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

    1408 NE 24Th St Fort Lauderdale, FL 33305

    • Small apartment buildings
    For Sale
    View listing
    $899,900
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-9744146
    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

    • Small apartment buildings

    Property Details for 1408 NE 24Th St

    Year built
    1987
    Property type
    Small apartment buildings

    Description

    This exceptional Wilton Manors duplex presents a lucrative investment opportunity. Built in 1987, this single-story property boasts two identical, completely remodeled apartments, each featuring its own laundry and storage. High-end finishes include brand new countertops, cabinetry, stainless steel appliances (stove, refrigerator, dishwasher), and updated bathrooms with new flooring throughout. The open-concept design is perfect for entertaining, flowing seamlessly to the shared pool area. Both units enjoy private pool access and individual electric and water meters. Ample parking is provided with eight spaces. The property is beautifully landscaped, enclosed by a fence, and features a recently updated stucco exterior and fresh paint. Durable impact glass windows and doors enhance security and energy efficiency. The inviting heated ocean water pool adds to the property's appeal. This property offers a compelling 7.5% cap rate, making it an attractive investment. The location in the heart of Wilton Manors provides easy access to local amenities and attractions. Don't miss this chance to acquire a high-yield, move-in ready property.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Wilton Manors
    County
    Broward
    State
    Florida
    Longitude
    -80.1293346
    Latitude
    26.1574351

    Comparable in this City

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    Similar Nearby for Sale

    • $2,700,000

      Wilton Manors Multifamily Investment

      Nine-unit apartment building, prime location.
      2201 14 Ave, Wilton Manors, FL 33305
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    • $2,988,000

      Fort Lauderdale Townhome Quadplex

      Four Luxury Townhomes, High ROI Potential
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    • $1,295,000

      Wilton Manors Waterfront Duplex

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    • $1,980,000

      Turnkey Wilton Manors Airbnb Property

      Fully renovated, furnished 6-unit property optimized for short-term rentals.
      820 NE 21St Dr, Wilton Manors, FL 33305
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    • $2,000,000
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      Fort Lauderdale Waterfront Multifamily

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      1708 20Th Ave

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    Similar Nearby for Lease

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      Updated 1-bedroom apartment in a prime, walkable location.
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      Renovated One-Bedroom Apartment For Rent

      Bright, renovated one-bedroom apartment near Wilton Drive, available now.
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      Updated Unit Near Wilton Drive

      Move-in ready unit near shops, dining, and nightlife.
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      Furnished Duplex Near Wilton Manors

      Updated, furnished two-bedroom duplex in vibrant Wilton Manors neighborhood.
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    Fort Lauderdale, FL 33305
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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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