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Multifamily

Tiffany Apartments

940 NW 8th Ave, Pompano Beach, FL 33060

Listing Price: $9,500,000

Cap Rate
4.41%
Number of Units
64
Occupancy
97.0%
Price/Unit
$148,438

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Tiffany Apartments, which consists of 18 individual apartment buildings totaling 64-units, all in the city of Pompano Beach, Florida. The portfolio is being offered for sale by the original developer who started construction and self-managed the portfolio over 60 years ago. All but one duplex building is within walking distance of each other. Tiffany Apartments consists of 17 one-story and one two-story buildings, all constructed of concrete block between 1962 and 1990. One hundred percent of the roofs are pitched asphalt shingle and all were replaced in 2021. One hundred percent of the apartments are two-bedroom and one-bathroom averaging 790 rentable square feet and are separately metered for electricity, telephone, and cable, while water, sewer, and trash removal are paid by the owner. All apartments have ceramic tile flooring throughout. Seventy-five percent of the apartments have central heating and air-conditioning, and the balance has individual wall units. Over one-half of the apartments have washer/dryer hook-ups. One hundred percent of the residents are on month-to-month leases, with an average rent of fifty percent below market. This provides an incredible opportunity to increase rents through exterior and interior unit renovations. The portfolio is located just north of Atlantic Boulevard, between Interstate 95 and Dixie Highway, in the Blanche Ely submarket. Pompano Beach Airpark, where the Goodyear Blimp houses, is a few blocks to the east, as well as Pompano Beach Middle School. City Hall, the public library and cultural center, the fire department, sheriff’s office, and Publix Supermarket are all within a few blocks. Interstate 95 can be accessed off of Atlantic Boulevard, as well as Florida’s Turnpike. The beach and Pompano Pier are approximately 3 miles to the east. The City of Pompano Beach has been going through explosive growth over the past two years, including many new luxury apartment buildings, residential developments, and commercial properties. With the intention of creating a vibrant and pedestrian-friendly, urban, mixed-use downtown to attract new commerce, the city has created the Innovation District. Following a “Smart City” concept that integrates people and places, the City and CRA have acquired over 30-acres along Interstate 95 and Atlantic Boulevard to create a “Downtown” which will be a hub for activity. This area was rezoned as a transit-oriented district enabling higher density. The area will include a series of canal systems inspired by Amsterdam and The Riverwalk in San Antonio. Developers will capitalize on drainage systems for maximum buildout by eliminating retention ponds. Offices, shops, restaurants, and outdoor cafes will line the streets. The Innovation District is two blocks south of the portfolio. Furthermore, Blanche Ely High School is directly across the street from many of the buildings, and Mitchell Moore Park and Aquatic Center are just to the west. Approximately three miles to the west is Isle Casino Racing Pompano Park. Announced in late 2021, the owner has unveiled plans to redevelop the 222-acre site. It will include the renovation of the existing building into new two-story retail, sports bars, a 4,000 square foot bull riding arena, and a mechanical bull section. There will also be the addition of an outdoor lawn event area with two outdoor stages, retail pavilions, 1.5 million square feet of warehouses, 4,100 residential units, 1.3 million square feet of commercial, 950 hotel rooms, and a 300-seat arena. This venue is less than a 10-minute drive from the subject property and will not only help transform the area but also bring many service-oriented jobs.

Investment Highlights

  • • Built and Self-Managed by Seller for Over 60 Years • Rare Portfolio Offering of 18 Apartment Buildings • All buildings Have a Separate Folio Number
  • • Contiguous to Pompano Beach Innovation District • Tremendous New Development in Submarket • Close to Shopping, Employment, and the Beach
  • • 100% Two-Bedroom and One-Bathroom Apartments • Over 50% of Apartments Have Washer/Dryer Hook-Ups • Average In-Place Rents 50% Below Market
  • • 1962-1990 One- and Two-Story CBS Construction • All Roofs Were Replaced by Seller in 2021

