5-Unit Apartment
New
For Sale
$990,000
3970 NW 31ST Terrace, Lauderdale Lakes, FL 33309
Four two-bedroom apartments and a studio make up this residential income property.
Property Size3,534 SF
Price / SF$280.14
Days on Market6
Property Features for 3970 NW 31ST Terrace
General Information
Standard status
Active
Size
3,534 SF
Property subtype
Quadruplex
Units
Unit Mix
4 x 2BR/1BA, 1 x studio
Multifamily Units
5
Additional Details
Gross Income
$80,400
Taxes and HOA fees
Annual Taxes
$18,353
Building Details
Building Size
3,534 SF
Year Built
1972
Listing Agency:
Fidelity Real Estate Group LLC
Listed By:
Carlos A Montoya · License #0623048
(954) 234-7653
Source:
Pamandtoni
Added: Oct 12
Changed: Oct 15
Last Checked: Oct 16 at 5:51PM
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 Fidelity Real Estate Group LLC
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Investment Insights
Based on property information with market context.
This 3,534-square-foot apartment property contains five units: four with two bedrooms and one bathroom each, plus a studio. Built in 1972, the building received a new roof in 2023. Unit improvements include updated kitchens and flooring, along with PVC plumbing. Residents pay their own electric service, and the property has no HOA.
The property is in Lauderdale Lakes, Florida. The listing indicates a potential 7.16% cap rate.
The property is in Lauderdale Lakes, Florida. The listing indicates a potential 7.16% cap rate.
Key Highlights
- Five units: four 2‑bedroom, 1‑bath apartments and one studio
- 3,534 square feet; built in 1972
- New roof installed in 2023
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,351
Cap Rate
5.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,087,020
$1.1M
Cap Rate 7%
$776,443
$776.4K
Cap Rate 9%
$603,900
$603.9K
Market Conditions
NOI Build-Up for 3,534 SF
Gross rent
$103.5K $29.28/SF
− Vacancy
−$4.7K −$1.32/SF
EGI
$98.8K $27.96/SF
− OpEx
−$44.5K −$12.58/SF
NOI
$54.4K $15.38/SF
Area
Broward County, FL
Vacancy
4.50%
Lease Rate
$29.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,087,020
Cap Rate 7%
$776,443
Cap Rate 9%
$603,900
Alternative Uses
Best Use
Apartment 5plus
$776.4K
$679.4K – $905.9K
NOI $54,351 @ 7.0% cap · market cap 5.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,506 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Explore this area
Business Placement
Demographics for 33309, FL
37,642
Population
14,783
Households
2.5
Avg Household Size
39
Median Age
23%
College-Educated
85%
High-School Grad
9.7 sq mi
ZIP Area
3,881
Density / Sq Mi
$73,496
Median Household Income
$35,850
Median Earnings
$1,829
Median Rent
$309,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Four two-bedroom apartments and a studio make up this residential income property.
Where is this apartment building located?
The property is located at 3970 NW 31ST Terrace Lauderdale Lakes, FL.
What is the asking price?
The asking price for this property is $990,000.
What are key features of this property?
This property features: Five units: four 2‑bedroom, 1‑bath apartments and one studio; 3,534 square feet; built in 1972; New roof installed in 2023
