For Sale

301 NW 32 CT 3111 NW 3 AVE #1-4 3109 NW 3 AVE #1-4 3107 NW 4 AVE #1-4 3105 NW 4 AVE #1-4 3007 NW 3 AVE #1-4 3108 NW 3 AVE #1-4

Pompano Beach, FL 33064

$8,500,000

Highlights

  • 35,346 SF building
  • 46 units
  • Built in 1975
  • Asking $240/SF

Property facts

Price
$8,500,000
Price per SF
$240/SF
Property type
Multi-family
Building size
35,346 SF
Year built
1975
Units
46

About this property

The property includes a balanced unit mix of 1 studio, 23 one-bedroom / one-bath units, and 22 two-bedroom / two-bath units, with many units featuring oversized layouts that support strong tenant appeal. The asset is currently operating at an in- place 6.14% cap rate with eight vacant units, creating a clear near-term value-add opportunity. Upon leasing the vacant units, the property is projected to reach approximately an 8.08% cap rate with pro forma gross operating income of approximately $1,008,000. With multiple buildings positioned largely adjacent to one another, Olive Glenn Apartments benefits from operational efficiency, on-site management practicality, and the diversification advantages of a multi-building portfolio. The villa-style fourplex configuration also creates a more residential feel that can support tenant retention and long-term stability.

From the listing broker.

Location

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