Four-Unit
For Sale
$649,000
Pending
840 NW 3rd Street, Fort Lauderdale, FL 33311
Residential Income, Fort Lauderdale, FL
Property Size2,090 SF
Lot Size0.17 Acres
Days on Market102
Property Features for 840 NW 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
RMM-25
Bedrooms
8
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 1, Bedroom 8, Bedroom 4, Bathroom 4, Bedroom 7, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 6, Bedroom 2, Bathroom 2
Pets allowed
Yes, No
Exterior features
Lighting
Subdivision
FT LAUDERDALE LAND & DEV CO
Lot features
Corner Lot
Elementary school
Walker
Middle school
Parkway
High school
Stranahan
Standard status
Pending
APN
504210120860
Size
2,090 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
FT LAUDERDALE LAND & DEV CO SUB BLK 6 FT LAUD 1-57 D LOT 17,18 BLK C
Tax Annual Amount
11748
Legal Description
FT LAUDERDALE LAND & DEV CO SUB BLK 6 FT LAUD 1-57 D LOT 17,18 BLK C
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Window Unit(s), Wall/Window Unit(s)
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Number of units
4
Building materials
Brick
Roof type
Shingle
Listing Agency:
RE/MAX Preferred · RE/MAX International
(954) 396-5900
Listed By:
Rachael A Barach · License #3095523
(954) 815-1418
Added: May 28
Changed: Sep 4
Last Checked: Sep 6 at 5:06AM
MLS# B26034061
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 four-unit multifamily property contains four apartments, each configured with 2 bedrooms and 1 bathroom. The building offers 2,090 square feet on a 0.17-acre lot and was constructed in 1958. Brick construction, a shingle roof, lighting, and wall or window-unit cooling are documented. Public water and public sewer serve the property, with cable available.
Located in Fort Lauderdale’s Progresso Village area, the property is described as being minutes from Downtown Fort Lauderdale, FAT Village, Holiday Park, Las Olas Boulevard, Brightline, and Fort Lauderdale Beach. The property carries RMM-25 zoning, providing a defined multifamily classification for evaluation.
Located in Fort Lauderdale’s Progresso Village area, the property is described as being minutes from Downtown Fort Lauderdale, FAT Village, Holiday Park, Las Olas Boulevard, Brightline, and Fort Lauderdale Beach. The property carries RMM-25 zoning, providing a defined multifamily classification for evaluation.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 2,090 square feet on a 0.17‑acre lot
- RMM‑25 zoning
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
$34,840
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
5.37%
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%
$696,800
$696.8K
Cap Rate 7%
$497,714
$497.7K
Cap Rate 9%
$387,111
$387.1K
Market Conditions
NOI Build-Up for 2,090 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
$52.7K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$49.8K $23.81/SF
− OpEx
−$14.9K −$7.14/SF
NOI
$34.8K $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%
$696,800
Cap Rate 7%
$497,714
Cap Rate 9%
$387,111
Alternative Uses
Best Use
Multifamily LT 5
$497.7K
$435.5K – $580.7K
NOI $34,840 @ 7.0% cap · market cap 5.37%
Second Best
Apartment 5plus
$448.3K
$392.3K – $523.1K
NOI $31,384 @ 7.0% cap · market cap 4.84%
Theoretical Best
Office A
$1.40M
$1.23M – $1.64M
NOI $98,314 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
2,279
Businesses Nearby
Explore this area
Business Placement
Demographics for 33311, FL
69,413
Population
27,330
Households
2.5
Avg Household Size
37
Median Age
18%
College-Educated
81%
High-School Grad
10.4 sq mi
ZIP Area
6,674
Density / Sq Mi
$51,918
Median Household Income
$32,717
Median Earnings
$1,385
Median Rent
$276,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - RMM-25-zoned multifamily property with public water and sewer service in Fort Lauderdale.
Where is this quadplex located?
The property is located at 840 NW 3rd Street Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 2,090 square feet on a 0.17‑acre lot; RMM‑25 zoning
