Updated Quadplex with Impact
For Sale
$1,500,000
7701 NW 56TH Avenue, Fort Lauderdale, FL 33073
Four-unit income property with renovated interiors, major building updates, and tenant occupancy in Broward County.
Property Size3,220 SF
Price / SF$465.84
Days on Market24
Property Features for 7701 NW 56TH Avenue
General Information
Standard status
Active
Size
3,220 SF
Property subtype
Quadruplex
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
4
Building Details
Year Built
1977
Listing Agency:
The Keyes Company
(954) 467-0105
Listed By:
Charles Leslie Waites · License #3087729
(954) 687-5160
Source:
Lehmannflorida
Added: Aug 24
Changed: Sep 15
Last Checked: Sep 16 at 5:36PM
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 The Keyes Company
Investment Insights
Based on property information with market context.
This 3,220-square-foot quadplex, built in 1977, contains four tenant-occupied units with varied interior improvements. Unit 1 includes an updated kitchen and bath, new paint and millwork, a 2020 A/C system, and waterproof luxury vinyl flooring. Unit 2 has an updated kitchen, paint and millwork, a newer water heater, and ceramic flooring. Unit 3 features an updated kitchen and bath, 2020 A/C, newer water heater, paint and millwork, and ceramic flooring. Unit 4 includes an updated kitchen and bath, newer water heater, paint and millwork, and waterproof luxury vinyl flooring.
Property-wide improvements include a new roof, impact windows and doors, updated electrical panels, PVC pipes, fencing, pavers, and landscaping. The landlord pays water and electricity for Units 2 and 4, with electric usage billed to tenants through submetering. The property is located at 7701 NW 56TH Avenue, Fort Lauderdale, FL 33073, near shopping, dining, the Florida Turnpike, and Sawgrass Expressway. Showings require 24–48 hours’ notice.
Property-wide improvements include a new roof, impact windows and doors, updated electrical panels, PVC pipes, fencing, pavers, and landscaping. The landlord pays water and electricity for Units 2 and 4, with electric usage billed to tenants through submetering. The property is located at 7701 NW 56TH Avenue, Fort Lauderdale, FL 33073, near shopping, dining, the Florida Turnpike, and Sawgrass Expressway. Showings require 24–48 hours’ notice.
Key Highlights
- Four‑unit property totaling 3,220 SF
- New roof, impact windows and doors, updated electrical panels, and PVC pipes
- Unit 1 includes 2020 A/C and waterproof luxury vinyl flooring
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
$53,677
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
3.58%
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%
$1,073,540
$1.1M
Cap Rate 7%
$766,814
$766.8K
Cap Rate 9%
$596,411
$596.4K
Market Conditions
NOI Build-Up for 3,220 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
$81.1K $25.20/SF
− Vacancy
−$4.5K −$1.39/SF
EGI
$76.7K $23.81/SF
− OpEx
−$23.0K −$7.14/SF
NOI
$53.7K $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%
$1,073,540
Cap Rate 7%
$766,814
Cap Rate 9%
$596,411
Alternative Uses
Best Use
Multifamily LT 5
$766.8K
$671.0K – $894.6K
NOI $53,677 @ 7.0% cap · market cap 3.58%
Second Best
Apartment 5plus
$690.8K
$604.4K – $805.9K
NOI $48,353 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$2.16M
$1.89M – $2.52M
NOI $151,469 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,229
Businesses Nearby
Explore this area
Business Placement
Demographics for 33073, FL
32,853
Population
12,708
Households
2.6
Avg Household Size
38
Median Age
38%
College-Educated
93%
High-School Grad
8.1 sq mi
ZIP Area
4,056
Density / Sq Mi
$99,269
Median Household Income
$50,754
Median Earnings
$2,193
Median Rent
$453,700
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 - Four-unit income property with renovated interiors, major building updates, and tenant occupancy in Broward County.
Where is this quadplex located?
The property is located at 7701 NW 56TH Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four‑unit property totaling 3,220 SF; New roof, impact windows and doors, updated electrical panels, and PVC pipes; Unit 1 includes 2020 A/C and waterproof luxury vinyl flooring
