Two-Story Retail
For Sale
$3,500,000
702-706 NE 1st Ave, Fort Lauderdale, FL 33304
Restaurant and bar improvements occupy the ground floor, with renovated office space positioned above.
Property Size8,864 SF
Price / SF$394.86
Days on Market152
Property Features for 702-706 NE 1st Ave
General Information
Standard status
Active
Size
8,864 SF
Property subtype
Retail
Additional Details
Highway Access
Yes
Building Details
Building Size
8,864 SF
Buildings
1
Stories
2
Listing Agency:
(561) 827-3044
Listed By:
Dylan Morse · License #FL #SL3500133
(561) 827-3044
Source:
Franklinst
Added: Apr 1
Changed: Aug 29
Last Checked: Aug 29 at 5:59PM
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 Dylan Morse
Investment Insights
Based on property information with market context.
This two-story retail property at 702–706 NE 1st Avenue contains 8,864 square feet. The 6,382-square-foot first floor is configured for restaurant and bar use and can be separated into two units of approximately 3,255 and 3,127 square feet. Above, 2,482 square feet of renovated office space provides a distinct commercial component with contemporary finishes.
The property is in Fort Lauderdale’s Flagler Village, approximately ¼ mile from the 835,000/SF Hines FAT Village mixed-use project and near the Searstown redevelopment and multifamily projects. N Andrews Avenue records 20,900 VPD, while I-95 provides regional access. The Brightline Station is nearby, with service to Miami, West Palm Beach, and Orlando. More than 150,000 residents live within a 3-mile radius, and average household income exceeds $109,000.
The property is in Fort Lauderdale’s Flagler Village, approximately ¼ mile from the 835,000/SF Hines FAT Village mixed-use project and near the Searstown redevelopment and multifamily projects. N Andrews Avenue records 20,900 VPD, while I-95 provides regional access. The Brightline Station is nearby, with service to Miami, West Palm Beach, and Orlando. More than 150,000 residents live within a 3-mile radius, and average household income exceeds $109,000.
Key Highlights
- 8,864‑square‑foot two‑story retail building
- 6,382‑square‑foot first floor built out for restaurant and bar use
- First floor can divide into approximately 3,255- and 3,127‑square‑foot units
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
$254,645
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
7.28%
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%
$5,092,900
$5.1M
Cap Rate 7%
$3,637,786
$3.6M
Cap Rate 9%
$2,829,389
$2.8M
Market Conditions
NOI Build-Up for 8,864 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
$404.2K $45.60/SF
− Vacancy
−$64.7K −$7.30/SF
EGI
$339.5K $38.30/SF
− OpEx
−$84.9K −$9.58/SF
NOI
$254.6K $28.73/SF
Area
Fort Lauderdale, FL
Vacancy
16.00%
Lease Rate
$45.60 /SF/Yr
Expense Ratio
25.00%
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%
$5,092,900
Cap Rate 7%
$3,637,786
Cap Rate 9%
$2,829,389
Alternative Uses
Best Use
Office B
$3.64M
$3.18M – $4.24M
NOI $254,645 @ 7.0% cap · market cap 7.28%
Second Best
Specialty Retail
$2.55M
$2.23M – $2.97M
NOI $178,443 @ 7.0% cap · market cap 5.10%
Theoretical Best
Office A
$5.96M
$5.21M – $6.95M
NOI $416,963 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,302
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 33304, FL
19,978
Population
12,367
Households
1.6
Avg Household Size
46
Median Age
51%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,445
Density / Sq Mi
$84,951
Median Household Income
$55,527
Median Earnings
$1,727
Median Rent
$556,400
Median Home Value
Market
Vacancy Rate% for Office in Fort Lauderdale, FL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Restaurant and bar improvements occupy the ground floor, with renovated office space positioned above.
Where is this storefront property located?
The property is located at 702-706 NE 1st Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 8,864‑square‑foot two‑story retail building; 6,382‑square‑foot first floor built out for restaurant and bar use; First floor can divide into approximately 3,255- and 3,127‑square‑foot units
