Upgraded Duplex with Two
New
For Sale
$899,000
A-b-650 Ne 15th Street, Fort Lauderdale, FL 33304
Two modernized residences offer in-unit laundry, impact openings, and four off-street parking spaces.
Property Size1,625 SF
Price / SF$553.23
Days on Market4
Property Features for A-b-650 Ne 15th Street
General Information
Standard status
Active
Size
1,625 SF
Total Parking Spaces
4
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$14,521
Amenities
artificial turf landscaping
in-unit washer and dryer
Listing Agency:
Blue Lighthouse Realty, INC
Listed By:
Jorge A Zea · License #277008888
(855) 550-0528
Source:
Exprealty
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 10 at 3:05PM
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 Blue Lighthouse Realty, INC
Investment Insights
Based on property information with market context.
This 1,625-square-foot duplex contains two 2-bedroom, 2-bathroom residences that were modernized during 2022-2023. Recent improvements include a new roof, impact windows and doors, replacement gutters, artificial turf landscaping, and updated interiors. Each unit includes its own washer and dryer, while the property provides four off-street parking spaces.
The property is currently operated as a professionally managed vacation rental. It is positioned just south of Wilton Drive in Fort Lauderdale, with the beach a short drive away. The combination of two similarly configured units, recent capital improvements, on-site parking, and established vacation-rental operation provides a clear duplex configuration for continued use.
The property is currently operated as a professionally managed vacation rental. It is positioned just south of Wilton Drive in Fort Lauderdale, with the beach a short drive away. The combination of two similarly configured units, recent capital improvements, on-site parking, and established vacation-rental operation provides a clear duplex configuration for continued use.
Key Highlights
- Two 2BR/2BA units modernized during 2022‑2023
- 1,625 square feet with duplex configuration
- New roof, impact windows and doors, and replacement gutters
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
$27,088
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
3.01%
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%
$541,760
$541.8K
Cap Rate 7%
$386,971
$387.0K
Cap Rate 9%
$300,978
$301.0K
Market Conditions
NOI Build-Up for 1,625 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
$41.0K $25.20/SF
− Vacancy
−$2.3K −$1.39/SF
EGI
$38.7K $23.81/SF
− OpEx
−$11.6K −$7.14/SF
NOI
$27.1K $16.67/SF
Area
Fort Lauderdale, 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%
$541,760
Cap Rate 7%
$386,971
Cap Rate 9%
$300,978
Alternative Uses
Best Use
Multifamily LT 5
$387.0K
$338.6K – $451.5K
NOI $27,088 @ 7.0% cap · market cap 3.01%
Second Best
Apartment 5plus
$348.6K
$305.0K – $406.7K
NOI $24,402 @ 7.0% cap · market cap 2.71%
Theoretical Best
Office A
$1.09M
$955.5K – $1.27M
NOI $76,440 @ 7.0% cap · market cap 8.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,181
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?
Duplex - Two modernized residences offer in-unit laundry, impact openings, and four off-street parking spaces.
Where is this duplex located?
The property is located at A-b-650 Ne 15th Street Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Two 2BR/2BA units modernized during 2022‑2023; 1,625 square feet with duplex configuration; New roof, impact windows and doors, and replacement gutters
