9-Unit Apartment
New
For Sale
$3,700,000
637 NE 4TH, Fort Lauderdale, FL
The property operates as a furnished short-term rental with a mix of studio and one-bedroom residences.
Property Size10,057 SF
Days on Market2
Property Features for 637 NE 4TH
General Information
Standard status
Active
Size
10,057 SF
Property subtype
Multi Family
Occupancy
81%
Units
Unit Mix
7 x studio, 2 x 1BR
Multifamily Units
9
Additional Details
Furnished
Yes
Cap Rate
6%
Taxes and HOA fees
Annual Taxes
$54,940
Building Details
Building Size
10,057 SF
Year Built
2022
Listing Agency:
Native Realty Co.
Listed By:
Adam S Docktor · License #3261593
(954) 610-0440
Source:
Tylertuchow
Added: Oct 2
Changed: Oct 3
Last Checked: Oct 2 at 10:54PM
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 Native Realty Co.
Investment Insights
Based on property information with market context.
Built in 2022, this nine-unit apartment property contains seven studios and two one-bedroom units. Modern finishes are present throughout, and the units are furnished for short-term rental use. Trailing operations show a 6% cap rate and 81% occupancy.
The property is in the MASS District of Flagler Village in Downtown Fort Lauderdale, near dining, retail, entertainment, and employment destinations.
The property is in the MASS District of Flagler Village in Downtown Fort Lauderdale, near dining, retail, entertainment, and employment destinations.
Key Highlights
- Nine apartments: seven studios and two one‑bedroom units
- Built in 2022 with modern interior finishes
- Currently operated as a furnished short‑term rental property
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
$151,019
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
4.08%
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%
$3,020,380
$3.0M
Cap Rate 7%
$2,157,414
$2.2M
Cap Rate 9%
$1,677,989
$1.7M
Market Conditions
NOI Build-Up for 10,057 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
$289.6K $28.80/SF
− Vacancy
−$15.1K −$1.50/SF
EGI
$274.6K $27.30/SF
− OpEx
−$123.6K −$12.29/SF
NOI
$151.0K $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%
$3,020,380
Cap Rate 7%
$2,157,414
Cap Rate 9%
$1,677,989
Alternative Uses
Best Use
Apartment 5plus
$2.16M
$1.89M – $2.52M
NOI $151,019 @ 7.0% cap · market cap 4.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.76M
$5.91M – $7.88M
NOI $473,081 @ 7.0% cap · market cap 12.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
81%
Occupancy
Location Intelligence
Trade Area within ½ mile
5,593
Businesses Nearby
Explore this area
Business Placement
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 - The property operates as a furnished short-term rental with a mix of studio and one-bedroom residences.
Where is this apartment building located?
The property is located at 637 NE 4TH Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $3,700,000.
What are key features of this property?
This property features: Nine apartments: seven studios and two one‑bedroom units; Built in 2022 with modern interior finishes; Currently operated as a furnished short‑term rental property
