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    Property profile & analytics

    707 3Rd Ave Fort Lauderdale, FL 33304

    • Office buildings
    • 18,251 SF
    • 0.43 lot acres
    For Lease
    View listing
    $30 SF/Yr
    Last Sale
    Aug 01, 2022
    $7,200,000
    Value Estimations
    $6,910,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US18-4113930
    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

    • Amazon Air Duct & Dryer Vent Cleaning Fort Lauderdale / Air Duct Cleaning Service
    • Middlebrooks & Middlebrooks PA / Personal Injury Attorney / Attorney
    • TRABAJO / Corporate Office
    • Centennial Bank / Bank / Atm
    • Leiter Belsky & Brooks / Insurance Agency / Law Firm

    Property Details for 707 3Rd Ave

    Year built
    1983
    Construction
    CONCRETE
    Lot size
    0.43 lot acres
    Property size
    18,251 SF
    Zone code
    RAC-UV
    Property type
    Office buildings
    APN
    49-42-34-07-1661
    APU
    494234071661

    Description

    This three-story, 18,251-square-foot office building in Fort Lauderdale's Flagler Village offers multiple suites for lease, ranging from 1,540 to 6,574 square feet. Built in 1983, the property sits on an 18,706-square-foot lot and features six total suites, ideal for a variety of business needs. The building includes an elevator and provides 19 on-site parking spaces, supplemented by 24 nearby spaces. Large windows throughout the building allow for ample natural light, creating a functional and inviting workspace. Its location offers unparalleled access to major highways, including I-95 and I-595, placing it within easy reach of Downtown Fort Lauderdale and the Las Olas district. The property benefits from its proximity to significant developments like Hines FAT Village and AIMCO's Searstown redevelopments, contributing to a thriving and rapidly growing business community. The RAC-UV zoning ensures flexibility for various commercial uses. This turn-key office space is perfectly situated to attract a skilled workforce and offers excellent visibility in a vibrant urban setting. The property's Broward County location (APN: 494234071661) provides easy access to key business hubs, transportation options, and educational institutions. This is an exceptional opportunity to establish a presence in one of Fort Lauderdale's most exciting and dynamic business districts.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $5,355,000
      ML approach
      $6,050,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $9,320,000
      6.5%
      $8,605,000
      7%
      $7,990,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $7,900,000
      Market price range: $6.85M - $17.2M
      AI Estimate
      $6,068,000
      Market price range: $4.73M - $13.2M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,165,000
      Current use
      RETAIL STORES
      $10,320,000
      Change: -8% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Fort Lauderdale
    County
    Broward
    State
    Florida
    Longitude
    -80.1412
    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
    $62,491
    $448,940
    $2,488,010
    $2,936,950
    -
    $448,940
    $2,488,010
    $2,936,950

    Comparable in this City

    • Value Estimation
      $6,930,000
      11,033 SF

      2320 9th St

      OFFICE BUILDING (MULTI-STORY) • 11,033 SF
      2320 9th St, Fort Lauderdale, FL 33304-3589
      View Details
    • Value Estimation
      $3,235,000
      7,879 SF

      2600 14th St

      OFFICE BUILDING • 7,879 SF
      2600 14th St, Fort Lauderdale, FL 33304-1566
      View Details
    • Value Estimation by Request
      1,828 SF

      1511 4th Ave

      OFFICE BUILDING • 1,828 SF
      1511 4th Ave, Fort Lauderdale, FL 33304-1000
      View Details
    • Value Estimation
      $1,855,000
      2,674 SF

      837 20th Ave

      OFFICE BUILDING • 2,674 SF
      837 20th Ave, Fort Lauderdale, FL 33304-3035
      View Details
    • Value Estimation
      $780,000
      1,817 SF

      831 20th Ave

      OFFICE BUILDING • 1,817 SF
      831 20th Ave, Fort Lauderdale, FL 33304-3035
      View Details
    • Value Estimation by Request
      683 SF

      2455 Sunrise Blvd, Unit CU10N

      PROFESSIONAL BUILDING • 683 SF
      2455 Sunrise Blvd, Fort Lauderdale, FL 33304-3118
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Two-Story Office Building For Lease

      2500 sq ft office building with high visibility.
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    • $22 SF/Yr
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      Downtown Fort Lauderdale Office Space

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      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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