Three-Unit Triplex with Den
For Sale
$550,000
633 NW 15TH Terrace, Fort Lauderdale, FL 33311
Triplex offers three identical one-bedroom, one-bath units, each with an additional den for flexible living space.
Property Size1,632 SF
Price / SF$337.01
Days on Market51
Property Features for 633 NW 15TH Terrace
General Information
Standard status
Active
Size
1,632 SF
Property subtype
Triplex
Additional Details
Multifamily Units
3
Building Details
Year Built
1959
Listing Agency:
Brookfield Executive Real Esta
(954) 951-9344
Listed By:
Devin M Ruiz · License #3318029
(954) 429-5649
Source:
Lehmannflorida
Added: Jul 22
Changed: Sep 9
Last Checked: Sep 10 at 5:27AM
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 Brookfield Executive Real Esta
Investment Insights
Based on property information with market context.
This triplex features three identical unit layouts, with each unit offering one bedroom, one bathroom, and an additional den. The property is described as easy to maintain, and it presents an opportunity for further rent improvement with low landlord expenses.
Located in Fort Lauderdale, near a hospital and city transportation, the area scores include a Walk Score of 85 (Very Walkable) and a Transit Score of 56 (Good Transit). Bike Score is listed as 64 (Bikeable).
With all three units laid out the same, the building provides consistent configuration across the property, which can simplify management and leasing considerations for an owner-operator or investor.
Located in Fort Lauderdale, near a hospital and city transportation, the area scores include a Walk Score of 85 (Very Walkable) and a Transit Score of 56 (Good Transit). Bike Score is listed as 64 (Bikeable).
With all three units laid out the same, the building provides consistent configuration across the property, which can simplify management and leasing considerations for an owner-operator or investor.
Key Highlights
- Triplex built in 1959 with three identical one‑bedroom, one‑bath units
- Each unit includes an additional den, providing extra flexible interior space
- Units have identical layouts, which can simplify leasing and management
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
$27,205
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
4.95%
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%
$544,100
$544.1K
Cap Rate 7%
$388,643
$388.6K
Cap Rate 9%
$302,278
$302.3K
Market Conditions
NOI Build-Up for 1,632 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
$41.1K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$38.9K $23.81/SF
− OpEx
−$11.7K −$7.14/SF
NOI
$27.2K $16.67/SF
Area
Fort Lauderdale, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$544,100
Cap Rate 7%
$388,643
Cap Rate 9%
$302,278
Alternative Uses
Best Use
Multifamily LT 5
$388.6K
$340.1K – $453.4K
NOI $27,205 @ 7.0% cap · market cap 4.95%
Second Best
Apartment 5plus
$350.1K
$306.3K – $408.5K
NOI $24,507 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$1.10M
$959.6K – $1.28M
NOI $76,769 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,173
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Triplex offers three identical one-bedroom, one-bath units, each with an additional den for flexible living space.
Where is this triplex located?
The property is located at 633 NW 15TH Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Triplex built in 1959 with three identical one‑bedroom, one‑bath units; Each unit includes an additional den, providing extra flexible interior space; Units have identical layouts, which can simplify leasing and management
