Renovated Duplex
For Sale
$575,000
646 NE 38th Street, Oakland Park, FL 33334
Tenant-occupied duplex on a sizable Oakland Park lot with a 2023 reroof.
Property Size1,711 SF
Lot Size0.30 Acres
Price / SF$336.06
Days on Market58
Property Features for 646 NE 38th Street
General Information
Standard status
Active
Size
1,711 SF
Lot size
0.30 Acres
Property subtype
Duplex
Building Details
Year Built
1958
Tenancy
Multi
Listing Agency:
Evron & McCarthy Realty LLC
(754) 243-5838
Listed By:
Shou J Saito
(954) 850-9478
Source:
Lehmannflorida
Added: Jul 28
Changed: Sep 21
Last Checked: Sep 22 at 5:13PM
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 Evron & McCarthy Realty LLC
Investment Insights
Based on property information with market context.
This tenant-occupied duplex in Oakland Park contains 1,711 square feet and was built in 1958. The property includes a 2/1.5 configuration, a studio, and a 2/1 configuration as described in the current setup. The roof was replaced in 2023.
Situated at 646 NE 38th Street, the property occupies a lot described as approximately 13,000 square feet. Existing occupancy and the current configuration provide a clear basis for evaluating the asset in its present condition. Showings require advance coordination because the property is tenant occupied.
Situated at 646 NE 38th Street, the property occupies a lot described as approximately 13,000 square feet. Existing occupancy and the current configuration provide a clear basis for evaluating the asset in its present condition. Showings require advance coordination because the property is tenant occupied.
Key Highlights
- 1,711‑square‑foot duplex in Oakland Park
- Approximately 13,000‑square‑foot lot
- Roof replaced in 2023
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
$28,522
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
4.96%
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%
$570,440
$570.4K
Cap Rate 7%
$407,457
$407.5K
Cap Rate 9%
$316,911
$316.9K
Market Conditions
NOI Build-Up for 1,711 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
$43.1K $25.20/SF
− Vacancy
−$2.4K −$1.39/SF
EGI
$40.7K $23.81/SF
− OpEx
−$12.2K −$7.14/SF
NOI
$28.5K $16.67/SF
Area
Broward County, 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%
$570,440
Cap Rate 7%
$407,457
Cap Rate 9%
$316,911
Alternative Uses
Best Use
Multifamily LT 5
$407.5K
$356.5K – $475.4K
NOI $28,522 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$375.9K
$328.9K – $438.6K
NOI $26,314 @ 7.0% cap · market cap 4.58%
Theoretical Best
Office A
$868.1K
$759.6K – $1.01M
NOI $60,764 @ 7.0% cap · market cap 10.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,006
Businesses Nearby
Explore this area
Business Placement
Demographics for 33334, FL
30,138
Population
14,314
Households
2.1
Avg Household Size
44
Median Age
33%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,279
Density / Sq Mi
$69,512
Median Household Income
$36,895
Median Earnings
$1,615
Median Rent
$430,500
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?
Duplex - Tenant-occupied duplex on a sizable Oakland Park lot with a 2023 reroof.
Where is this duplex located?
The property is located at 646 NE 38th Street Oakland Park, FL.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 1,711‑square‑foot duplex in Oakland Park; Approximately 13,000‑square‑foot lot; Roof replaced in 2023
