Furnished Two-Unit
For Sale
$725,000
602 NE 27th Street #1-2, Fort Lauderdale, FL 33334
Remodeled residential income property with move-in-ready interiors, complete appliance packages, and outdoor amenities in one unit.
Property Size1,620 SF
Price / SF$447.53
Days on Market61
Property Features for 602 NE 27th Street #1-2
General Information
Standard status
Active
Size
1,620 SF
Total Parking Spaces
6
Property subtype
Residential Income
Zoning
RM-16
Taxes and HOA fees
Annual Taxes
$14,261
Building Details
Building Size
1,620 SF
Year Built
1958
Stories
1
Listing Agency:
RE/MAX Experience
Listed By:
Scott A Ryan · License #BK3307361
(954) 290-9623
Source:
Laerrealty
Added: Jul 5
Changed: Sep 1
Last Checked: Sep 2 at 2:01PM
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 RE/MAX Experience
Investment Insights
Based on property information with market context.
This 1,620-square-foot duplex, built in 1958, contains two updated one-bedroom units and is offered fully furnished. Each residence includes a bedroom and bath, in-unit laundry, a dishwasher, stove, refrigerator, smart TVs, dishes, and cookware. Unit 2 also has a private outdoor spa and shower. Impact-rated windows provide full property protection, while the paved parking area accommodates up to five vehicles.
The property is zoned RM-16 and sits four blocks from Wilton Drive in Fort Lauderdale. Its two-unit layout supports separate residential occupancy, with furnishings and household equipment already in place for immediate use.
The property is zoned RM-16 and sits four blocks from Wilton Drive in Fort Lauderdale. Its two-unit layout supports separate residential occupancy, with furnishings and household equipment already in place for immediate use.
Key Highlights
- 1,620 SF duplex with two updated one‑bedroom units
- Fully furnished residences with complete appliance packages, dishes, and cookware
- Unit 2 includes an outdoor spa and shower
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
$27,005
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
3.72%
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%
$540,100
$540.1K
Cap Rate 7%
$385,786
$385.8K
Cap Rate 9%
$300,056
$300.1K
Market Conditions
NOI Build-Up for 1,620 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
$40.8K $25.20/SF
− Vacancy
−$2.2K −$1.39/SF
EGI
$38.6K $23.81/SF
− OpEx
−$11.6K −$7.14/SF
NOI
$27.0K $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%
$540,100
Cap Rate 7%
$385,786
Cap Rate 9%
$300,056
Alternative Uses
Best Use
Multifamily LT 5
$385.8K
$337.6K – $450.1K
NOI $27,005 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$347.5K
$304.1K – $405.4K
NOI $24,326 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$1.09M
$952.6K – $1.27M
NOI $76,205 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,792
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
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 - Remodeled residential income property with move-in-ready interiors, complete appliance packages, and outdoor amenities in one unit.
Where is this duplex located?
The property is located at 602 NE 27th Street #1-2 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 1,620 SF duplex with two updated one‑bedroom units; Fully furnished residences with complete appliance packages, dishes, and cookware; Unit 2 includes an outdoor spa and shower
