11-Unit Apartment Building with Impact
For Sale
$2,295,000
1325/1329/1333 NE 5th Terrace, Fort Lauderdale, FL
MULTI_FAMILY - Fort Lauderdale, FL
Property Size6,458 SF
Lot Size0.46 Acres
Price / SF$355.37
Days on Market94
Property Features for 1325/1329/1333 NE 5th Terrace
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-15
Parking
14
Lot features
Interior Lot
Directions
From NE 13th St go north on Dixie Highway. Turn left on NE 14th Ct and left on 5th Terrace
Subdivision
3370
Standard status
Active
APN
494234ea0010
Size
6,458 SF
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
THE HEMINGWAY AT MIDDLE RIVER TERRACE CONDO UNIT 01 BLDG 1325 PER CDO BK/PG: 44379/4
Tax Annual Amount
38800
Legal Description
THE HEMINGWAY AT MIDDLE RIVER TERRACE CONDO UNIT 01 BLDG 1325 PER CDO BK/PG: 44379/4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
fully fenced and gated
Building Details
Year built
1948
Floors in Building
1
Number of units
11
Flooring type
Wood, Tile - Ceramic, Laminate
Building materials
Block, Stucco
Roof type
Shingle
Listing Agency:
Compass Florida, LLC
(954) 477-7332
Listed By:
Richard N Salter · License #0703927
(954) 812-4801
Added: May 14
Changed: Aug 5
Last Checked: Aug 15 at 11:06AM
MLS# B26028545
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Hemingway at Middle River Terrace is an 11-unit apartment building consisting of 3 separate buildings on a lot of 0.46 acres. The property is fully occupied and includes nine 1/1 units, one 2/1 unit, and one 2/2 unit. Updates include some fully renovated units and most units having updates within the last 5 years. All three buildings have a new shingle roof, with impact windows and doors throughout. The building construction is block and stucco, and units feature a mix of ceramic tile, laminate, and wood flooring. Heating is central and cooling is central air. Water is public and sewer is public sewer; cable is available.
The property is fully fenced and gated and zoned RM-15. The listing notes that individual units currently have separate deeds and may be sold off individually as condominiums. The building was constructed in 1948.
The property is fully fenced and gated and zoned RM-15. The listing notes that individual units currently have separate deeds and may be sold off individually as condominiums. The building was constructed in 1948.
Key Highlights
- 11‑unit apartment building across 3 separate buildings
- 0.46‑acre lot fully fenced and gated
- Unit mix: nine 1/1, one 2/1, and one 2/2
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
$96,975
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
4.23%
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%
$1,939,500
$1.9M
Cap Rate 7%
$1,385,357
$1.4M
Cap Rate 9%
$1,077,500
$1.1M
Market Conditions
NOI Build-Up for 6,458 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
$186.0K $28.80/SF
− Vacancy
−$9.7K −$1.50/SF
EGI
$176.3K $27.30/SF
− OpEx
−$79.3K −$12.29/SF
NOI
$97.0K $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%
$1,939,500
Cap Rate 7%
$1,385,357
Cap Rate 9%
$1,077,500
Alternative Uses
Best Use
Apartment 5plus
$1.39M
$1.21M – $1.62M
NOI $96,975 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.06M
NOI $303,784 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,977
Businesses Nearby
Explore this area
Business Placement
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 - Fully occupied 11-unit apartment building on a fenced and gated lot in RM-15 zoning.
Where is this apartment building located?
The property is located at 1325/1329/1333 NE 5th Terrace Fort Lauderdale, FL.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 11‑unit apartment building across 3 separate buildings; 0.46‑acre lot fully fenced and gated; Unit mix: nine 1/1, one 2/1, and one 2/2
