Turn-Key Two-Property
For Sale
Contact for pricing
615 & 617 NE 9th Avenue, Fort Lauderdale, FL 33304
Two gated multifamily buildings with furnished, rented units, renovated kitchens, impact windows/doors, and a heated pool oasis.
Property Size4,655 SF
Price / SF$480.13
Days on Market53
Property Features for 615 & 617 NE 9th Avenue
General Information
Standard status
Active
Size
4,655 SF
Total Parking Spaces
9
Property subtype
Multifamily
Zoning
RMM-25
Additional Details
Business Included
Yes
Building Details
Year Built
1957
Units
4
Listing Agency:
Coastal Preferred Properties L
Listed By:
Margaret King · License #3061216
Source:
Crexi
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 10 at 11:05AM
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 Coastal Preferred Properties L
Investment Insights
Based on property information with market context.
This offering includes two income-producing multifamily properties at 615 & 617 NE 9th Avenue. The combined configuration provides 10 bedrooms and 7 bathrooms across the units, with 9 parking spaces. One building features a brand-new roof. The properties are described as fully furnished and turn-key rented.
Additional improvements noted include impact windows and impact doors, along with renovated kitchens equipped with stainless appliances. The community is fully gated and includes lush courtyards and a designated grill area. Operational conveniences include two laundry rooms, and outdoor amenities include a heated pool area with exterior lighting, plus a Tesla charger.
The asset is positioned for buyers seeking a self-contained multifamily investment with multiple unit-ready features and in-place resident experience elements. With both buildings presented as furnished and currently rented, an operator can evaluate the portfolio based on the existing unit mix and the documented building enhancements such as the new roof and kitchen renovations.
Additional improvements noted include impact windows and impact doors, along with renovated kitchens equipped with stainless appliances. The community is fully gated and includes lush courtyards and a designated grill area. Operational conveniences include two laundry rooms, and outdoor amenities include a heated pool area with exterior lighting, plus a Tesla charger.
The asset is positioned for buyers seeking a self-contained multifamily investment with multiple unit-ready features and in-place resident experience elements. With both buildings presented as furnished and currently rented, an operator can evaluate the portfolio based on the existing unit mix and the documented building enhancements such as the new roof and kitchen renovations.
Key Highlights
- Two gated multifamily buildings with furnished, rented units
- Total unit mix: 10 bedrooms / 7 bathrooms across the two properties
- Renovated kitchens with stainless appliances
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
$69,901
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
3.13%
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%
$1,398,020
$1.4M
Cap Rate 7%
$998,586
$998.6K
Cap Rate 9%
$776,678
$776.7K
Market Conditions
NOI Build-Up for 4,655 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
$134.1K $28.80/SF
− Vacancy
−$7.0K −$1.50/SF
EGI
$127.1K $27.30/SF
− OpEx
−$57.2K −$12.29/SF
NOI
$69.9K $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%
$1,398,020
Cap Rate 7%
$998,586
Cap Rate 9%
$776,678
Alternative Uses
Best Use
Apartment 5plus
$998.6K
$873.8K – $1.17M
NOI $69,901 @ 7.0% cap · market cap 3.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.13M
$2.74M – $3.65M
NOI $218,971 @ 7.0% cap · market cap 9.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,139
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 gated multifamily buildings with furnished, rented units, renovated kitchens, impact windows/doors, and a heated pool oasis.
Where is this apartment building located?
The property is located at 615 & 617 NE 9th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,235,000.
What are key features of this property?
This property features: Two gated multifamily buildings with furnished, rented units; Total unit mix: 10 bedrooms / 7 bathrooms across the two properties; Renovated kitchens with stainless appliances
