Leased Quadplex with
For Sale
$640,000
635 Northwest 22nd Road, Fort Lauderdale, FL 33311
Four occupied units with separately metered water and private off-street parking in Fort Lauderdale.
Property Size1,810 SF
Price / SF$353.59
Days on Market233
Property Features for 635 Northwest 22nd Road
General Information
Standard status
Active
Size
1,810 SF
Property subtype
Multi-Family Income / Fourplex
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,416
Amenities
separately metered water
private off-street parking
Building Details
Year Built
1968
Tenancy
Multi
Listing Agency:
Elite Sales Group
Listed By:
Daniel Echague · License #3280149
(305) 554-1544
Source:
Compass
Added: Jan 14
Changed: Aug 31
Last Checked: Aug 29 at 8:18PM
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 Elite Sales Group
Investment Insights
Based on property information with market context.
This 1968-built quadplex contains four occupied units within approximately 1,810 SF of total living area. The property uses low-maintenance construction, efficient layouts, separately metered water, and private off-street parking. All four units are leased, providing an operating multifamily asset with existing occupancy.
The property is located in Fort Lauderdale, just minutes from Downtown Fort Lauderdale and Las Olas. Major transportation routes are also nearby, supporting access across the surrounding area. The four-unit configuration offers a straightforward multifamily format with dedicated parking and separately metered water service.
The property is located in Fort Lauderdale, just minutes from Downtown Fort Lauderdale and Las Olas. Major transportation routes are also nearby, supporting access across the surrounding area. The four-unit configuration offers a straightforward multifamily format with dedicated parking and separately metered water service.
Key Highlights
- Four occupied units in a quadplex configuration
- Approximately 1,810 SF of total living area
- All four units are leased
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
$30,172
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
4.71%
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%
$603,440
$603.4K
Cap Rate 7%
$431,029
$431.0K
Cap Rate 9%
$335,244
$335.2K
Market Conditions
NOI Build-Up for 1,810 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
$45.6K $25.20/SF
− Vacancy
−$2.5K −$1.39/SF
EGI
$43.1K $23.81/SF
− OpEx
−$12.9K −$7.14/SF
NOI
$30.2K $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%
$603,440
Cap Rate 7%
$431,029
Cap Rate 9%
$335,244
Alternative Uses
Best Use
Multifamily LT 5
$431.0K
$377.2K – $502.9K
NOI $30,172 @ 7.0% cap · market cap 4.71%
Second Best
Apartment 5plus
$388.3K
$339.8K – $453.0K
NOI $27,180 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$1.22M
$1.06M – $1.42M
NOI $85,142 @ 7.0% cap · market cap 13.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
894
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?
Quadplex - Four occupied units with separately metered water and private off-street parking in Fort Lauderdale.
Where is this quadplex located?
The property is located at 635 Northwest 22nd Road Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Four occupied units in a quadplex configuration; Approximately 1,810 SF of total living area; All four units are leased