Exclusively Listed By

Financing By

Multifamily

Tiffany Apartments

Listing Price: $9,500,000

Cap Rate
4.41%
Number of Units
64
Occupancy
97.0%
Price/Unit
$148,438

Investment Highlights

  • • Built and Self-Managed by Seller for Over 60 Years • Rare Portfolio Offering of 18 Apartment Buildings • All buildings Have a Separate Folio Number
  • • Contiguous to Pompano Beach Innovation District • Tremendous New Development in Submarket • Close to Shopping, Employment, and the Beach
  • • 100% Two-Bedroom and One-Bathroom Apartments • Over 50% of Apartments Have Washer/Dryer Hook-Ups • Average In-Place Rents 50% Below Market
  • • 1962-1990 One- and Two-Story CBS Construction • All Roofs Were Replaced by Seller in 2021

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Tiffany Apartments, which consists of 18 individual apartment buildings totaling 64-units, all in the city of Pompano Beach, Florida. The portfolio is being offered for sale by the original developer who started construction and self-managed the portfolio over 60 years ago. All but one duplex building is within walking distance of each other. Tiffany Apartments consists of 17 one-story and one two-story buildings, all constructed of concrete block between 1962 and 1990. One hundred percent of the roofs are pitched asphalt shingle and all were replaced in 2021. One hundred percent of the apartments are two-bedroom and one-bathroom averaging 790 rentable square feet and are separately metered for electricity, telephone, and cable, while water, sewer, and trash removal are paid by the owner. All apartments have ceramic tile flooring throughout. Seventy-five percent of the apartments have central heating and air-conditioning, and the balance has individual wall units. Over one-half of the apartments have washer/dryer hook-ups. One hundred percent of the residents are on month-to-month leases, with an average rent of fifty percent below market. This provides an incredible opportunity to increase rents through exterior and interior unit renovations. The portfolio is located just north of Atlantic Boulevard, between Interstate 95 and Dixie Highway, in the Blanche Ely submarket. Pompano Beach Airpark, where the Goodyear Blimp houses, is a few blocks to the east, as well as Pompano Beach Middle School. City Hall, the public library and cultural center, the fire department, sheriff’s office, and Publix Supermarket are all within a few blocks. Interstate 95 can be accessed off of Atlantic Boulevard, as well as Florida’s Turnpike. The beach and Pompano Pier are approximately 3 miles to the east. The City of Pompano Beach has been going through explosive growth over the past two years, including many new luxury apartment buildings, residential developments, and commercial properties. With the intention of creating a vibrant and pedestrian-friendly, urban, mixed-use downtown to attract new commerce, the city has created the Innovation District. Following a “Smart City” concept that integrates people and places, the City and CRA have acquired over 30-acres along Interstate 95 and Atlantic Boulevard to create a “Downtown” which will be a hub for activity. This area was rezoned as a transit-oriented district enabling higher density. The area will include a series of canal systems inspired by Amsterdam and The Riverwalk in San Antonio. Developers will capitalize on drainage systems for maximum buildout by eliminating retention ponds. Offices, shops, restaurants, and outdoor cafes will line the streets. The Innovation District is two blocks south of the portfolio. Furthermore, Blanche Ely High School is directly across the street from many of the buildings, and Mitchell Moore Park and Aquatic Center are just to the west. Approximately three miles to the west is Isle Casino Racing Pompano Park. Announced in late 2021, the owner has unveiled plans to redevelop the 222-acre site. It will include the renovation of the existing building into new two-story retail, sports bars, a 4,000 square foot bull riding arena, and a mechanical bull section. There will also be the addition of an outdoor lawn event area with two outdoor stages, retail pavilions, 1.5 million square feet of warehouses, 4,100 residential units, 1.3 million square feet of commercial, 950 hotel rooms, and a 300-seat arena. This venue is less than a 10-minute drive from the subject property and will not only help transform the area but also bring many service-oriented jobs.

Exclusively Listed By

Financing By

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