Renovated Duplex with Concrete
For Sale
$545,000
517 NW 15th Terrace, Fort Lauderdale, FL 33311
Two matching two-bedroom units feature updated interiors, in-unit laundry amenities, and durable building systems.
Property Size1,236 SF
Days on Market18
Property Features for 517 NW 15th Terrace
General Information
Standard status
Active
Size
1,236 SF
Property subtype
Duplex
Units
Unit Mix
2 x 2/1
Multifamily Units
2
Additional Details
Gross Income
$37,800
Taxes and HOA fees
Annual Taxes
$6,834
Amenities
washer/dryer
window A/C units
Building Details
Building Size
1,236 SF
Year Built
1958
Buildings
1
Listing Agency:
Blue Realty Team, LLC
(954) 871-1687
Listed By:
Steven B Boyette · License #3296266
(954) 871-1687
Source:
Tylertuchow
Added: Aug 1
Changed: Aug 15
Last Checked: Aug 18 at 5:39AM
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 Blue Realty Team, LLC
Investment Insights
Based on property information with market context.
Built in 1958, this duplex contains two identical two-bedroom, one-bath units that have both undergone recent renovations. The first unit includes a washer and dryer, while the second has existing plumbing for laundry equipment. Both residences are equipped with window A/C units installed in 2024. The property also has a concrete roof described as being in great condition, and its former cast-iron piping has been replaced with PVC.
The duplex is located at 517 NW 15th Terrace in Fort Lauderdale, less than 2 miles from Las Olas. One unit is leased through June 2025, while the other is occupied on a month-to-month arrangement. The two-unit configuration and matching layouts provide a straightforward residential income property format.
The duplex is located at 517 NW 15th Terrace in Fort Lauderdale, less than 2 miles from Las Olas. One unit is leased through June 2025, while the other is occupied on a month-to-month arrangement. The two-unit configuration and matching layouts provide a straightforward residential income property format.
Key Highlights
- Two identical 2‑bedroom, 1‑bath units
- Both units recently renovated
- Unit 1 includes a washer and dryer
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
$20,604
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
3.78%
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%
$412,080
$412.1K
Cap Rate 7%
$294,343
$294.3K
Cap Rate 9%
$228,933
$228.9K
Market Conditions
NOI Build-Up for 1,236 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
$31.1K $25.20/SF
− Vacancy
−$1.7K −$1.39/SF
EGI
$29.4K $23.81/SF
− OpEx
−$8.8K −$7.14/SF
NOI
$20.6K $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%
$412,080
Cap Rate 7%
$294,343
Cap Rate 9%
$228,933
Alternative Uses
Best Use
Multifamily LT 5
$294.3K
$257.6K – $343.4K
NOI $20,604 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$265.1K
$232.0K – $309.3K
NOI $18,560 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$830.6K
$726.8K – $969.0K
NOI $58,141 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,327
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
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?
Duplex - Two matching two-bedroom units feature updated interiors, in-unit laundry amenities, and durable building systems.
Where is this duplex located?
The property is located at 517 NW 15th Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $545,000.
What are key features of this property?
This property features: Two identical 2‑bedroom, 1‑bath units; Both units recently renovated; Unit 1 includes a washer and dryer
