uses
Best Use
Multifamily LT 5
$301.5K
$263.8K – $351.7K
NOI $21,104 @ 7.0% cap · market cap 4.10%
Second Best
Apartment 5plus
$278.1K
$243.4K – $324.5K
NOI $19,470 @ 7.0% cap · market cap 3.78%
Theoretical Best
Office A
$642.3K
$562.0K – $749.4K
NOI $44,961 @ 7.0% cap · market cap 8.73%
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
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 - Two two-bedroom units include updated finishes and one occupied unit, with the other available for lease.
Where is this duplex located?
The property is located at 369 Phippen Waiters Rd Dania Beach, FL.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: Two 2‑bedroom, 1‑bathroom units; Approximately 1,266 square feet of total living area; Remodeled duplex with updated flooring and other improvements
