Five-Unit Multifamily
For Sale
$975,000
Pending
848 NW 2nd Avenue, Fort Lauderdale, FL 33311
Fully occupied five-unit building with separate electric meters, featuring three 1-bed/1-bath units and two studios.
Property Size1,936 SF
Days on Market159
Property Features for 848 NW 2nd Avenue
General Information
Standard status
Pending
Size
1,936 SF
Zoning
RMM-25
Occupancy
100%
Financials
Cap Rate
8.13%
Business Included
Yes
Additional Details
Multifamily Units
5
Building Details
Building Size
1,936 SF
Year Built
1972
Stories
1
Tenancy
Multi
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Elior Levi · License #A12054087
(954) 743-7594
Source:
Laerrealty
Added: Apr 1
Changed: Aug 25
Last Checked: Aug 24 at 3:13AM
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 five-unit multifamily property is fully occupied and currently cash flowing, with most long-term tenants in place for more than five years. The mix includes three 1-bedroom/1-bath units and two studio units. Interiors have been lightly updated, and the building is supported by separate electric meters for each unit, helping keep day-to-day operations low maintenance.
Located in Progresso Village in Fort Lauderdale, the property is described as minutes from Flagler Village, the Brightline station, and the beach. The property is zoned RMM-25, with redevelopment potential noted for one of Fort Lauderdale’s faster-growing corridors.
Current monthly income is stated at $8,200, with room identified for additional upside through future rent increases or improvements. The listing also highlights an attractive 8.13% cap rate and offers seller financing at 5.5% interest-only for 3 years with 35% down.
Located in Progresso Village in Fort Lauderdale, the property is described as minutes from Flagler Village, the Brightline station, and the beach. The property is zoned RMM-25, with redevelopment potential noted for one of Fort Lauderdale’s faster-growing corridors.
Current monthly income is stated at $8,200, with room identified for additional upside through future rent increases or improvements. The listing also highlights an attractive 8.13% cap rate and offers seller financing at 5.5% interest-only for 3 years with 35% down.
Key Highlights
- Fully occupied 5‑unit multifamily built in 1972, with three 1 bed/1 bath units and two studios
- All units rented to long‑term tenants, with most leases over 5 years
- Separate electric meters and low‑maintenance operations
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
$29,072
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
2.98%
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%
$581,440
$581.4K
Cap Rate 7%
$415,314
$415.3K
Cap Rate 9%
$323,022
$323.0K
Market Conditions
NOI Build-Up for 1,936 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
$55.8K $28.80/SF
− Vacancy
−$2.9K −$1.50/SF
EGI
$52.9K $27.30/SF
− OpEx
−$23.8K −$12.29/SF
NOI
$29.1K $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%
$581,440
Cap Rate 7%
$415,314
Cap Rate 9%
$323,022
Alternative Uses
Best Use
Apartment 5plus
$415.3K
$363.4K – $484.5K
NOI $29,072 @ 7.0% cap · market cap 2.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,069 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
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 - Fully occupied five-unit building with separate electric meters, featuring three 1-bed/1-bath units and two studios.
Where is this apartment building located?
The property is located at 848 NW 2nd Avenue Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Fully occupied 5‑unit multifamily built in 1972, with three 1 bed/1 bath units and two studios; All units rented to long‑term tenants, with most leases over 5 years; Separate electric meters and low‑maintenance operations
