Duplex and Development Land
For Sale
$1,600,000
638 Southwest 4th Avenue, Fort Lauderdale, FL 33315
Two contiguous parcels with two existing duplexes produce rental income and offer future development potential under RAC-SMU zoning.
Property Size6,250 SF
Price / SF$256
Days on Market115
Property Features for 638 Southwest 4th Avenue
General Information
Standard status
Active
Size
6,250 SF
Property subtype
Land & Docks / Unimproved Land
Taxes and HOA fees
Annual Taxes
$9,225
Amenities
No
Asphalt
Listing Agency:
The Keyes Company
(954) 489-8589
Listed By:
Alejandro Saenz de la Calzada Rosenstein · License #3556904
(954) 489-8589
Source:
Compass
Added: Apr 20
Changed: Aug 8
Last Checked: May 8 at 6:27PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
The property consists of two contiguous parcels (Folios 504210015131 and 504210015132) totaling 12,500 square feet, with two existing duplexes generating $7,200 per month in rental income. The duplexes are located at 634 SW 4th Ave and 638 SW 4th Ave, providing in-place tenancies as the property moves through permitting and pre-construction. The sale is being offered as-is.
The site is 100 feet wide by 125 feet deep across the two lots within Fort Lauderdale’s New River South corridor. A rear alley may provide vehicle access, subject to pre-development review with the City transportation engineer. Zoning is RAC-SMU (Regional Activity Center — Southwest Mixed Use), and the property’s RAC future land use designation may support eligibility under Florida’s Live Local Act (SB 102), which buyers are encouraged to confirm directly with the City.
Construction in the immediate corridor includes townhomes currently trading at substantial price levels, and the property is located minutes from Las Olas, I-95, FLL, and the beaches.
The site is 100 feet wide by 125 feet deep across the two lots within Fort Lauderdale’s New River South corridor. A rear alley may provide vehicle access, subject to pre-development review with the City transportation engineer. Zoning is RAC-SMU (Regional Activity Center — Southwest Mixed Use), and the property’s RAC future land use designation may support eligibility under Florida’s Live Local Act (SB 102), which buyers are encouraged to confirm directly with the City.
Construction in the immediate corridor includes townhomes currently trading at substantial price levels, and the property is located minutes from Las Olas, I-95, FLL, and the beaches.
Key Highlights
- Two contiguous parcels totaling 12,500 SF in Fort Lauderdale’s New River South corridor
- 100 ft wide × 125 ft deep across two contiguous lots, with possible rear alley vehicle access (subject to City transportation engineer review)
- RAC‑SMU zoning (Regional Activity Center—Southwest Mixed Use) on Folios 504210015131 & 504210015132
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
$104,186
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
6.51%
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%
$2,083,720
$2.1M
Cap Rate 7%
$1,488,371
$1.5M
Cap Rate 9%
$1,157,622
$1.2M
Market Conditions
NOI Build-Up for 6,250 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
$157.5K $25.20/SF
− Vacancy
−$8.7K −$1.39/SF
EGI
$148.8K $23.81/SF
− OpEx
−$44.7K −$7.14/SF
NOI
$104.2K $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%
$2,083,720
Cap Rate 7%
$1,488,371
Cap Rate 9%
$1,157,622
Alternative Uses
Best Use
Multifamily LT 5
$1.49M
$1.30M – $1.74M
NOI $104,186 @ 7.0% cap · market cap 6.51%
Second Best
Apartment 5plus
$1.34M
$1.17M – $1.56M
NOI $93,852 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$4.20M
$3.68M – $4.90M
NOI $294,000 @ 7.0% cap · market cap 18.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,714
Businesses Nearby
Explore this area
Business Placement
Demographics for 33315, FL
13,555
Population
6,991
Households
1.9
Avg Household Size
43
Median Age
35%
College-Educated
94%
High-School Grad
5.3 sq mi
ZIP Area
2,558
Density / Sq Mi
$90,760
Median Household Income
$43,815
Median Earnings
$1,789
Median Rent
$492,400
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?
Duplex - Two contiguous parcels with two existing duplexes produce rental income and offer future development potential under RAC-SMU zoning.
Where is this duplex located?
The property is located at 638 Southwest 4th Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Two contiguous parcels totaling 12,500 SF in Fort Lauderdale’s New River South corridor; 100 ft wide × 125 ft deep across two contiguous lots, with possible rear alley vehicle access (subject to City transportation engineer review); RAC‑SMU zoning (Regional Activity Center—Southwest Mixed Use) on Folios 504210015131 & 504210015132
