Multifamily Property with Renovated
For Sale
$695,000
Pending
633 NW 15th Avenue, Fort Lauderdale, FL 33311
Four units across three separate buildings with recently renovated interiors, sold as-is with ample parking and outdoor space.
Property Size2,622 SF
Days on Market134
Property Features for 633 NW 15th Avenue
General Information
Standard status
Pending
Size
2,622 SF
Property subtype
Commercial
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$21,257
Amenities
Central air
Common
Flat Roof
Tile Flooring
Wall Window Units Cooling
Building Details
Year Built
1958
Listing Agency:
LPT REALTY, LLC
Listed By:
ELAINA TORRES-SALINAS · License #B26020398
(954) 681-1331
Source:
Corcoran
Added: Apr 26
Changed: Aug 23
Last Checked: Sep 6 at 5:38AM
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 LPT REALTY, LLC
Investment Insights
Based on property information with market context.
This multifamily property consists of four units spread across three separate buildings. The interiors were renovated a few years ago, and the property is being sold as-is. While the current configuration totals four units, it was recently being operated as eleven units and is built out as such.
The property is located just north of Sistrunk Blvd, with walking distance to several local parks. Access is described as easy to Sunrise and Broward Blvd, and it is approximately five minutes from downtown Fort Lauderdale and Flagler Village. The property is located in an opportunity zone.
The exterior setup includes plenty of parking and outdoor space, offering flexibility for tenant-facing common areas and site use within the existing layout.
The property is located just north of Sistrunk Blvd, with walking distance to several local parks. Access is described as easy to Sunrise and Broward Blvd, and it is approximately five minutes from downtown Fort Lauderdale and Flagler Village. The property is located in an opportunity zone.
The exterior setup includes plenty of parking and outdoor space, offering flexibility for tenant-facing common areas and site use within the existing layout.
Key Highlights
- Four‑unit multifamily property across three separate buildings
- Interiors were renovated a few years ago
- Previously operated as eleven units, built out as such
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
$39,373
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
5.67%
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%
$787,460
$787.5K
Cap Rate 7%
$562,471
$562.5K
Cap Rate 9%
$437,478
$437.5K
Market Conditions
NOI Build-Up for 2,622 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
$75.5K $28.80/SF
− Vacancy
−$3.9K −$1.50/SF
EGI
$71.6K $27.30/SF
− OpEx
−$32.2K −$12.29/SF
NOI
$39.4K $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%
$787,460
Cap Rate 7%
$562,471
Cap Rate 9%
$437,478
Alternative Uses
Best Use
Apartment 5plus
$562.5K
$492.2K – $656.2K
NOI $39,373 @ 7.0% cap · market cap 5.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,339 @ 7.0% cap · market cap 17.75%
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 - Four units across three separate buildings with recently renovated interiors, sold as-is with ample parking and outdoor space.
Where is this apartment building located?
The property is located at 633 NW 15th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Four‑unit multifamily property across three separate buildings; Interiors were renovated a few years ago; Previously operated as eleven units, built out as such
