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    Property profile & analytics

    702-704 1st Ave Fort Lauderdale, FL 33304

    • Investment properties
    • 6,384 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Sep 14, 2022
    $4,250,000
    Value Estimations
    $4,105,000
    Show details
    Cap Rate Potential
    3.1%
    Investment properties
    Location Intelligence
    Property ID
    US18-2728725
    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

    • Investment properties

    Property Details for 702-704 1st Ave

    Year built
    1964
    Construction
    CONCRETE
    Lot size
    0.26 lot acres
    Property size
    6,384 SF
    Zone code
    RAC-UV
    Property type
    Investment properties
    Property subtype
    Retail residential properties
    APN
    49-42-34-07-1560
    APU
    494234071560

    Description

    This exceptional property at 702-704 NE 1st Avenue in Fort Lauderdale, Florida, offers a unique opportunity to lease prime commercial space in the rapidly developing Flagler Village neighborhood. The 8,864 square foot building, situated on an 11,156 square foot lot (APN 494234071560, zoned RAC-UV), features three suites with a minimum divisible space of 2,482 square feet and a maximum contiguous space of 8,864 square feet. The property is ideally suited for retail, office, or restaurant uses, with a second-generation bar/restaurant space available on the ground floor. This fully built-out space allows for immediate occupancy, eliminating the need for extensive renovations. An additional retail or creative office space is available upstairs, offering flexibility for businesses seeking a combined or separate lease. The location benefits from its proximity to Las Olas Boulevard and is strategically positioned between two major developments: Hines FAT Village and AIMCO's Searstown redevelopments, which will bring over 1,600 new residential units, 188 hotel rooms, and nearly 720,000 square feet of additional commercial space. This influx of residents and businesses will further enhance the already vibrant atmosphere of Flagler Village, creating a high-demand environment for retail and dining establishments. The limited availability of comparable spaces in this area presents a significant opportunity for businesses seeking to establish a presence in this thriving community. This property offers a turnkey solution in a highly sought-after location, providing the ideal foundation for a successful venture.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,160,000
      ML approach
      $3,825,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,096,000
      Market price range: $614k - $4.10M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $5,065,000
      Current use
      RESTAURANT
      $5,450,000
      Change: +8% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $5,175,000
      Change: +2% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $4,805,000
      Change: -5% Conversion: Difficult
      WAREHOUSE, STORAGE
      $4,090,000
      Change: -19% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.1426
    Latitude
    26.1318
    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
    $72,509
    $133,870
    $3,479,400
    $3,613,270
    -
    $133,870
    $3,479,400
    $3,613,270

    Comparable in this City

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      11,979 SF

      901 Progresso Dr

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      View Details
    • Value Estimation
      $5,035,000
      28,299 SF

      909-941 19th Ave

      STORE/OFFICE (MIXED USE) • 28,299 SF
      909-941 19th Ave, Fort Lauderdale, FL 33304
      View Details
    • Value Estimation
      $16,520,000
      94,938 SF

      1040 Bayview Dr

      STORE/OFFICE (MIXED USE) • 94,938 SF
      1040 Bayview Dr, Fort Lauderdale, FL 33304-2522
      View Details
    • Value Estimation
      $685,000
      2,632 SF

      916 Sunrise Ln

      STORE/OFFICE (MIXED USE) • 2,632 SF
      916 Sunrise Ln, Fort Lauderdale, FL 33304-3316
      View Details
    • Value Estimation
      $705,000
      3,566 SF

      505 13th St

      STORE/OFFICE (MIXED USE) • 3,566 SF
      505 13th St, Fort Lauderdale, FL 33304-1171
      View Details
    • Value Estimation
      $2,960,000
      5,190 SF

      928-934 20th Ave

      STORE/OFFICE (MIXED USE) • 5,190 SF
      928-934 20th Ave, Fort Lauderdale, FL 33304
      View Details

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    Fort Lauderdale, FL 33304
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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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