Multifamily Property Near
For Sale
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633 NW 15th Ave, Fort Lauderdale, FL 33311
Eleven-unit multifamily property near downtown Fort Lauderdale, being sold as-is.
Property Size2,570 SF
Price / SF$243.19
Days on Market197
Property Features for 633 NW 15th Ave
General Information
Standard status
Active
Size
2,570 SF
Property subtype
Multifamily
Zoning
RC-15
Investment Type
Value Add
Building Details
Year Built
1959
Year Renovated
2023
Buildings
3
Stories
1
Units
4
Listing Agency:
EXP Realty LLC
Listed By:
Dave Fine · License #FL 3254130
Source:
Crexi
Added: Feb 6
Changed: Aug 8
Last Checked: Aug 21 at 3:14PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This multifamily property comprises 11 units across three separate buildings. The property, renovated in recent years, is located just north of Sistrunk Boulevard, within walking distance of several local parks. It offers convenient access to Sunrise and Broward Boulevards and is approximately 5 minutes from downtown Fort Lauderdale and Flagler Village. The property is located in an Opportunity Zone. Note that there is an open violation from the city related to the number of units exceeding what is on file. The property is being sold as-is. The property size is 2570 square feet.
Key Highlights
- Good location, walking distance to several local parks, and easy access to Sunrise and Broward Blvd.
- Approximately 5 minutes from downtown Ft Lauderdale and Flagler Village.
- Located in an Opportunity Zone.
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
$38,592
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
6.17%
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%
$771,840
$771.8K
Cap Rate 7%
$551,314
$551.3K
Cap Rate 9%
$428,800
$428.8K
Market Conditions
NOI Build-Up for 2,570 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
$74.0K $28.80/SF
− Vacancy
−$3.8K −$1.50/SF
EGI
$70.2K $27.30/SF
− OpEx
−$31.6K −$12.29/SF
NOI
$38.6K $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%
$771,840
Cap Rate 7%
$551,314
Cap Rate 9%
$428,800
Alternative Uses
Best Use
Apartment 5plus
$551.3K
$482.4K – $643.2K
NOI $38,592 @ 7.0% cap · market cap 6.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.73M
$1.51M – $2.01M
NOI $120,893 @ 7.0% cap · market cap 19.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,496
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?
Apartment building - Eleven-unit multifamily property near downtown Fort Lauderdale, being sold as-is.
Where is this apartment building located?
The property is located at 633 NW 15th Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: Good location, walking distance to several local parks, and easy access to Sunrise and Broward Blvd.; Approximately 5 minutes from downtown Ft Lauderdale and Flagler Village.; Located in an Opportunity Zone.
