Renovated Quadplex with Impact
For Sale
$1,500,000
7701 NW 56TH Avenue Unit 3, Fort Lauderdale, FL 33073
Four-unit multifamily property with extensive building upgrades and a mix of refreshed interiors, newer systems, and durable finishes.
Property Size3,220 SF
Price / SF$465.84
Days on Market11
Property Features for 7701 NW 56TH Avenue Unit 3
General Information
Standard status
Active
Size
3,220 SF
Property subtype
Quadruplex
Amenities
Acres: 0.2, Square Feet: 8675, Features: Less Than 1/4 Acre Lot, Less Than 1 Acre, Fenced
Roof: Comp Shingle Roof, Composition Roll, Shingle
Fencing: Fenced
Sewer: At Site, Public Sewer, Other, Public Sanitation, Sewer
Parcel Number: 474231020140, Tax Annual Amount: $13,296, Tax Exemptions: Tax Reflects No Homestead Exemption, Tax Legal Description: HILLSBORO PINES SEC A 42-22 B LOT 15 BLK 3, Tax Year: 2025
Flooring: Ceramic Floor, Vinyl
Cooling: Central Air, Other
Heating: Central, Other
Number Of Units Total: 4, Standard Status: Active
Elementary School: Tradewinds, Middle Or Junior School: Lyons Creek, High School: Monarch
Features: Complete Impact Glass
Living Area: 3220, Architectural Style: One Story, Construction Materials: CBS Construction, Stories: 1, Year Built: 1977, Year Built Details: Resale, Building Area Total: 3220, Building Features: Lawn Sprinkler-Well Water, Structure Type: Fourplex
County Or Parish: Broward County, MLS Area Major: Hillsboro Pines Sec, Subdivision Name: HILLSBORO PINES SEC, Unit Number: 3
Leasable Area Units: Square Feet
Units In Community: 4
Utilities: Cable Connected, Electricity Connected, Phone Connected, Sewer Connected, Water Connected, Cable Available, Electricity Available, Phone Available, Sewer Available, Water Available
Tenant Pays: Water
Water Source: Public
Features: None
Building Details
Year Built
1977
Listing Agency:
The Keyes Company
(954) 467-0105
Listed By:
Charles Leslie Waites · License #3087729
(954) 687-5160
Source:
Riserealty
Added: Aug 24
Changed: Sep 2
Last Checked: Sep 2 at 6:19PM
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 four-unit multifamily property contains 3,220 square feet and was built in 1977. Interior improvements vary by residence and include renovated kitchens, updated baths, fresh paint, millwork, ceramic flooring, and waterproof luxury vinyl. Select units feature 2020 A/C systems and newer water heaters.
Property-wide improvements include a new roof, impact windows and doors, updated electrical panels, PVC piping, fencing, pavers, and landscaping. The building is zoned RM-10 and is currently tenant occupied. The landlord pays water and electricity for Units 2 and 4, with electric submetering used to bill residents for their consumption.
The property is in Hillsboro Pines within unincorporated Broward County, with access to shopping, dining, Florida’s Turnpike, and Sawgrass Expressway. Showings require 24–48 hours’ notice and coordination with the listing agent.
Property-wide improvements include a new roof, impact windows and doors, updated electrical panels, PVC piping, fencing, pavers, and landscaping. The building is zoned RM-10 and is currently tenant occupied. The landlord pays water and electricity for Units 2 and 4, with electric submetering used to bill residents for their consumption.
The property is in Hillsboro Pines within unincorporated Broward County, with access to shopping, dining, Florida’s Turnpike, and Sawgrass Expressway. Showings require 24–48 hours’ notice and coordination with the listing agent.
Key Highlights
- Four‑unit building with 3,220 square feet, built in 1977
- New roof, impact windows and doors, updated electrical panels, and PVC piping
- Unit upgrades include renovated kitchens, baths, paint, millwork, and updated 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
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 multifamily property with extensive building upgrades and a mix of refreshed interiors, newer systems, and durable finishes.
Where is this quadplex located?
The property is located at 7701 NW 56TH Avenue Unit 3 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 building with 3,220 square feet, built in 1977; New roof, impact windows and doors, updated electrical panels, and PVC piping; Unit upgrades include renovated kitchens, baths, paint, millwork, and updated flooring
