Fort Lauderdale Multifamily Investment
For Sale
$1,900,000
Pending
842 Northwest 1st Avenue, Fort Lauderdale, FL 33311
Eight-unit multifamily property in Fort Lauderdale's Progresso Village.
Property Size4,753 SF
Lot Size0.23 Acres
Days on Market406
Property Features for 842 Northwest 1st Avenue
General Information
Standard status
Pending
Size
4,753 SF
Lot size
0.23 Acres
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$20,453
Building Details
Year Built
1973
Listing Agency:
Fausto Commercial Realty Consultants Inc
(954) 743-7594
Listed By:
Elior Levi · License #3574869
(954) 743-7594
Source:
Compass
Added: Jul 5, 2025
Changed: Aug 8
Last Checked: Jul 24 at 1:45PM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This is an opportunity to acquire an eight-unit multifamily property located in Progresso Village, near Andrews Avenue and Sunrise Boulevard in Downtown Fort Lauderdale. The property consists of eight 1-bed/1-bath units featuring modern interiors, impact doors, and separate meters. Upgrades include new kitchens, stone counters, walk-in closets, vanities, light fixtures, and cabinets. Currently, seven units are leased, and one unit is recently renovated and vacant. The property generates $146,568 in gross income with potential for increased rents upon renewal. Situated on a 10,000 square foot lot zoned RMM-25 and in the process of rezoning to NW RAC, the site offers the potential to double the unit count. The property offers redevelopment potential in a growing Fort Lauderdale corridor.
Key Highlights
- Strong cash flow from existing 8‑unit multifamily property with $146,568 gross income.
- Rare seller financing available at 5.5% interest‑only.
- Potential to double the unit count due to rezoning in progress (NW RAC).
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
$71,373
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
3.76%
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%
$1,427,460
$1.4M
Cap Rate 7%
$1,019,614
$1.0M
Cap Rate 9%
$793,033
$793.0K
Market Conditions
NOI Build-Up for 4,753 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
$136.9K $28.80/SF
− Vacancy
−$7.1K −$1.50/SF
EGI
$129.8K $27.30/SF
− OpEx
−$58.4K −$12.29/SF
NOI
$71.4K $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%
$1,427,460
Cap Rate 7%
$1,019,614
Cap Rate 9%
$793,033
Alternative Uses
Best Use
Apartment 5plus
$1.02M
$892.2K – $1.19M
NOI $71,373 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.19M
$2.79M – $3.73M
NOI $223,581 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,145
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight-unit multifamily property in Fort Lauderdale's Progresso Village.
Where is this apartment building located?
The property is located at 842 Northwest 1st Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Strong cash flow from existing 8‑unit multifamily property with $146,568 gross income.; Rare seller financing available at 5.5% interest‑only.; Potential to double the unit count due to rezoning in progress (NW RAC).
