10-Unit Apartment
New
For Sale
$2,300,000
921-925 NE 17th Ave, Fort Lauderdale, FL 33304
Two concrete-block structures provide on-site laundry, wall air conditioning, paved parking, and a tropical courtyard.
Property Size5,276 SF
Lot Size0.31 Acres
Price / SF$435.94
Days on Market2
Property Features for 921-925 NE 17th Ave
General Information
Standard status
Active
Size
5,276 SF
Lot size
0.31 Acres
Property subtype
Multifamily
Financials
Asking Price
$2,300,000
Cap Rate
4.89%
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
8 x 1BR/1BA, 1 x 2BR/1BA, 1 x 2BR/2BA
Multifamily Units
10
Amenities
on-site laundry
tropical courtyard
Affluent Victoria Park Neighborhood w/$126,145 Average Household Income (1-Mile)
13,500 Square Foot Double Lot Zoned RMM-25, Possible Future Development Upside
Surrounded by New Construction Townhomes with Recent Sale Prices up to $1,495,000
Unit Mix of (8) 1 Bedrooms, (1) 2 Bedroom 1 Bathroom and (1) 2 Bedroom 2 Bathroom
Electric Appliances, Wall Air Conditioning, Central Courtyard, Property-Owned Laundry
Both Roofs were Replaced in 2015, Properties are Exempt from 40-Year Recertification
Building Details
Building Size
5,276 SF
Year Built
1959
Buildings
2
Stories
1
Units
10
Construction
concrete block
Listed By:
Joe Thomas · License #License(s): FL: SL3174354
(954) 245-3492
Source:
Marcusmillichap
Added: Sep 4
Last Checked: Sep 5 at 3:58AM
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 Joe Thomas
Investment Insights
Based on property information with market context.
This apartment property comprises two single-story concrete-block buildings constructed in 1959, with painted stucco exteriors and shingle roofs. The 5,276-square-foot property contains 10 units: eight one-bedroom, one-bath residences, one two-bedroom, one-bath residence, and one two-bedroom, two-bath residence. On-site features include laundry facilities, wall air conditioning units, paved asphalt parking, and a tropical courtyard. The buildings occupy a 13,500-square-foot lot totaling 0.31 acres.
The property is positioned near Sunrise Boulevard, Federal Highway (US-1), and State Road A1A. Gateway Shopping Center, The Galleria, Bank of America, and dining options are within walking distance. Holiday Park is 0.3 miles away, while Fort Lauderdale Beach, Downtown Fort Lauderdale, Flagler Village, and Holiday Park are accessible by a short drive. Fort Lauderdale-Hollywood International Airport is 6.0 miles from the property.
The property is positioned near Sunrise Boulevard, Federal Highway (US-1), and State Road A1A. Gateway Shopping Center, The Galleria, Bank of America, and dining options are within walking distance. Holiday Park is 0.3 miles away, while Fort Lauderdale Beach, Downtown Fort Lauderdale, Flagler Village, and Holiday Park are accessible by a short drive. Fort Lauderdale-Hollywood International Airport is 6.0 miles from the property.
Key Highlights
- 10‑unit apartment property with 8 one‑bedroom/one‑bath units, 1 two‑bedroom/one‑bath unit, and 1 two‑bedroom/two‑bath unit
- Two single‑story concrete‑block buildings constructed in 1959
- 5,276 square feet of total building area on a 13,500‑square‑foot lot
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
$79,226
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
3.44%
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%
$1,584,520
$1.6M
Cap Rate 7%
$1,131,800
$1.1M
Cap Rate 9%
$880,289
$880.3K
Market Conditions
NOI Build-Up for 5,276 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
$151.9K $28.80/SF
− Vacancy
−$7.9K −$1.50/SF
EGI
$144.0K $27.30/SF
− OpEx
−$64.8K −$12.29/SF
NOI
$79.2K $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%
$1,584,520
Cap Rate 7%
$1,131,800
Cap Rate 9%
$880,289
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$990.3K – $1.32M
NOI $79,226 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.55M
$3.10M – $4.14M
NOI $248,183 @ 7.0% cap · market cap 10.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,309
Businesses Nearby
Explore this area
Business Placement
Demographics for 33304, FL
19,978
Population
12,367
Households
1.6
Avg Household Size
46
Median Age
51%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
6,445
Density / Sq Mi
$84,951
Median Household Income
$55,527
Median Earnings
$1,727
Median Rent
$556,400
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 - Two concrete-block structures provide on-site laundry, wall air conditioning, paved parking, and a tropical courtyard.
Where is this apartment building located?
The property is located at 921-925 NE 17th Ave Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: 10‑unit apartment property with 8 one‑bedroom/one‑bath units, 1 two‑bedroom/one‑bath unit, and 1 two‑bedroom/two‑bath unit; Two single‑story concrete‑block buildings constructed in 1959; 5,276 square feet of total building area on a 13,500‑square‑foot lot
