Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    413 23Rd St Fort Lauderdale, FL 33316
    Back to Search
    Property profile & analytics

    413 23Rd St Fort Lauderdale, FL 33316

    View on Map
    • Apartment buildings
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 413 23Rd St

    Year built
    1951
    Property type
    Apartment buildings
    Property subtype
    Small apartment buildings

    Description

    This renovated triplex in Fort Lauderdale, Florida, presents a compelling investment opportunity. Located at 413 SE 23rd St, 33316, this 1-story, 1951-built property comprises three oversized one-bedroom, one-bathroom units within two detached structures. Each unit boasts generous parking. Significant upgrades include 100% impact windows and doors, updated tile flooring, and contemporary kitchens and bathrooms. The property's prime location offers proximity to beaches, downtown Fort Lauderdale, the airport, and major shopping malls. Currently utilized as vacation rentals, it demonstrates strong performance with a 2023 gross income of approximately $95,936 against recurring business expenses of approximately $44,842 (per owner). This translates to a substantial net operating income. The property's potential extends beyond short-term rentals; a pro forma analysis suggests a potential annual income of approximately $70,000 with estimated annual expenses for taxes, insurance, and lawn maintenance totaling approximately $20,000 if used for 12-month leases. The property is easily shown. This is an exceptional opportunity for investors seeking a high-return, well-maintained multifamily property in a desirable location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.138
    Latitude
    26.094

    Comparable in this City

    • Value Estimation by Request
      2,886 SF

      509 19Th St

      Multifamily properties • 2,886 SF
      509 19Th St, Fort Lauderdale, FL 33316
      View Details
    • Value Estimation by Request
      2,550 SF

      880 12Th St

      Multifamily properties • 2,550 SF
      880 12Th St, Fort Lauderdale, FL 33316
      View Details
    • Value Estimation by Request

      509 19Th St

      Multifamily properties
      509 19Th St, Fort Lauderdale, FL 33316
      View Details
    • Value Estimation by Request

      801 15Th St

      Multifamily properties
      801 15Th St, Fort Lauderdale, FL 33316
      View Details
    • Value Estimation by Request
      3,500 SF

      410 13Th St

      Multifamily properties • 3,500 SF
      410 13Th St, Fort Lauderdale, FL 33316
      View Details
    • Value Estimation by Request
      1,092 SF

      824 12Th Ct

      Multifamily properties • 1,092 SF
      824 12Th Ct, Fort Lauderdale, FL 33316
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,814 SF

      Updated Apartments in Prime Location

      Six updated apartments near Downtown, Rio Vista, and the Beach.
      410 SE 13Th St, Fort Lauderdale, FL 33316
      View Details
    • $4,200,000

      Multifamily Property in Harbordale Area

      18-unit multifamily property in Fort Lauderdale's Harbordale area.
      1545 Miami Rd, Fort Lauderdale, FL 33316
      View Details
    • $4,200,000

      Harbordale Multifamily Property For Sale

      18-unit multifamily property in Fort Lauderdale's Harbordale area.
      1545 Miami Rd, Fort Lauderdale, FL 33316
      View Details

    Similar Nearby for Lease

    • $12 SF/Yr

      Fort Lauderdale Apartment Near Las Olas

      Renovated one-bedroom apartment near Las Olas with on-site laundry.
      510 SE 9Th St, Fort Lauderdale, FL 33316
      View Details
    • New
      $1,850 /Mo
      12,366 SF

      Spacious Fort Lauderdale Apartment For Rent

      Bright 1BR apartment in prime Fort Lauderdale location, pet-friendly.
      811 SE 16Th St, Fort Lauderdale, FL 33316
      View Details
    • $25 SF/Yr

      Prime Fort Lauderdale Location

      Office and retail leasing opportunities in Fort Lauderdale's banking district.
      910 SE 17Th St, Fort Lauderdale, FL 33316
      View Details
    • Contact for pricing

      Boutique Office Space For Rent

      Centrally located office space near Downtown Fort Lauderdale.
      150 SE 12Th St, Fort Lauderdale, FL 33316
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    413 23Rd St
    Fort Lauderdale, FL 33316
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    413 23Rd St, Fort Lauderdale, FL, 33316
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!