Remodeled Quadplex with
For Sale
$1,150,000
707 NE 15th Street, Fort Lauderdale, FL 33304
Residential Income, Fort Lauderdale, FL
Property Size2,500 SF
Price / SF$460
Days on Market215
Property Features for 707 NE 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RS-8
Bedrooms
4
Full bathrooms
5
Rooms
Bedroom 4, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 2, Bathroom 3, Bathroom 5, Bedroom 3, Bathroom 1
Patio and Porch features
Patio
Fencing
Fenced
Subdivision
Norfolk Gardens Amd 15-38
Lot features
Fruit Tree(s)
Elementary school
North Side
Middle school
Sunrise
High school
Fort Lauderdale
Directions
I 95 to Sunrise Blvd exit East. To NE 4th Ave north, to NE 15th ST East, to NE 5th Ter North, to NE 15 ST East. Property is one block down on corner lot to your left.
Standard status
Active
APN
494235140170
Size
2,500 SF
Taxes and HOA fees
Tax Year
2024
Tax Description
NORFOLK GARDENS AMD PLAT 15-38 B BLK 7 E 50 OF W 90 OF S 130 & TOGETHER WITH LOT 5 LESS N 70 OF CASPER SUB 25-32 B
Tax Annual Amount
18446
Legal Description
NORFOLK GARDENS AMD PLAT 15-38 B BLK 7 E 50 OF W 90 OF S 130 & TOGETHER WITH LOT 5 LESS N 70 OF CASPER SUB 25-32 B
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Electric, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Amenities
impact windows & doors
private fenced yard
ample on-site parking
rear space with room for RV parking
Building Details
Year built
1946
Floors in Building
1
Number of units
4
Flooring type
Tile
Building materials
Block
Roof type
Flat, Composition, Shingle
Listing Agency:
United Realty Group Inc.
(954) 615-2180
Listed By:
Raul E Lopez · License #3249060
(954) 632-2940
Added: Mar 2
Changed: Oct 1
Last Checked: Oct 3 at 8:06AM
MLS# F10554416
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,500-square-foot block-construction property is arranged as a 4-plex with 5 income-producing units. Each unit has been remodeled and includes impact windows and doors, tile flooring, and window or wall-mounted cooling. The property also features a patio, fenced yard, on-site parking, and rear space that can accommodate RV parking. Public water and sewer serve the property, which is zoned RS-8. The composition, flat and shingle roof elements, and 1946 construction date add useful context for evaluating the asset. The back-yard shed does not convey.
Located at 707 NE 15th Street in Fort Lauderdale’s 33304 area, the property is minutes from Las Olas, Downtown Fort Lauderdale, Wilton Manors, Fort Lauderdale Beach, Galleria Mall, Brightline, and FLL Airport. Cable is available at the property.
Located at 707 NE 15th Street in Fort Lauderdale’s 33304 area, the property is minutes from Las Olas, Downtown Fort Lauderdale, Wilton Manors, Fort Lauderdale Beach, Galleria Mall, Brightline, and FLL Airport. Cable is available at the property.
Key Highlights
- Configured as a 4‑plex with 5 income‑producing units
- 2500 square feet of building area
- All units remodeled with impact windows and 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
$41,675
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
3.62%
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%
$833,500
$833.5K
Cap Rate 7%
$595,357
$595.4K
Cap Rate 9%
$463,056
$463.1K
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
$63.0K $25.20/SF
− Vacancy
−$3.5K −$1.39/SF
EGI
$59.5K $23.81/SF
− OpEx
−$17.9K −$7.14/SF
NOI
$41.7K $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%
$833,500
Cap Rate 7%
$595,357
Cap Rate 9%
$463,056
Alternative Uses
Best Use
Multifamily LT 5
$595.4K
$520.9K – $694.6K
NOI $41,675 @ 7.0% cap · market cap 3.62%
Second Best
Apartment 5plus
$536.3K
$469.3K – $625.7K
NOI $37,541 @ 7.0% cap · market cap 3.26%
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
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,606
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
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Remodeled units include impact windows and doors, with a fenced yard and on-site parking.
Where is this quadplex 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: Configured as a 4‑plex with 5 income‑producing units; 2500 square feet of building area; All units remodeled with impact windows and doors
