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Multifamily

Flats at Pompano Beach

300 Southeast 11th Avenue, Pompano Beach, FL 33060

Listing Price: $6,000,000

Cap Rate
5.25%
Number of Units
36
GRM
10.42
Occupancy
95.0%
Price/Unit
$166,667
Price/Gross SF
$168.54
Gross SF
35,600

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at Pompano Beach, a 36 unit apartment building located in Pompano Beach, Florida.

SUBJECT PROPERTY
Flats at Pompano Beach is a three-story, 36-unit apartment building originally constructed in 1970 of concrete block. The building contains 37,341 square feet and is situated on a 31,256 square-foot lot according to the Broward County Property Appraiser.

Flats at Pompano Beach consists of (four) one-bedroom apartments, (12) two-bedroom|one-bath and (20) two-bedroom|two-bath apartments. Units feature central air conditioning, electric appliances and ceramic tile flooring. The property also includes 36-tandem parking spaces, a swimming pool with sundeck, an elevator and common area laundry facilities for residents and guests.

LOCATION
Flats at Pompano Beach are located south of Atlantic Boulevard along Southeast 11th Avenue, near Garden Isles waterfront single family homes. The location allows for easy access to Federal Highway (US-1), Dixie Highway and Interstate 95. The surrounding neighborhood consists primarily of single-family homes, condominiums and multifamily properties with an average household income $86,595 within three miles according to Experian.

Pompano Beach is centrally located between Palm Beach and Miami and is often referred to as the Heart of the Gold Coast. The city is known for excellent boating and fishing opportunities highlighted by an offshore living coral reef which is a popular destination among scuba divers and snorkelers. Pompano Beach has recently completed and is continuing to undergo substantial renovations, developments and streetscape improvements.

Downtown Pompano encompasses 400 plus acres separated into four distinct sections: The Innovation District, Old Town, Civic Commons and Residential Neighborhoods. Each district will undergo major renovations and development with a projected $405 million increase in taxable value. Other public benefits from the development of these areas includes a projected $36 million in city revenue by 2035, over 4,000 new jobs estimated at buildout, and over $90 million estimated retail spending. The Pompano Beach CRA has developed an urban design vision where residents can live, work and play.

SUMMARY
Flats at Pompano Beach is offered for at $6,000,000 or $166,667 per unit and $161 per square foot.

Investment Highlights

  • 3-Story Building | 36 Units | 37,341 Square Feet
  • Proximate to Atlantic Boulevard, I-95 and US-1
  • 36 Units with 89% Two Bedroom Apartments

Exclusively Listed By

Listing Price: $6,000,000

Cap Rate
5.25%
Number of Units
36
GRM
10.42
Occupancy
95.0%
Price/Unit
$166,667
Price/Gross SF
$168.54
Gross SF
35,600

Investment Highlights

  • 3-Story Building | 36 Units | 37,341 Square Feet
  • Proximate to Atlantic Boulevard, I-95 and US-1
  • 36 Units with 89% Two Bedroom Apartments

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at Pompano Beach, a 36 unit apartment building located in Pompano Beach, Florida.

SUBJECT PROPERTY
Flats at Pompano Beach is a three-story, 36-unit apartment building originally constructed in 1970 of concrete block. The building contains 37,341 square feet and is situated on a 31,256 square-foot lot according to the Broward County Property Appraiser.

Flats at Pompano Beach consists of (four) one-bedroom apartments, (12) two-bedroom|one-bath and (20) two-bedroom|two-bath apartments. Units feature central air conditioning, electric appliances and ceramic tile flooring. The property also includes 36-tandem parking spaces, a swimming pool with sundeck, an elevator and common area laundry facilities for residents and guests.

LOCATION
Flats at Pompano Beach are located south of Atlantic Boulevard along Southeast 11th Avenue, near Garden Isles waterfront single family homes. The location allows for easy access to Federal Highway (US-1), Dixie Highway and Interstate 95. The surrounding neighborhood consists primarily of single-family homes, condominiums and multifamily properties with an average household income $86,595 within three miles according to Experian.

Pompano Beach is centrally located between Palm Beach and Miami and is often referred to as the Heart of the Gold Coast. The city is known for excellent boating and fishing opportunities highlighted by an offshore living coral reef which is a popular destination among scuba divers and snorkelers. Pompano Beach has recently completed and is continuing to undergo substantial renovations, developments and streetscape improvements.

Downtown Pompano encompasses 400 plus acres separated into four distinct sections: The Innovation District, Old Town, Civic Commons and Residential Neighborhoods. Each district will undergo major renovations and development with a projected $405 million increase in taxable value. Other public benefits from the development of these areas includes a projected $36 million in city revenue by 2035, over 4,000 new jobs estimated at buildout, and over $90 million estimated retail spending. The Pompano Beach CRA has developed an urban design vision where residents can live, work and play.

SUMMARY
Flats at Pompano Beach is offered for at $6,000,000 or $166,667 per unit and $161 per square foot.

Exclusively Listed By

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