Skip to main content

Multifamily

Petrina Apartments

23 NE 23rd Ave, Pompano Beach, FL 33062

Listing Price: $4,500,000

Cap Rate
5.50%
Number of Units
28
Occupancy
95.0%
Price/Unit
$160,714
Price/Gross SF
$437.53
Gross SF
10,285

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Petrina Apartments, a 28-unit, boutique rental community located in the city of Pompano Beach, Florida. The property is located east of Federal Highway, just north of Atlantic Boulevard and walking distance to Publix Supermarket and the Atlantic Ocean. Petrina Apartments was built in 1959 and 1964 of concrete block with a painted stucco exterior and consists of four two-story, garden-style apartment buildings with a unit mix comprised of 26 studios and two one-bedroom/two-bathroom apartments. All apartments have individual wall-unit air-conditioning and a ceiling fan in the kitchen and living room. Kitchens are all electric and have a stove and refrigerator. Flooring is either ceramic tile or vinyl. There is a fenced pool and patio area for the residents to enjoy, as well as numerous lushly landscaped courtyard areas. Additionally, there are three on-site laundry areas with a total of two washers and two dryers, all leased. There are 26 on-site parking spaces. All units are separately metered for electricity. Throughout the years, there have been numerous renovations and upgrades including accordion hurricane shutters, resurfacing of the parking lot, the addition of security cameras, replacement of most interior electric panels and other interior upgrades. The roofs are solid concrete decks and have had the addition of rain gutters. Petrina Apartments offers an investor a rare and unique opportunity to acquire a well-located property with a pool situated in a highly sought-after submarket of East Pompano Beach with proximity to Atlantic Boulevard’s employment, shopping, beaches, and entertainment. Furthermore, a new owner could increase the revenue stream through raising rents to market levels. The buildings are all zone B-3 commercial with allows for hotel uses as well as a mixture of apartment and hotel uses. This allows the new owner to rent on a short-term basis and significantly increase the revenue stream.

Investment Highlights

  • Excellent East Pompano Beach Location
  • Walking Distance to Publix and the Beach
  • Surrounded by Retail and Employment
  • Significant New Development in Submarket
  • Zoned B-3 Allowing for Hotel & Short-Term Rentals
  • Four Contiguous and Separately Parceled Buildings
  • Upside In Rents Through Interior Renovations
  • Numerous Interior and Exterior Upgrades

Exclusively Listed By

Multifamily

Petrina Apartments

Listing Price: $4,500,000

Cap Rate
5.50%
Number of Units
28
Occupancy
95.0%
Price/Unit
$160,714
Price/Gross SF
$437.53
Gross SF
10,285

Investment Highlights

  • Excellent East Pompano Beach Location
  • Walking Distance to Publix and the Beach
  • Surrounded by Retail and Employment
  • Significant New Development in Submarket
  • Zoned B-3 Allowing for Hotel & Short-Term Rentals
  • Four Contiguous and Separately Parceled Buildings
  • Upside In Rents Through Interior Renovations
  • Numerous Interior and Exterior Upgrades

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Petrina Apartments, a 28-unit, boutique rental community located in the city of Pompano Beach, Florida. The property is located east of Federal Highway, just north of Atlantic Boulevard and walking distance to Publix Supermarket and the Atlantic Ocean. Petrina Apartments was built in 1959 and 1964 of concrete block with a painted stucco exterior and consists of four two-story, garden-style apartment buildings with a unit mix comprised of 26 studios and two one-bedroom/two-bathroom apartments. All apartments have individual wall-unit air-conditioning and a ceiling fan in the kitchen and living room. Kitchens are all electric and have a stove and refrigerator. Flooring is either ceramic tile or vinyl. There is a fenced pool and patio area for the residents to enjoy, as well as numerous lushly landscaped courtyard areas. Additionally, there are three on-site laundry areas with a total of two washers and two dryers, all leased. There are 26 on-site parking spaces. All units are separately metered for electricity. Throughout the years, there have been numerous renovations and upgrades including accordion hurricane shutters, resurfacing of the parking lot, the addition of security cameras, replacement of most interior electric panels and other interior upgrades. The roofs are solid concrete decks and have had the addition of rain gutters. Petrina Apartments offers an investor a rare and unique opportunity to acquire a well-located property with a pool situated in a highly sought-after submarket of East Pompano Beach with proximity to Atlantic Boulevard’s employment, shopping, beaches, and entertainment. Furthermore, a new owner could increase the revenue stream through raising rents to market levels. The buildings are all zone B-3 commercial with allows for hotel uses as well as a mixture of apartment and hotel uses. This allows the new owner to rent on a short-term basis and significantly increase the revenue stream.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower