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    739 2Nd Ave Fort Lauderdale, FL 33311

    Sponsored
    For Sale
    $1,060,000

    Two 2017-built homes, high rental income.

    Property size:
    3,418 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    414
    This exceptional investment opportunity presents two attached, identical twin homes situated in Fort Lauderdale's rapidly developing Progresso/Flagler Village neighborhood. Built in 2017 and renovated the same year, each home boasts 1,708 square feet, offering three bedrooms and two bathrooms. Modern features include updated kitchens and bathrooms, one-car garages, and impact windows. The combined square footage totals 3,418 square feet on a 6,992 square foot lot. Currently generating a strong NOI of $56,000, resulting in a 5.20% cap rate (5.00% pro-forma), this stabilized investment offers a compelling return. Each unit commands an average monthly rent of $3,500, totaling $6,600 per month. The property is zoned RMM-25 and features two buildings, each one story high. The asking price for this portfolio is $1,060,000, or $540,000 per unit, and represents a price per square foot of $315. Located at 739 and 741 NW 2nd Ave, Fort Lauderdale, FL 33311, this property benefits from its proximity to thriving arts districts, Flagler Village, and the Brightline station. The area is experiencing significant growth, with numerous new construction projects underway, including a substantial mixed-use development slated for completion in 2027. This presents a rare chance to acquire a high-performing, multifamily asset in a prime location poised for continued appreciation. The property's APN is 494234070511.

    Property Features for 739 2Nd Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,418 SF
    Class
    B

    Building Details

    Year Built/Renovated
    2017/2017
    Buildings
    2
    Stories
    1
    Units
    2

    We can help!

    Listing Contact
    Dodley Emmanuel
    Dodley Emmanuel

    Learn more

    Property Insight Report

    HighLights

    • Exceptional investment opportunity: Two identical, 2017‑built twin homes in Fort Lauderdale's Progresso/Flagler Village.
    • Each home features 1,708 sq ft, 3 bedrooms, 2 baths, updated kitchens & baths, 1‑car garage, & impact windows.
    • Combined 3,418 sq ft on a 6,992 sq ft lot, generating a $56,000 NOI and a 5.20% cap rate (5.00% pro‑forma).
    • Currently leased for $6,600/month ($3,500/unit), with a $1,060,000 asking price ($540,000/unit, $315/sq ft).
    • Located at 739 & 741 NW 2nd Ave, Fort Lauderdale, FL 33311, near arts districts, Flagler Village, and Brightline. APN: 494234070511.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.1461311
    Latitude
    26.1327973

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    FAQs

    What type of property is this?
    Multifamily property - Two 2017-built homes, high rental income.
    Where is this multifamily property located?
    The property is located at 739 2Nd Ave Fort Lauderdale, FL.
    What is the asking price?
    The asking price for this property is $1,060,000.
    What are key features of this property?
    This property features: Exceptional investment opportunity: Two identical, 2017-built twin homes in Fort Lauderdale's Progresso/Flagler Village.; Each home features 1,708 sq ft, 3 bedrooms, 2 baths, updated kitchens & baths, 1-car garage, & impact windows.; Combined 3,418 sq ft on a 6,992 sq ft lot, generating a $56,000 NOI and a 5.20% cap rate (5.00% pro-forma).
    (954) 648-3423
    Request Owner's contact information
    739 2Nd Ave Fort Lauderdale, FL 33311
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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
    739 2Nd Ave Fort Lauderdale, FL 33311
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    We can help!
    Listing Contact
    Dodley Emmanuel
    Dodley Emmanuel
    Real Estate License ID: SL3261944
    (954) 648-3423
    Learn more
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