New Construction 4-Plex with Impact
For Sale
Contact for pricing
661 NW 21st Terrace, Fort Lauderdale, FL 33311
Brand-new 2025 fourplex with central A/C, impact glass, dedicated parking for up to seven vehicles, and a large backyard.
Property Size2,286 SF
Price / SF$349.52
Days on Market281
Property Features for 661 NW 21st Terrace
General Information
Standard status
Active
Size
2,286 SF
Property subtype
Multifamily
Zoning
RMM-25
Building Details
Year Built
2025
Listing Agency:
Flagler Duval
(954) 801-0123
Listed By:
Dylan Varner · License #3507778
Source:
Crexi
Added: Nov 11, 2025
Changed: Aug 8
Last Checked: Jul 22 at 4:00AM
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 Flagler Duval
Investment Insights
Based on property information with market context.
This brand-new 2025 construction fourplex was built with prefabricated concrete construction and impact glass windows, with design intended to align with FEMA’s latest elevation guidelines. The property is hurricane-resistant and includes central A/C in each unit, along with new appliances and a new roof. The layout provides four separate residential units, plus outdoor space in the form of a large backyard.
The asset is offered for sale at 661 NW 21st Terrace in Fort Lauderdale, Florida. A spacious parking area accommodates up to seven vehicles, supporting straightforward tenant and guest parking for a small multifamily building.
For buyers seeking a turnkey residential income property, the current improvements include central cooling, new interior appliance packages, and a roof completed as part of the 2025 build. The outdoor areas can support tenant-oriented use, including shared recreation or separate outdoor living space tied to the property. The seller notes that one of the 1-bedroom units could be converted into a 2-bedroom, offering a possible way to reconfigure unit mix if desired by an operator or investor.
The asset is offered for sale at 661 NW 21st Terrace in Fort Lauderdale, Florida. A spacious parking area accommodates up to seven vehicles, supporting straightforward tenant and guest parking for a small multifamily building.
For buyers seeking a turnkey residential income property, the current improvements include central cooling, new interior appliance packages, and a roof completed as part of the 2025 build. The outdoor areas can support tenant-oriented use, including shared recreation or separate outdoor living space tied to the property. The seller notes that one of the 1-bedroom units could be converted into a 2-bedroom, offering a possible way to reconfigure unit mix if desired by an operator or investor.
Key Highlights
- Brand‑new 2025 fourplex construction in Fort Lauderdale
- Impact glass windows and hurricane‑resistant design with prefabricated concrete construction
- Built above FEMA’s latest elevation guidelines
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
$38,107
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
4.77%
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%
$762,140
$762.1K
Cap Rate 7%
$544,386
$544.4K
Cap Rate 9%
$423,411
$423.4K
Market Conditions
NOI Build-Up for 2,286 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
$57.6K $25.20/SF
− Vacancy
−$3.2K −$1.39/SF
EGI
$54.4K $23.81/SF
− OpEx
−$16.3K −$7.14/SF
NOI
$38.1K $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%
$762,140
Cap Rate 7%
$544,386
Cap Rate 9%
$423,411
Alternative Uses
Best Use
Multifamily LT 5
$544.4K
$476.3K – $635.1K
NOI $38,107 @ 7.0% cap · market cap 4.77%
Second Best
Apartment 5plus
$490.4K
$429.1K – $572.1K
NOI $34,327 @ 7.0% cap · market cap 4.30%
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,533 @ 7.0% cap · market cap 13.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,039
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 - Brand-new 2025 fourplex with central A/C, impact glass, dedicated parking for up to seven vehicles, and a large backyard.
Where is this quadplex located?
The property is located at 661 NW 21st Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Brand‑new 2025 fourplex construction in Fort Lauderdale; Impact glass windows and hurricane‑resistant design with prefabricated concrete construction; Built above FEMA’s latest elevation guidelines
