12-Unit Apartment
For Sale
$2,700,000
612 NE 2nd Ave, Fort Lauderdale, FL 33304
Two-story property offers balanced one- and two-bedroom layouts, tile flooring, natural light, and on-site parking.
Property Size7,330 SF
Lot Size0.31 Acres
Price / SF$368.35
Days on Market158
Property Features for 612 NE 2nd Ave
General Information
Standard status
Active
Size
7,330 SF
Class
C
Lot size
0.31 Acres
Property subtype
Multi-Family
Zoning
RAC-UV
Units
Unit Mix
10 x 1BR/1BA, 2 x 2BR/1BA
Multifamily Units
12
Building Details
Building Size
7,330 SF
Year Built
1973
Buildings
1
Stories
2
Units
12
Listing Agency:
Native Realty
Listed By:
Jaime Sturgis · License #3246270
(954) 595-2999
Source:
Commercialcafe
Added: Mar 30
Changed: Aug 29
Last Checked: Aug 29 at 1:03PM
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 Native Realty
Investment Insights
Based on property information with market context.
This two-story apartment property at 612 NE 2nd Ave includes 12 units within 7,330 SF of building area on approximately 13,500 SF of land. The configuration comprises ten 1-bedroom/1-bath residences and two 2-bedroom/1-bath residences. Interior features include functional floorplans, strong natural light, tile flooring, and efficient kitchen layouts, while on-site parking supports the residential use. The building was constructed in 1973.
The property is located in Fort Lauderdale’s Flagler Village area, with proximity to FAT Village and Downtown Fort Lauderdale. RAC-UV zoning is identified as supporting higher-density residential and mixed-use projects. Beaches, restaurants, shopping, nightlife, museums, and galleries are also described as nearby within the broader Fort Lauderdale setting.
The property is located in Fort Lauderdale’s Flagler Village area, with proximity to FAT Village and Downtown Fort Lauderdale. RAC-UV zoning is identified as supporting higher-density residential and mixed-use projects. Beaches, restaurants, shopping, nightlife, museums, and galleries are also described as nearby within the broader Fort Lauderdale setting.
Key Highlights
- 12‑unit apartment property with ten 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units
- 7,330 SF two‑story building on approximately 13,500 SF of land
- RAC‑UV zoning supports higher‑density residential and mixed‑use projects
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
$110,070
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
4.08%
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%
$2,201,400
$2.2M
Cap Rate 7%
$1,572,429
$1.6M
Cap Rate 9%
$1,223,000
$1.2M
Market Conditions
NOI Build-Up for 7,330 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
$211.1K $28.80/SF
− Vacancy
−$11.0K −$1.50/SF
EGI
$200.1K $27.30/SF
− OpEx
−$90.1K −$12.29/SF
NOI
$110.1K $15.02/SF
Area
Fort Lauderdale, FL
Vacancy
5.20%
Lease Rate
$28.80 /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%
$2,201,400
Cap Rate 7%
$1,572,429
Cap Rate 9%
$1,223,000
Alternative Uses
Best Use
Apartment 5plus
$1.57M
$1.38M – $1.83M
NOI $110,070 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.93M
$4.31M – $5.75M
NOI $344,803 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
5,315
Businesses Nearby
Explore this area
Business Placement
Demographics for 33304, FL
19,978
Population
12,367
Households
1.6
Avg Household Size
46
Median Age
51%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,445
Density / Sq Mi
$84,951
Median Household Income
$55,527
Median Earnings
$1,727
Median Rent
$556,400
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 - Two-story property offers balanced one- and two-bedroom layouts, tile flooring, natural light, and on-site parking.
Where is this apartment building located?
The property is located at 612 NE 2nd Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: 12‑unit apartment property with ten 1‑bedroom/1‑bath units and two 2‑bedroom/1‑bath units; 7,330 SF two‑story building on approximately 13,500 SF of land; RAC‑UV zoning supports higher‑density residential and mixed‑use projects
