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Multifamily

The Flats at The Preserve

3100 Northeast 1st Avenue, Pompano Beach, FL 33064

Listing Price: $13,950,000

Cap Rate
6.00%
Number of Units
93
GRM
8.80
Price/Unit
$150,000
Price/Gross SF
$210.88
Gross SF
66,152

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at The Preserve and Deerfield Highlands Apartments, a 135-unit multifamily portfolio located in Pompano Beach and Deerfield Beach, Florida. The Flats at The Preserve (93 units) are located just southeast of Interstate 95 and Sample Road in Pompano Beach approximately 1.5 miles from Deerfield Highlands Apartments (42 units), which are located east of Interstate 95 and north of Sample Road in Deerfield Beach, FL.

SUBJECT PROPERTIES
The Flats at The Preserve are comprised of 15 folio numbers totaling 93 units located along Northeast 1st Avenue and Northeast 31st Court in Pompano Beach, Florida. The one and two-story buildings were constructed between 1967-1974 of concrete block and stucco, with a variety of shingle and flat roofs, as well as central air conditioning and wall units. The buildings total 64,309 adjusted square feet, while the lots total 176,126 square feet of land (4.04 acres), according to the Broward County Property Appraiser. The unit mix consists of (66) one-bedroom | one-bathrooms with an average in-place rent of $1,309 per month, (19) two-bedroom | one-bathrooms with an average in-place rent of $1,576 per month and (8) two-bedroom | two-bathrooms with an average in-place rent of $1,613 per month.

Deerfield Highlands Apartments is a single folio number comprised of 13 buildings and 42 units located along Northeast 44th Street in Deerfield Beach, Florida. The property was built in 1972 of concrete block and stucco, with shingle roofs and central air conditioning units. The buildings total 26,876 adjusted square feet, while the lots total 109,561 square feet of land (2.51 acres), according to the Broward County Property Appraiser. The unit mix consists of (13) one-bedroom | one-bathrooms with an average in-place rent of $1,308 per month and (29) two-bedroom | one-bathrooms with an average in-place rent of $1,533 per month.

LOCATION
The Flats at The Preserve and Deerfield Highlands Apartment are located east of Interstate 95 and west of Dixie Highway. Nearby points of interest (*distances are approximate from The Flats at The Preserve) include Crystal Lake Sand Pine Preserve (0.4 miles), Wells Fargo Bank (0.7 miles), Broward Health North (0.9 miles), Bealls Outlet Store (1.7 miles), Pompano Citi Centre (1.7 miles), Outback Steakhouse (1.9 miles), Walgreens Pharmacy (1.9 miles), and CVS (1.9 miles). Additionally, just a short drive from the properties includes TD Bank (2.0 miles), Publix Supermarket at Venetian Isle (2.1 miles), Lighthouse Point City Library (2.3 miles), Pompano Beach Airpark (2.9 miles) and Pompano Community Park (3.7 miles).

Nearby educational facilities include Palmview Elementary School (0.4 miles), Crystal Lake Middle School (0.6 miles), Somerset Pines Academy (0.8 miles) and Deerfield Beach High School (2.4 miles).

SUMMARY
The Flats at The Preserve and Deerfield Highlands Apartments are being offered for sale free and clear of debt at $21,600,000 or $160,000 per unit.

Investment Highlights

  • • 93-Unit, 15-Building Portfolio Across 4-Acres Located in Pompano Beach
  • Mix of 66 One-Bedrooms (71%) and 27 Two-Bedrooms (29%) Built from 1967-1974
  • Average In-Place Rents only $1,345 (1-Bedrooms) and $1,602 (2-Bedrooms)
  • Significant Opportunity to Add Value thru Renovations and/or Loss-To-Lease Burn Off
  • Proximate to Broward Health North Hospital & Other Major Employment Centers
  • Easy Access to Sample Road, Interstate 95, Dixie Highway and Federal Highway

