8-Unit Apartment
For Sale
$2,450,000
806 Northeast 16th Place Unit 18, Fort Lauderdale, FL 33305
Well-maintained multifamily property with two-bedroom residences, impact windows, terrazzo flooring, and shared laundry facilities.
Property Size6,606 SF
Price / SF$370.87
Days on Market206
Property Features for 806 Northeast 16th Place Unit 18
General Information
Standard status
Active
Size
6,606 SF
Property subtype
Commercial Sale / Multi Family
Units
Unit Mix
8 x 2BR/1BA
Multifamily Units
8
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$25,363
Amenities
common laundry area
Ceiling Fan(s), Wall/Window Unit(s)
Window/Wall
2.0
Terrazzo, Tile, Wood
2
8
Building, Leases
Concrete Block - With Stucco, Stucco
Other
Flat, Tile
Back Yard, Fenced, Gate, Privacy, Wood
Laundry Facilities, Other
No
Asphalt
Gated - No Guard, None
Building Details
Year Built
1969
Stories
2
Listing Agency:
Gibson Real Estate Services
(954) 909-0195
Listed By:
Rosy A Baron · License #3419520
(954) 909-0195
Source:
Compass
Added: Feb 7
Changed: Aug 31
Last Checked: Aug 30 at 11:18PM
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 Gibson Real Estate Services
Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 6,606 square feet and was built in 1969. Each residence offers two bedrooms and one bathroom, along with large bedrooms, terrazzo flooring, impact windows, and wall or window air-conditioning units. The property also includes a shared laundry area that produces additional income. Exterior features include gated access, a fenced backyard, and concrete block construction with stucco.
The property is located at 806 Northeast 16th Place in Fort Lauderdale, near Wilton Manors and Wilton Drive. The beach, shopping, dining, and major highways are described as a few miles away. Current leases exclude water, and the existing layout supports a combination of furnished short-term rentals and annual leases, subject to applicable requirements.
The property is located at 806 Northeast 16th Place in Fort Lauderdale, near Wilton Manors and Wilton Drive. The beach, shopping, dining, and major highways are described as a few miles away. Current leases exclude water, and the existing layout supports a combination of furnished short-term rentals and annual leases, subject to applicable requirements.
Key Highlights
- 8‑unit multifamily property with 6,606 square feet
- Eight 2‑bedroom, 1‑bath units
- Built in 1969 with concrete block and stucco construction
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
$99,198
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
4.05%
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%
$1,983,960
$2.0M
Cap Rate 7%
$1,417,114
$1.4M
Cap Rate 9%
$1,102,200
$1.1M
Market Conditions
NOI Build-Up for 6,606 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
$190.3K $28.80/SF
− Vacancy
−$9.9K −$1.50/SF
EGI
$180.4K $27.30/SF
− OpEx
−$81.2K −$12.29/SF
NOI
$99.2K $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%
$1,983,960
Cap Rate 7%
$1,417,114
Cap Rate 9%
$1,102,200
Alternative Uses
Best Use
Apartment 5plus
$1.42M
$1.24M – $1.65M
NOI $99,198 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.44M
$3.88M – $5.18M
NOI $310,746 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 33305, FL
12,044
Population
8,285
Households
1.5
Avg Household Size
52
Median Age
54%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
5,475
Density / Sq Mi
$89,944
Median Household Income
$60,924
Median Earnings
$1,850
Median Rent
$558,200
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 - Well-maintained multifamily property with two-bedroom residences, impact windows, terrazzo flooring, and shared laundry facilities.
Where is this apartment building located?
The property is located at 806 Northeast 16th Place Unit 18 Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 8‑unit multifamily property with 6,606 square feet; Eight 2‑bedroom, 1‑bath units; Built in 1969 with concrete block and stucco construction
