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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1005 24th Ave Fort Lauderdale, FL 33311-5703

    • Drive through restaurants
    • 1,437 SF
    • 0.50 lot acres
    OFF-MARKET
    Last Sale
    Aug 15, 2024
    $1,531,100
    Value Estimations
    $1,530,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-0277228
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Drive through restaurants

    Property Details for 1005 24th Ave

    Year built
    1983
    Construction
    CONCRETE
    Lot size
    0.50 lot acres
    Property size
    1,437 SF
    Zone code
    B-2
    Property type
    Drive through restaurants
    APN
    49-42-32-34-0010
    APU
    494232340010

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,530,000
      ML approach
      $1,530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,913,000
      Market price range: $669k - $1.91M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $1,225,000
      Current use
      AUTO REPAIR, GARAGE
      $1,165,000
      Change: -5% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,080,000
      Change: -12% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.1747
    Latitude
    26.1368
    CBSA code
    33100
    CBSA name
    MIAMI-FORT LAUDERDALE-MIAMI BEACH, FL METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $21,232
    $245,580
    $807,480
    $1,053,060
    -
    $245,580
    $807,480
    $1,053,060

    Comparable in this City

    • Value Estimation
      $630,000
      2,442 SF

      3970 Oakland Park Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,442 SF
      3970 Oakland Park Blvd, Lauderdale Lakes, FL 33311-1068
      View Details
    • Value Estimation by Request
      799 SF

      2941 Sunrise Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 799 SF
      2941 Sunrise Blvd, Fort Lauderdale, FL 33311-5604
      View Details
    • Value Estimation
      $1,950,000
      3,150 SF

      661 Sunrise Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,150 SF
      661 Sunrise Blvd, Fort Lauderdale, FL 33311-7235
      View Details
    • Value Estimation
      $725,000
      1,394 SF

      3064 Andrews Ave

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,394 SF
      3064 Andrews Ave, Wilton Manors, FL 33311-2518
      View Details
    • Value Estimation by Request
      1,100 SF

      1712 6th St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,100 SF
      1712 6th St, Fort Lauderdale, FL 33311-7842
      View Details
    • Value Estimation by Request
      2,050 SF

      1500 Oakland Park Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,050 SF
      1500 Oakland Park Blvd, Oakland Park, FL 33311-1512
      View Details

    Similar Nearby for Sale

    • $240,000

      Fort Lauderdale Corner Retail Store

      High-Traffic Grocery & Meat Market, Great Investment
      1905 21St Ave, Fort Lauderdale, FL 33311
      View Details
    • Contact for pricing

      Turnkey Restaurant Ready for Owner

      Fully equipped restaurant with licenses and permits in place.
      660 NW 40Th Ave, Fort Lauderdale, FL 33311
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    • $2,400,000
      8,257 SF

      3021 19Th St

      Restaurants • 8,257 SF
      3021 19Th St, Fort Lauderdale, FL 33311
      View Details
    • $1,200,000

      Fort Lauderdale Commercial Property For Sale

      2,700 SF commercial property in high-traffic Fort Lauderdale location.
      1026 NW 9Th Ave, Fort Lauderdale, FL 33311
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    • $675,000
      0.11 Acres

      Fort Lauderdale Mixed-Use Property

      Mixed-use property with restaurant and motel-style rooms in Fort Lauderdale.
      1536 NW 6Th St, Fort Lauderdale, FL 33311
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    • $750,000

      High-Traffic Mobil Gas Station

      Profitable FL Convenience Store & Gas Station
      Lauderdale Ft, Wilton Manors, FL 33311
      View Details

    Similar Nearby for Lease

    • New
      $3,500 /Mo
      6,512 SF

      Turnkey Fort Lauderdale Drive-Thru Opportunity

      Fully stocked convenience store with drive-thru, ready for operation.
      1790 N Andrews Sq, Fort Lauderdale, FL 33311
      View Details
    • Contact for pricing
      9,075 SF

      NATIIVO: Fort Lauderdale Restaurant Space

      Prime Restaurant Space, Multiple Tenancies Available
      200 Broward Blvd, Fort Lauderdale, FL 33311
      View Details
    • $2,750 /Mo

      Retail Space in Lauderhill, FL

      1,375 SF retail space suitable for various businesses.
      1830 NW 38Th Ct, Lauderhill, FL 33311
      View Details
    • $35 SF/Yr
      5,850 SF

      Fort Lauderdale Restaurant Space

      Prime Progresso location, build-to-suit option
      700 Andrews Ave, Fort Lauderdale, FL 33311
      View Details
    • $30 SF/Yr
      8,865 SF

      501 7Th Ave

      Restaurants • 8,865 SF
      501 7Th Ave, Fort Lauderdale, FL 33311
      View Details
    • $110 SF/Yr
      10,000 SF

      Downtown Fort Lauderdale Auto Lot

      10,000 SF Auto Sales Lot - High Traffic
      790 1St St, Fort Lauderdale, FL 33311
      View Details
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    Fort Lauderdale, FL 33311-5703
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    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
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