Turnkey 5-Unit Apartment
For Sale
Contact for pricing
707 NE 15th Street, Fort Lauderdale, FL 33304
Remodeled units with impact windows and doors, fenced yard, and ample parking, with rear space for RV parking.
Property Size2,500 SF
Price / SF$460
Days on Market152
Property Features for 707 NE 15th Street
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Business Included
Yes
Fenced Yard
Yes
Multifamily Units
5
Building Details
Year Built
1946
Listing Agency:
United Realty Group Inc.
Listed By:
Raul Lopez · License #3249060
Source:
Crexi
Added: Mar 9
Changed: Jul 10
Last Checked: Aug 7 at 9:56AM
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 United Realty Group Inc.
Investment Insights
Based on property information with market context.
Turnkey 4-plex configured as 5 income-producing units, presented with pride of ownership throughout. All units have been tastefully remodeled and include impact windows and impact doors. The property offers a private fenced yard and ample on-site parking. There is also rear space that can accommodate RV parking, with room for further potential at the site; the back yard shed does not convey.
Located at 707 NE 15th Street in Fort Lauderdale, Florida 33304.
This property is offered for sale as a turn-key income-producing asset, with reported gross income of approximately $8,400 per month (about $100,800 per year). Annual expenses are approximately $35,000, including taxes, insurance, and maintenance. The layout and exterior features make it well suited for an investor or operator seeking a recently updated multi-unit building with both a private outdoor area and flexible rear parking space. A possibility exists to add a pool to the property, providing an additional option for future improvements.
Located at 707 NE 15th Street in Fort Lauderdale, Florida 33304.
This property is offered for sale as a turn-key income-producing asset, with reported gross income of approximately $8,400 per month (about $100,800 per year). Annual expenses are approximately $35,000, including taxes, insurance, and maintenance. The layout and exterior features make it well suited for an investor or operator seeking a recently updated multi-unit building with both a private outdoor area and flexible rear parking space. A possibility exists to add a pool to the property, providing an additional option for future improvements.
Key Highlights
- 1946‑built 4‑plex configured as 5 income‑producing units
- Approx. $8,400/month ($100,800/year) in gross income
- All units remodeled with impact windows & impact doors
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
$37,541
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
3.26%
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%
$750,820
$750.8K
Cap Rate 7%
$536,300
$536.3K
Cap Rate 9%
$417,122
$417.1K
Market Conditions
NOI Build-Up for 2,500 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
$72.0K $28.80/SF
− Vacancy
−$3.7K −$1.50/SF
EGI
$68.3K $27.30/SF
− OpEx
−$30.7K −$12.29/SF
NOI
$37.5K $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 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%
$750,820
Cap Rate 7%
$536,300
Cap Rate 9%
$417,122
Alternative Uses
Best Use
Apartment 5plus
$536.3K
$469.3K – $625.7K
NOI $37,541 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,600 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,498
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Remodeled units with impact windows and doors, fenced yard, and ample parking, with rear space for RV parking.
Where is this apartment building located?
The property is located at 707 NE 15th Street Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 1946‑built 4‑plex configured as 5 income‑producing units; Approx. $8,400/month ($100,800/year) in gross income; All units remodeled with impact windows & impact doors
