Fully Renovated Apartment
For Sale
Contact for pricing
624 Southwest 16th Avenue, Fort Lauderdale, FL 33312
Renovated low-rise multifamily property with separately metered electric and water service.
Property Size9,710 SF
Price / SF$288.36
Days on Market12
Property Features for 624 Southwest 16th Avenue
General Information
Standard status
Active
Size
9,710 SF
Class
C
Total Parking Spaces
12
Property subtype
Multifamily
Zoning
RM-15
Investment Type
Value Add
Net Operating Income
$187,419
Additional Details
Utilities to Site
Yes
Unit Mix
7 x 4BR/2BA, 1 x 3BR/1BA, 1 x 1BR/1BA (non-conforming)
Building Details
Year Built
1970
Year Renovated
2025
Buildings
2
Stories
2
Units
8
Construction
garden-style
Listing Agency:
Franklin Street
Listed By:
Alex Gerdak · License #SL3614788
Source:
Crexi
Added: Aug 20
Changed: Aug 29
Last Checked: Aug 29 at 7:52PM
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 Franklin Street
Investment Insights
Based on property information with market context.
This 9,710-square-foot apartment building in Fort Lauderdale has undergone a full renovation, including updated unit interiors and new PVC plumbing throughout. The property is configured as a low-rise multifamily asset and is designated RM-15, a residential multifamily zoning classification. Electric and water are separately metered for each unit, supporting distinct utility accounting across the property.
Located at 624 Southwest 16th Avenue, the property has completed its 40-year recertification. The combination of renovated living spaces, updated plumbing infrastructure, and completed recertification provides a defined physical profile for multifamily ownership. The source information identifies a mix of renovated units, but conflicting unit-count details have been omitted.
Located at 624 Southwest 16th Avenue, the property has completed its 40-year recertification. The combination of renovated living spaces, updated plumbing infrastructure, and completed recertification provides a defined physical profile for multifamily ownership. The source information identifies a mix of renovated units, but conflicting unit-count details have been omitted.
Key Highlights
- 9,710 SF apartment building in Fort Lauderdale
- RM‑15 zoning: Residential Multifamily Low Rise/Medium Density
- All units have been fully renovated
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
$145,808
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
5.21%
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%
$2,916,160
$2.9M
Cap Rate 7%
$2,082,971
$2.1M
Cap Rate 9%
$1,620,089
$1.6M
Market Conditions
NOI Build-Up for 9,710 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
$279.6K $28.80/SF
− Vacancy
−$14.5K −$1.50/SF
EGI
$265.1K $27.30/SF
− OpEx
−$119.3K −$12.29/SF
NOI
$145.8K $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%
$2,916,160
Cap Rate 7%
$2,082,971
Cap Rate 9%
$1,620,089
Alternative Uses
Best Use
Apartment 5plus
$2.08M
$1.82M – $2.43M
NOI $145,808 @ 7.0% cap · market cap 5.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.53M
$5.71M – $7.61M
NOI $456,758 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
928
Businesses Nearby
Explore this area
Business Placement
Demographics for 33312, FL
51,570
Population
21,332
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
86%
High-School Grad
11.1 sq mi
ZIP Area
4,646
Density / Sq Mi
$77,644
Median Household Income
$39,333
Median Earnings
$1,566
Median Rent
$397,800
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 - Renovated low-rise multifamily property with separately metered electric and water service.
Where is this apartment building located?
The property is located at 624 Southwest 16th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: 9,710 SF apartment building in Fort Lauderdale; RM‑15 zoning: Residential Multifamily Low Rise/Medium Density; All units have been fully renovated
