5-Unit Single-Story Apartment
For Sale
$930,000
4020 NW 31st Terrace Unit 1-5, Lauderdale Lakes, FL 33309
Five rental units with central air conditioning, resident parking, and a fenced shared courtyard.
Property Size3,534 SF
Price / SF$263.16
Days on Market18
Property Features for 4020 NW 31st Terrace Unit 1-5
General Information
Standard status
Active
Size
3,534 SF
Property subtype
Multi Family
Building Details
Year Built
1971
Listing Agency:
EXP Realty LLC
(888) 883-8509
Listed By:
Benson Paul
(954) 303-2673
Source:
Lehmannflorida
Added: Aug 18
Changed: Sep 3
Last Checked: Sep 4 at 4:48AM
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 single-story apartment property contains five units within approximately 3,534 SF of building area. The configuration includes three 2-bedroom/1-bath apartments, one 1-bedroom/1-bath apartment, and one studio. Central A/C serves the building, while a fenced shared courtyard and yard provide common outdoor space. The approximately 8,850 SF lot includes eight parking spaces, with assigned resident parking and two guest spaces.
Four of the five units are occupied. Tenants pay their own electricity, and the owner covers water and trash. The property is approximately 5 minutes from I-95 and 15 minutes from downtown Ft Lauderdale. Walk Score is 53, Bike Score is 58, and Transit Score is 35. The sale is offered AS-IS.
Four of the five units are occupied. Tenants pay their own electricity, and the owner covers water and trash. The property is approximately 5 minutes from I-95 and 15 minutes from downtown Ft Lauderdale. Walk Score is 53, Bike Score is 58, and Transit Score is 35. The sale is offered AS-IS.
Key Highlights
- Five‑unit mix: three 2‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one studio
- Approximately 3,534 SF building on an approximately 8,850 SF lot
- 4 out of 5 units currently occupied
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
$54,351
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
5.84%
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%
$1,087,020
$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
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
$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 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%
$1,087,020
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 5.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.79M
$1.57M – $2.09M
NOI $125,506 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
467
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 - Five rental units with central air conditioning, resident parking, and a fenced shared courtyard.
Where is this apartment building located?
The property is located at 4020 NW 31st Terrace Unit 1-5 Lauderdale Lakes, FL.
What is the asking price?
The asking price for this property is $930,000.
What are key features of this property?
This property features: Five‑unit mix: three 2‑bedroom/1‑bath units, one 1‑bedroom/1‑bath unit, and one studio; Approximately 3,534 SF building on an approximately 8,850 SF lot; 4 out of 5 units currently occupied
