Furnished Triplex Investment
New
For Sale
$890,000
413 SE 23RD Street, Fort Lauderdale, FL 33316
Three-unit residential property with furnishings and RMM-25 zoning near retail, major roads, and the beach.
Property Size2,072 SF
Price / SF$429.54
Days on Market5
Property Features for 413 SE 23RD Street
General Information
Standard status
Active
Size
2,072 SF
Total Parking Spaces
7
Property subtype
Residential Income
Zoning
RMM-25
Additional Details
Furnished
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$12,194
Building Details
Building Size
2,072 SF
Year Built
1951
Stories
1
Listing Agency:
HelloSold LLC
(954) 778-5300
Listed By:
Dan Farber · License #276634365
(954) 778-5300
Source:
Laerrealty
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 31 at 12:46PM
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 HelloSold LLC
Investment Insights
Based on property information with market context.
This furnished triplex offers 2,072 square feet across three residential units. Constructed in 1951, the property carries RMM-25 zoning and can accommodate an owner-occupant or a buyer seeking a multi-unit residential asset, subject to applicable requirements.
The property is positioned near Whole Foods and the intersection of US-1 and 17th St in Fort Lauderdale. The beach is described as only a few minutes away, adding a nearby coastal destination to the surrounding location profile. The property is offered for sale with its furnishings in place.
The property is positioned near Whole Foods and the intersection of US-1 and 17th St in Fort Lauderdale. The beach is described as only a few minutes away, adding a nearby coastal destination to the surrounding location profile. The property is offered for sale with its furnishings in place.
Key Highlights
- Three‑unit triplex with 2,072 SF
- Furnished property offered with furnishings in place
- RMM‑25 zoning
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
$34,540
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
3.88%
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%
$690,800
$690.8K
Cap Rate 7%
$493,429
$493.4K
Cap Rate 9%
$383,778
$383.8K
Market Conditions
NOI Build-Up for 2,072 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
$52.2K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$49.3K $23.81/SF
− OpEx
−$14.8K −$7.14/SF
NOI
$34.5K $16.67/SF
Area
Fort Lauderdale, 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%
$690,800
Cap Rate 7%
$493,429
Cap Rate 9%
$383,778
Alternative Uses
Best Use
Multifamily LT 5
$493.4K
$431.8K – $575.7K
NOI $34,540 @ 7.0% cap · market cap 3.88%
Second Best
Apartment 5plus
$444.5K
$388.9K – $518.6K
NOI $31,114 @ 7.0% cap · market cap 3.50%
Theoretical Best
Office A
$1.39M
$1.22M – $1.62M
NOI $97,467 @ 7.0% cap · market cap 10.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,355
Businesses Nearby
Explore this area
Business Placement
Demographics for 33316, FL
12,669
Population
8,946
Households
1.4
Avg Household Size
50
Median Age
54%
College-Educated
95%
High-School Grad
4.1 sq mi
ZIP Area
3,090
Density / Sq Mi
$89,200
Median Household Income
$52,992
Median Earnings
$2,047
Median Rent
$793,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property with furnishings and RMM-25 zoning near retail, major roads, and the beach.
Where is this triplex located?
The property is located at 413 SE 23RD Street Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: Three‑unit triplex with 2,072 SF; Furnished property offered with furnishings in place; RMM‑25 zoning