Exclusively Listed By

Multifamily

The Flats at The Preserve

Listing Price: $13,950,000

Cap Rate
6.00%
Number of Units
93
GRM
8.80
Price/Unit
$150,000
Price/Gross SF
$210.88
Gross SF
66,152

Investment Highlights

  • • 93-Unit, 15-Building Portfolio Across 4-Acres Located in Pompano Beach
  • Mix of 66 One-Bedrooms (71%) and 27 Two-Bedrooms (29%) Built from 1967-1974
  • Average In-Place Rents only $1,345 (1-Bedrooms) and $1,602 (2-Bedrooms)
  • Significant Opportunity to Add Value thru Renovations and/or Loss-To-Lease Burn Off
  • Proximate to Broward Health North Hospital & Other Major Employment Centers
  • Easy Access to Sample Road, Interstate 95, Dixie Highway and Federal Highway

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at The Preserve and Deerfield Highlands Apartments, a 135-unit multifamily portfolio located in Pompano Beach and Deerfield Beach, Florida. The Flats at The Preserve (93 units) are located just southeast of Interstate 95 and Sample Road in Pompano Beach approximately 1.5 miles from Deerfield Highlands Apartments (42 units), which are located east of Interstate 95 and north of Sample Road in Deerfield Beach, FL. SUBJECT PROPERTIES The Flats at The Preserve are comprised of 15 folio numbers totaling 93 units located along Northeast 1st Avenue and Northeast 31st Court in Pompano Beach, Florida. The one and two-story buildings were constructed between 1967-1974 of concrete block and stucco, with a variety of shingle and flat roofs, as well as central air conditioning and wall units. The buildings total 64,309 adjusted square feet, while the lots total 176,126 square feet of land (4.04 acres), according to the Broward County Property Appraiser. The unit mix consists of (66) one-bedroom | one-bathrooms with an average in-place rent of $1,309 per month, (19) two-bedroom | one-bathrooms with an average in-place rent of $1,576 per month and (8) two-bedroom | two-bathrooms with an average in-place rent of $1,613 per month. Deerfield Highlands Apartments is a single folio number comprised of 13 buildings and 42 units located along Northeast 44th Street in Deerfield Beach, Florida. The property was built in 1972 of concrete block and stucco, with shingle roofs and central air conditioning units. The buildings total 26,876 adjusted square feet, while the lots total 109,561 square feet of land (2.51 acres), according to the Broward County Property Appraiser. The unit mix consists of (13) one-bedroom | one-bathrooms with an average in-place rent of $1,308 per month and (29) two-bedroom | one-bathrooms with an average in-place rent of $1,533 per month. LOCATION The Flats at The Preserve and Deerfield Highlands Apartment are located east of Interstate 95 and west of Dixie Highway. Nearby points of interest (*distances are approximate from The Flats at The Preserve) include Crystal Lake Sand Pine Preserve (0.4 miles), Wells Fargo Bank (0.7 miles), Broward Health North (0.9 miles), Bealls Outlet Store (1.7 miles), Pompano Citi Centre (1.7 miles), Outback Steakhouse (1.9 miles), Walgreens Pharmacy (1.9 miles), and CVS (1.9 miles). Additionally, just a short drive from the properties includes TD Bank (2.0 miles), Publix Supermarket at Venetian Isle (2.1 miles), Lighthouse Point City Library (2.3 miles), Pompano Beach Airpark (2.9 miles) and Pompano Community Park (3.7 miles). Nearby educational facilities include Palmview Elementary School (0.4 miles), Crystal Lake Middle School (0.6 miles), Somerset Pines Academy (0.8 miles) and Deerfield Beach High School (2.4 miles). SUMMARY The Flats at The Preserve and Deerfield Highlands Apartments are being offered for sale free and clear of debt at $21,600,000 or $160,000 per unit.

Exclusively Listed By

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