Turnkey Remodeled Multifamily
For Sale
$1,300,000
4008 5th Ave, Oakland Park, FL 33309
Six fully remodeled units include four one-bedrooms and two studios, presented as a turnkey income property.
Property Size3,292 SF
Price / SF$394.90
Days on Market67
Property Features for 4008 5th Ave
General Information
Standard status
Active
Size
3,292 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$19,760
Amenities
3
Building Details
Year Built
1965
Tenancy
Multi
Listing Agency:
London Foster Realty
(954) 263-5234
Listed By:
Joseph Iaciofano · License #3286424
(954) 263-5234
Source:
Xome
Added: Jun 5
Changed: Aug 8
Last Checked: Aug 10 at 3:03AM
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 London Foster Realty
Investment Insights
Based on property information with market context.
This for-sale multifamily property features six fully remodeled units, including four one-bedroom apartments and two studio residences. The renovations are described as top-to-bottom, with contemporary finishes, upgraded kitchens, stylish baths, and modern interiors throughout, positioning the asset as turnkey for immediate occupancy.
The property is located at 4008 NW 5th Ave in Oakland Park, Florida. The offering is presented as an investment with the potential for flexible income use based on the unit mix and the remodeled condition.
With four one-bedroom apartments and two studios, the layout supports a straightforward rental configuration across the six units.
The property is located at 4008 NW 5th Ave in Oakland Park, Florida. The offering is presented as an investment with the potential for flexible income use based on the unit mix and the remodeled condition.
With four one-bedroom apartments and two studios, the layout supports a straightforward rental configuration across the six units.
Key Highlights
- Six fully remodeled units: four 1‑bedroom apartments and two studio residences
- Renovations include upgraded kitchens, stylish baths, and modern interior finishes throughout
- Year built: 1965
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
3.89%
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 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,912 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Six fully remodeled units include four one-bedrooms and two studios, presented as a turnkey income property.
Where is this apartment building located?
The property is located at 4008 5th Ave Oakland Park, FL.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Six fully remodeled units: four 1‑bedroom apartments and two studio residences; Renovations include upgraded kitchens, stylish baths, and modern interior finishes throughout; Year built: 1965
