Hallandale Beach Duplex
For Sale
Contact for pricing
623 NE 5th ST, Hallandale Beach, FL 33009
Duplex in Hallandale Beach with long-term tenants.
Property Size2,062 SF
Price / SF$348.69
Days on Market661
Property Features for 623 NE 5th ST
General Information
Standard status
Active
Size
2,062 SF
Total Parking Spaces
4
Property subtype
Multifamily
Building Details
Year Built
1965
Stories
1
Units
2
Listing Agency:
Grand State Realty
Listed By:
Yuliya Prysedska · License #3374283
Source:
Crexi
Added: Oct 30, 2024
Changed: Aug 8
Last Checked: Aug 21 at 11:53AM
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 Grand State Realty
Investment Insights
Based on property information with market context.
Located east of US 1 in Hallandale Beach, this duplex property offers immediate income potential. The property features two 2-bedroom, 2-bathroom units, both currently rented annually to long-term tenants. Unit 1 generates $2200 per month, while Unit 2 generates $2000 per month. Each unit includes a private backyard. The property is equipped with hurricane impact windows and a new fence. The roof is in good condition. The property size is 2062 square feet. The surrounding area is well-developed, with a variety of shops and restaurants. Seller financing is available with up to 70% LTV at a competitive interest-only rate.
Key Highlights
- Prime Location: East of US 1 in Hallandale Beach, close to shops and restaurants.
- Income‑Generating Property: Currently rented with long‑term tenants, providing immediate cash flow.
- Legal Duplex: Features two separate 2/2 units, each with its own private backyard.
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
$34,373
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
4.78%
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%
$687,460
$687.5K
Cap Rate 7%
$491,043
$491.0K
Cap Rate 9%
$381,922
$381.9K
Market Conditions
NOI Build-Up for 2,062 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
$52.0K $25.20/SF
− Vacancy
−$2.9K −$1.39/SF
EGI
$49.1K $23.81/SF
− OpEx
−$14.7K −$7.14/SF
NOI
$34.4K $16.67/SF
Area
Broward County, FL
Vacancy
5.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$687,460
Cap Rate 7%
$491,043
Cap Rate 9%
$381,922
Alternative Uses
Best Use
Multifamily LT 5
$491.0K
$429.7K – $572.9K
NOI $34,373 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$453.0K
$396.4K – $528.5K
NOI $31,712 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$1.05M
$915.4K – $1.22M
NOI $73,230 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 33009, FL
43,301
Population
31,020
Households
1.4
Avg Household Size
47
Median Age
36%
College-Educated
88%
High-School Grad
4.9 sq mi
ZIP Area
8,837
Density / Sq Mi
$48,196
Median Household Income
$33,928
Median Earnings
$1,576
Median Rent
$248,300
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?
Duplex - Duplex in Hallandale Beach with long-term tenants.
Where is this duplex located?
The property is located at 623 NE 5th ST Hallandale Beach, FL.
What is the asking price?
The asking price for this property is $719,000.
What are key features of this property?
This property features: Prime Location: East of US 1 in Hallandale Beach, close to shops and restaurants.; Income‑Generating Property: Currently rented with long‑term tenants, providing immediate cash flow.; Legal Duplex: Features two separate 2/2 units, each with its own private backyard.
