Victoria Park Corner
For Sale
$1,300,000
701 NE 1St St, Fort Lauderdale, FL 33301
7,000 sqft corner lot zoned for multiple residences.
Property Size6,750 SF
Lot Size0.16 Acres
Price / SF$192.59
Days on Market305
Property Features for 701 NE 1St St
General Information
Standard status
Active
Property type
Residential land & home lots, Multifamily properties, Land, Residential income properties
Size
6,750 SF
Lot size
0.16 Acres
Listed By:
Chris Toomey
(954) 630-7020
Added: Dec 16, 2025
Changed: Mar 16
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Investment Insights
Based on property information with market context.
This 7,000 sqft corner lot (140' x 50') is located in Victoria Park and is zoned RMM-25. The zoning allows for a single-family residence, two single-family homes, or up to four three-story townhomes. The existing wood-frame structure has no contributory value and is best viewed as a teardown, giving a clean slate for new construction. This parcel offers flexible zoning, efficient lot dimensions, and strong long-term resale potential for both end-users and investors. Its position within an established, high-performing market enhances project feasibility and exit strategies. This is an ideal site for builders aiming to maximize yield, design flexibility, and ROI on a rare redevelopment opportunity. The lot size is 0.16 acres.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$101,360
Cap Rate
7.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,027,200
$2.0M
Cap Rate 7%
$1,448,000
$1.4M
Cap Rate 9%
$1,126,222
$1.1M
Market Conditions
NOI Build-Up for 6,750 SF
Gross rent
$194.4K $28.80/SF
− Vacancy
−$10.1K −$1.50/SF
EGI
$184.3K $27.30/SF
− OpEx
−$82.9K −$12.29/SF
NOI
$101.4K $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 Rate 5%
$2,027,200
Cap Rate 7%
$1,448,000
Cap Rate 9%
$1,126,222
Alternative Uses
Best Use
Apartment 5plus
$1.45M
$1.27M – $1.69M
NOI $101,360 @ 7.0% cap · market cap 7.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.54M
$3.97M – $5.29M
NOI $317,520 @ 7.0% cap · market cap 24.42%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
8,300
Businesses Nearby
Explore this area
Business Placement
Demographics for 33301, FL
19,109
Population
13,955
Households
1.4
Avg Household Size
42
Median Age
62%
College-Educated
96%
High-School Grad
2.5 sq mi
ZIP Area
7,644
Density / Sq Mi
$115,421
Median Household Income
$76,365
Median Earnings
$2,341
Median Rent
$751,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Residential land & home lot - 7,000 sqft corner lot zoned for multiple residences.
Where is this residential land & home lot located?
The property is located at 701 NE 1St St Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,300,000.
