Incredible opportunity to acquire a 28-unit multifamily property located just steps from the beach in booming Pompano Beach. The property is approximately 75% leased and in the process of being fully stabilized, offering immediate upside for investors. At full occupancy, the asset is projected to gross $50,000 per month in… Read More rental income (long term rents), with an NOI approaching $425,000 annually making this a high-yielding cash-flow investment. Located less than 300 yards from Pompano's pristine public beaches! Views of both the intracoastal and the ocean! Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. The unit mix consists of approximately 23 studios with each one having its own kitchenette and full bathroom. The remaining five(5) units consist of four (4) oversized studios and the largest unit is a full 1 BD, 1 BA unit. The studio units are rented on long term (annual) leases with an average price of approximately $1,800/month. The larger studios and the 1 BD, 1 BA are averaging closer to $2,000/month. Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. This area has become a destination with major public and private investment pouring in, including high-end residential towers, hotel-branded residences, and infrastructure upgrades, including marquee projects like the Waldorf Astoria Residences (70% pre-sold), Ritz-Carlton and Armani/Casa towers, Salato condos, and Mayla multifamily communities underscoring strong investor confidence. Pompano Beach's transformation into a premier coastal hotspot makes this an attractive long-term hold. With strong fundamentals, a desirable location, and significant income potential, this is a rare opportunity to invest in one of South Florida's most exciting and fast-growing beachfront markets. Property is projected at a cap rare of 7.25% once property is fully leased out and stabilized. Read Less
Courtesy of Compass Florida LLC 561-300-6056
Listing Snapshot
Days Online
66
Last Updated
Property Type
Multi Family
Square Ft.
10,642
Lot Size
0.58 Acres
Year Built
1964
MLS Number
R11140438
30 Days Snapshot Of 33062
$537k
-11%
(avg) sold price
39
+5%
homes sold
139
-10%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1964, Toal building area: 10642, 28 total units
Cooling
"Central Building", "Electric"
Expenses
Insurance: $15,430, Maintenance: $4,058
Floors
"Tile", "Vinyl"
Heating
"Central", "Electric"
Lot
0.58 acres
Property
Zoning: RM-20
Roof
"Composition"
Security Features
"Fire Sprinkler System", "Smoke Detector(s)"
Sewer
"Public Sewer"
Taxes
Annual amount: $57,978
Tenant Pays
"Cable TV", "Electricity"
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