Multifamily Buildings in Middle
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999 NE 18th Court, Fort Lauderdale, FL 33305
Two buildings with 8 units, redevelopment potential in Fort Lauderdale.
Property Size6,143 SF
Price / SF$374.41
Days on Market190
Property Features for 999 NE 18th Court
General Information
Standard status
Active
Size
6,143 SF
Property subtype
Land, Multifamily
Zoning
RML-25
Listing Agency:
Flagler Duval Real Estate
(305) 371-3592
Listed By:
George Coloney · License #0696185
Source:
Crexi
Added: Feb 9
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 Flagler Duval Real Estate
Investment Insights
Based on property information with market context.
Two adjacent multifamily buildings totaling 8 rental units are available in Middle River, Fort Lauderdale. Constructed in 1964 and 1980, the property features a unit mix dominated by 1-bedroom units, presenting immediate scale and value-add opportunities. The unit mix includes six 1-bedroom/1-bathroom units, one 2-bedroom/1-bathroom unit, and one 3-bedroom/2-bathroom unit. The property has attractive lot sizes and redevelopment potential. The existing remodeled 8-unit building has a potential NOI of $102,000 while planning redevelopment. The property is suitable for small luxury waterfront developers, builders doing townhomes or boutique condos, and land bankers. It is also suitable for 1031 buyers who might redevelop later. There is the ability to potentially build 11 waterfront units and hold income while going through approvals. The property has strong rent growth and limited supply potential. The property size is 6,143 square feet.
Key Highlights
- Prime Middle River Location in Fort Lauderdale.
- Strong Income Potential: Existing remodeled 8‑unit building with potential NOI of $102K.
- Redevelopment Potential: Ability to potentially build 11 waterfront units.
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
$92,245
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
4.01%
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%
$1,844,900
$1.8M
Cap Rate 7%
$1,317,786
$1.3M
Cap Rate 9%
$1,024,944
$1.0M
Market Conditions
NOI Build-Up for 6,143 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
$176.9K $28.80/SF
− Vacancy
−$9.2K −$1.50/SF
EGI
$167.7K $27.30/SF
− OpEx
−$75.5K −$12.29/SF
NOI
$92.2K $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%
$1,844,900
Cap Rate 7%
$1,317,786
Cap Rate 9%
$1,024,944
Alternative Uses
Best Use
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,245 @ 7.0% cap · market cap 4.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.13M
$3.61M – $4.82M
NOI $288,967 @ 7.0% cap · market cap 12.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,745
Businesses Nearby
Explore this area
Business Placement
Demographics for 33305, FL
12,044
Population
8,285
Households
1.5
Avg Household Size
52
Median Age
54%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
5,475
Density / Sq Mi
$89,944
Median Household Income
$60,924
Median Earnings
$1,850
Median Rent
$558,200
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 buildings with 8 units, redevelopment potential in Fort Lauderdale.
Where is this apartment building located?
The property is located at 999 NE 18th Court 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: Prime Middle River Location in Fort Lauderdale.; Strong Income Potential: Existing remodeled 8‑unit building with potential NOI of $102K.; Redevelopment Potential: Ability to potentially build 11 waterfront units.
