Renovated 6-Unit Apartment
New
For Sale
$1,175,000
4008-4018 NW 5th Ave, Oakland Park, FL 33309
Renovated multifamily property with six apartments, resident laundry, central air conditioning, paved parking, and a fenced courtyard.
Property Size3,292 SF
Lot Size0.33 Acres
Price / SF$356.93
Days on Market3
Property Features for 4008-4018 NW 5th Ave
General Information
Standard status
Active
Size
3,292 SF
Lot size
0.33 Acres
Property subtype
Multifamily
Zoning
RM-16
Financials
Asking Price
$1,175,000
Cap Rate
5.6%
Units
Unit Mix
2 x studio, 4 x 1BR/1BA
Multifamily Units
6
Additional Details
Highway Access
Yes
Amenities
on-site laundry facilities
central air conditioning
paved asphalt parking
large fenced in tropical courtyard
Single-Story Building, 1965 Construction - Extensively Renovated
Unit Mix of: (2) Studio Units and (4) One-bedroom | One-bathroom Units
Units Feature Central A/C, Large Tropical Courtyard, On-Site Laundry
Building Details
Building Size
3,292 SF
Year Built
1965
Buildings
1
Stories
1
Units
6
Construction
concrete block
Listing Agency:
Fort Lauderdale Office
(954) 245-3404
Listed By:
Dillon Newman · License #License(s): FL: SL3647591
(954) 245-3404
Source:
Marcusmillichap
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 2:27AM
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 Fort Lauderdale Office
Investment Insights
Based on property information with market context.
This six-unit apartment property occupies a single-story concrete block building with a painted stucco exterior and flat roof. The 3,292-square-foot building includes two studio apartments and four one-bedroom, one-bathroom units. Extensive renovations are complemented by central air conditioning, on-site laundry facilities, paved asphalt parking, and a large fenced tropical courtyard. The property sits on a 14,456-square-foot lot and carries RM-16 zoning.
Located in Oakland Park, the property provides access to Andrews Avenue, Oakland Park Boulevard, and Interstate 95. Catfish Dewey’s Restaurant, Alegria Taco, and Truist Bank are within walking distance, while Downtown Oakland Park, Wilton Manors, Downtown Fort Lauderdale, and Funky Buddha Brewery are a short drive away. Lloyd Estates Elementary School is 0.2 miles from the property.
Located in Oakland Park, the property provides access to Andrews Avenue, Oakland Park Boulevard, and Interstate 95. Catfish Dewey’s Restaurant, Alegria Taco, and Truist Bank are within walking distance, while Downtown Oakland Park, Wilton Manors, Downtown Fort Lauderdale, and Funky Buddha Brewery are a short drive away. Lloyd Estates Elementary School is 0.2 miles from the property.
Key Highlights
- 3,292 square feet of total building area on a 14,456‑square‑foot lot
- Unit mix includes 2 studio units and 4 one‑bedroom/one‑bathroom units
- Extensively renovated single‑story concrete block building
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
$50,629
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
4.31%
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%
$1,012,580
$1.0M
Cap Rate 7%
$723,271
$723.3K
Cap Rate 9%
$562,544
$562.5K
Market Conditions
NOI Build-Up for 3,292 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
$96.4K $29.28/SF
− Vacancy
−$4.3K −$1.32/SF
EGI
$92.1K $27.96/SF
− OpEx
−$41.4K −$12.58/SF
NOI
$50.6K $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 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%
$1,012,580
Cap Rate 7%
$723,271
Cap Rate 9%
$562,544
Alternative Uses
Best Use
Apartment 5plus
$723.3K
$632.9K – $843.8K
NOI $50,629 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,912 @ 7.0% cap · market cap 9.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,942
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated multifamily property with six apartments, resident laundry, central air conditioning, paved parking, and a fenced courtyard.
Where is this apartment building located?
The property is located at 4008-4018 NW 5th Ave Oakland Park, FL.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 3,292 square feet of total building area on a 14,456‑square‑foot lot; Unit mix includes 2 studio units and 4 one‑bedroom/one‑bathroom units; Extensively renovated single‑story concrete block building
