| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 70th | Good |
| Demographics | 85th | Best |
| Amenities | 80th | Best |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 1140 NE 9th Ave, Fort Lauderdale, FL, 33304, US |
| Region / Metro | Fort Lauderdale |
| Year of Construction | 1973 |
| Units | 23 |
| Transaction Date | 2014-11-17 |
| Transaction Price | $6,700,000 |
| Buyer | APEX RESIDENCE LLC |
| Seller | --- |
1140 NE 9th Ave Fort Lauderdale Multifamily Investment
Positioned in an amenity-rich inner-suburb pocket, the asset benefits from a sizable renter base and steady neighborhood demand, according to WDSuite’s CRE market data. Rent levels and household incomes trend supportive for retention while neighborhood occupancy has firmed over the past five years.
1140 NE 9th Ave sits in an Inner Suburb of Fort Lauderdale with strong day-to-day convenience. The neighborhood ranks 11th of 345 metro neighborhoods for grocery density and 17th for restaurants, keeping it competitive among Fort Lauderdale-Pompano Beach-Sunrise neighborhoods and in high national percentiles for access. Pharmacy concentration ranks 3rd locally, further supporting resident convenience and leasing appeal.
The area’s housing stock skews slightly newer than this property: neighborhood construction averages 1982 versus the asset’s 1973 vintage. For investors, a 1973 build typically points to capital planning for building systems and selective renovations; done thoughtfully, updates can position the property competitively against nearby 1980s and newer inventory.
Tenure dynamics are favorable for multifamily demand. The neighborhood’s renter-occupied share is 44.5% (measured as the share of housing units that are renter-occupied), indicating a meaningful tenant base. Within a 3-mile radius, demographics show population growth in recent years with households expanding and average household size edging lower, which tends to support a broader renter pool and occupancy stability.
Income and housing context support rental durability. Neighborhood median household income sits in the upper quartile nationally, and local home values are elevated relative to national benchmarks. In practical terms, this high-cost ownership market helps sustain reliance on multifamily housing and can support pricing power, while the rent-to-income ratio trends near investor-friendly levels that favor lease retention, based on CRE market data from WDSuite.
Safety indicators for the immediate neighborhood trail metro and national norms. The area’s crime profile ranks in the lower tier among 345 Fort Lauderdale-Pompano Beach-Sunrise neighborhoods and falls below national median percentiles. Recent data also point to year-over-year increases in both violent and property offenses. Investors typically underwrite with enhanced security measures, diligent property management, and insurance considerations when pursuing assets in locations with below-average safety readings.
Nearby employers span headquarters, healthcare, and diversified corporate offices, supporting a varied workforce and commute convenience that can help tenant retention. The list below reflects prominent names within roughly a 1.5–30 mile radius that align with local renter demand.
- AutoNation — automotive retail corporate offices (1.5 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (14.4 miles)
- Office Depot — office supplies corporate (18.2 miles) — HQ
- Johnson & Johnson — healthcare & consumer products offices (19.2 miles)
- Mosaic — materials & agriculture corporate offices (22.7 miles)
This 23-unit, 1973-vintage asset offers durable renter demand supported by elevated neighborhood incomes, high home values, and dense amenities that foster retention. Rent levels relative to incomes suggest manageable affordability pressure, and the neighborhood’s renter concentration supplies depth to the tenant base; according to commercial real estate analysis from WDSuite, these fundamentals compare favorably to broader metro patterns for demand resilience.
Value-add potential is meaningful given the vintage: targeted system upgrades and unit renovations can improve competitive standing versus largely 1980s-era neighborhood stock. Within a 3-mile radius, recent population growth and an expanding household count point to a larger renter pool over time, which can support occupancy stability; key underwriting considerations include localized safety readings that trail the metro and attention to ongoing capital needs typical of 1970s construction.
- Amenity-dense location near top-ranked groceries, restaurants, and pharmacies supports leasing
- Elevated neighborhood incomes and high-cost ownership context bolster rental demand and retention
- 1973 vintage presents clear value-add pathway via building systems and unit updates
- Risks: below-metro safety indicators and ongoing capex typical of older assets