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    116 41 St Oakland Park, FL 33309

    Sponsored
    For Sale
    $1,999,000

    Four-unit, new construction apartment building.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional 2023-built, four-unit apartment building presents a lucrative investment opportunity in the desirable Oakland Park, Florida area. Located at 116 NW 41st St, 33309, this two-story property boasts four identical units, each featuring three bedrooms, two and a half bathrooms, and a two-car garage. The modern design incorporates spacious open floor plans and modern kitchens, creating comfortable and desirable living spaces. Every unit is equipped with its own individual water meter and FPL meter, ensuring efficient utility management and cost allocation. Furthermore, each unit includes a private laundry room complete with a washer and dryer, adding to the convenience and appeal for tenants. The property's construction incorporates impact glass doors and windows, providing both security and energy efficiency. The property's folio number is 494222082191. This turnkey investment offers strong potential for rental income and appreciation in a thriving Florida market. The asking price is $1,999,000. This is a rare opportunity to acquire a brand-new, well-designed multifamily property in a prime location.

    Property Features for 116 41 St

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    2023
    Stories
    2
    Units
    4

    We can help!

    Listing Contact
    Justin Singer

    Learn more

    HighLights

    • New 2023 construction, four‑unit apartment building in desirable Oakland Park, FL.
    • Located at 116 NW 41st St, Oakland Park, FL 33309.
    • Four identical units, each with three bedrooms, two and a half baths, and a two‑car garage.
    • Modern open floor plans, modern kitchens, and private laundry rooms with washer/dryer in each unit.
    • Individual water and FPL meters for each unit.
    • Impact glass doors and windows.
    Property Profile Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oakland Park
    County
    Broward
    State
    Florida
    Longitude
    -80.147606
    Latitude
    26.1773969

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    FAQs

    What type of property is this?
    Multifamily property - Four-unit, new construction apartment building.
    Where is this multifamily property located?
    The property is located at 116 41 St Oakland Park, FL.
    What is the asking price?
    The asking price for this property is $1,999,000.
    What are key features of this property?
    This property features: New 2023 construction, four-unit apartment building in desirable Oakland Park, FL.; Located at 116 NW 41st St, Oakland Park, FL 33309.; Four identical units, each with three bedrooms, two and a half baths, and a two-car garage.
    Request Owner's contact information
    116 41 St Oakland Park, FL 33309
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    116 41 St Oakland Park, FL 33309
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    We can help!
    Listing Contact
    Justin Singer
    Real Estate License ID: 3068819
    Learn more
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