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

    706 1St Ave Fort Lauderdale, FL 33311

    • Commercial real estate
    • 1.09 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4050631
    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

    • Commercial real estate

    Property Details for 706 1St Ave

    Lot size
    1.09 lot acres
    Property type
    Commercial real estate
    APN
    494234071210, 494234071220, 494234071230, 494234071240, 494234071250, 494234071260, 494234071270

    Description

    This exceptional 1.085-acre development site in Fort Lauderdale, Florida, presents a unique opportunity to create a high-rise residential community. Located at 706 NW 1st Ave, Broward County, (zip code 33311), this property boasts approved plans for a 30-story building encompassing 289 residential units. The proposed development includes a diverse unit mix featuring 133 one-bedroom units, 10 one-bedroom units with dens, and 146 two-bedroom units, totaling 257,659 square feet of rentable space. A generous parking ratio of 1.0003 spaces per unit ensures ample parking for residents. The property's APN numbers are 494234071210, 494234071220, 494234071230, 494234071240, 494234071250, 494234071260, and 494234071270. The site offers significant potential for strategic parking reduction to optimize space and reduce costs. This prime location in Fort Lauderdale provides access to vibrant city amenities and presents an excellent investment opportunity for developers seeking to capitalize on the strong demand for luxury residential properties in this desirable market. The asking price for this exceptional development site is $10,890,000.

    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
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.144727
    Latitude
    26.131746

    Comparable in this City

    • $15,900,000

      Flagler Village Development Site

      450-Unit Mid-Rise Opportunity
      801 Andrews Ave, Fort Lauderdale, FL 33311
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    • $900,000

      Fort Lauderdale Multifamily Investment

      High-Yield Apartment Building, Excellent Condition
      725 4Th Ave, Fort Lauderdale, FL 33311
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      Oakland Park 5-Unit Multifamily

      5-Unit Apartment Building, Value-Add Potential
      2613 18Th Ter, Oakland Park, FL 33311
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    • $1,000,000
      4,095 SF

      Fort Lauderdale Multifamily Investment

      Five-unit apartment building, prime location.
      640 10Th Ter, Fort Lauderdale, FL 33311
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    • $519,000
      1,570 SF

      Fort Lauderdale Duplex Investment Property

      Corner-lot duplex with leased units near downtown and beaches.
      Fort Lauderdale, FL 33311
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    • $439,000

      Fort Lauderdale Multifamily Investment Property

      Multifamily property in a rapidly growing Fort Lauderdale neighborhood.
      414 NW 15Th Way, Fort Lauderdale, FL 33311
      View Details

    Similar Nearby for Sale

    • $15,900,000

      Flagler Village Development Site

      450-Unit Mid-Rise Opportunity
      801 Andrews Ave, Fort Lauderdale, FL 33311
      View Details
    • $900,000

      Fort Lauderdale Multifamily Investment

      High-Yield Apartment Building, Excellent Condition
      725 4Th Ave, Fort Lauderdale, FL 33311
      View Details
    • Contact for pricing
      5,415 SF

      Oakland Park 5-Unit Multifamily

      5-Unit Apartment Building, Value-Add Potential
      2613 18Th Ter, Oakland Park, FL 33311
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    • $1,000,000
      4,095 SF

      Fort Lauderdale Multifamily Investment

      Five-unit apartment building, prime location.
      640 10Th Ter, Fort Lauderdale, FL 33311
      View Details
    • $519,000
      1,570 SF

      Fort Lauderdale Duplex Investment Property

      Corner-lot duplex with leased units near downtown and beaches.
      Fort Lauderdale, FL 33311
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    • $439,000

      Fort Lauderdale Multifamily Investment Property

      Multifamily property in a rapidly growing Fort Lauderdale neighborhood.
      414 NW 15Th Way, Fort Lauderdale, FL 33311
      View Details

    Similar Nearby for Lease

    • $1,850 /Mo

      Fort Lauderdale Duplex For Rent

      Spacious 2/1 duplex near FLL Airport and beaches.
      1710 NW 9Th St, Fort Lauderdale, FL 33311
      View Details
    • $1,600 /Mo

      Ground-Floor Apartment in Fort Lauderdale

      Spacious apartments with tile flooring and on-site parking.
      2151 NW 7Th St, Fort Lauderdale, FL 33311
      View Details
    • $2,100 /Mo

      Wilton Manors 2-Bedroom Home

      Inviting 2-bedroom, 1-bath home in Wilton Manors neighborhood.
      2441 NW 9Th Ter, Fort Lauderdale, FL 33311
      View Details
    • $1,750 /Mo

      Fort Lauderdale Two-Bedroom Unit

      Two-bedroom unit with in-unit laundry, water, trash, landscaping included.
      1038 NW 7Th Ave, Fort Lauderdale, FL 33311
      View Details
    • $1,850 /Mo

      Fort Lauderdale Duplex Unit

      Recently painted 2/1 unit with stainless steel appliances.
      841 NW 12Th Ave, Fort Lauderdale, FL 33311
      View Details
    • $1,700 /Mo

      Remodeled Apartment with New Features

      Recently remodeled one-bedroom apartment with updated kitchen and bathroom.
      1236 NW 4Th Ave, Fort Lauderdale, FL 33311
      View Details
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    706 1St Ave
    Fort Lauderdale, FL 33311
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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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