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23440142
23440157

901 NW 8th Ave, Pompano Beach, FL 33060

DD
FL FL SL3341163
Franklin Street Tampa
RW
FL FL 3424080
Franklin Street Tampa
Listed by Franklin Street Tampa
$14,300,000
391 days on market
Updated 4 days ago
Opportunity zone

Parkview Crossing

Details
APN 484235000480, 484235000460, 484235000471
Property Type Multifamily
Sub Type Apartment Building
Square Footage 46,960
Net Rentable (SqFt) 41,110
Units 98
Cap Rate 6.51%
NOI $931,227
Occupancy 100%
Price per SqFt $305
Year Built 1958
Year Renovated 2021
Buildings 7
Stories 2
Acreage 2.390
Zoning RM-20
Parking Spaces 96 spaces
Parking Per SqFt 2.04
Investment Type Value Add

Multifamily | 98 Units | $152,041/unit | Pompano Beach, FL - Broward MSA

Marketing description

Parkview Crossing is a 98-unit multifamily property through (7) buildings consisting of (19) Studios, (52) one-bed, one-bath units, (17) two-bed, one-bath unit, (10) two-bed, two-bath Located in the heart of Pompano Beach, Florida, in Broward County. The subject properties were built in 1958 using reinforced concrete block construction with painted stucco exterior and are situated on 2.39 acres of land. The property has undergone significant capital improvements under the current ownership.

There has been over $1,000,000 invested into capital improvements including a state-of-the-art security system, gated fence, vinyl slider windows, asphalt parking lots, mini split AC, modern light fixtures, LED Lighting, and extensive interior renovations. 75% of the units have undergone extensive renovations.

The property is located just a few blocks west of Pompano Beach Airpark, southeast of Lighthouse Point and at the intersection of Atlantic Blvd and NW 8th Ave. Parkview Crossing is walking distance of newly built retail and restaurants and surrounded by new Class B apartment communities. The property is strategically located East of I-95, West of N Dixie-Hwy and at the intersection of NW 10th Ave and NW 10th St. The property is also located 5 miles from the renowned Light House Point and Chase Stadium home of Inter Miami FC. Additionally, within minutes of driving you can access the world-famous Pompano Beach, and the shops/restaurants located in downtown Fort Lauderdale.

Pompano Beach is located on the Southeast coast of Florida, midway between Miami and West Palm Beach, just minutes north of Fort Lauderdale. Pompano Beach is home to over 85,000 residents. During the season (September through March) the number jumps to nearly 125,000 as part-time residents from more inclement environments come down.

The central location of Pompano Beach to domestic and global trade routes attracts many new businesses. Broward County with a population of over 1.3 million people has become one of the nation's leading metropolitan and cultural centers. About 6.6 million visitors bring $3.7 billion into the local economy each year.

Pompano Beach is a haven for boating, fishing, scuba diving and snorkeling, and sun-worshipping beachgoers with its beautiful sunny weather, 3-1/2 miles of golden beaches, the Intracoastal Waterway, numerous canals, and a living reef offshore. There are also 19 parks for sports enthusiasts and family recreation. You will also find a wide variety of shopping, dining, and entertainment. Golfers find living or vacationing in Pompano Beach a dream come true, with some of the world's most beautiful and challenging links just a short drive away. Pompano Beach, as the name implies, offers miles of beautiful beach, lapped by the warm waters of the Gulf Stream.

Investment highlights

    • Rare Opportunity To Acquire A Well-Maintained, 98 Unit Property Situated
    • On 2.39 Acres In An Up And Coming Neighborhood Of Pompano Beach
    • Great Opportunity To Assume Current Loan (Non-Agency) Of
    • $5,908,933.50 At 3.0% Fixed Rate Until December 2029
    • Diverse Unit Mix Consisting Of (19) Studios, (52) 1 Bed 1 Bath Units, (17) 2
    • Bed 1 Bath Units, And (10) 2 Bed 2 Bath Units Totaling Approximately
    • 41,100 RSF
    • Over $1,000,000+ In Recent Capital Improvements Including Full
    • Replacement Of Electrical Supply Lines, Circuit Breakers, And Shut Offs,
    • And New Electric Panels In All Units
    • Passed 40 & 50 Year Recertification
    • Strong In-Place Cash Flow With Opportunity To Increase Rents By 20.76%
    • Providing Exceptional Upside Potential
    • Some Exterior Improvements Include Newly Repaved Asphalt Parking
    • Lots, LED Lighting For Common Areas, 6-Foot Steel Fencing Around
    • Perimeter Of All Buildings With 3 Motorized Gates, Revitalized
    • Landscaping, And State-Of-The-Art Surveillance Systems
    • 75% Of Units Now Feature Upgraded Kitchens, New Mini-Split AC Systems,
    • Vinyl Slider Windows, And Modern Lighting Fixtures
    • Ideally Located East Of I-95 Near N Dixie Hwy Providing Easy Access To
    • Anywhere In Broward County

    Listing Contacts

    DD
    FL FL SL3341163
    Franklin Street Tampa
    RW
    FL FL 3424080
    Franklin Street Tampa
    Listed by Franklin Street Tampa

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    $
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    Loan Amount
    $0.00
    Annual Debt Service
    $--
    $--
    Annual Cash Flow
    $931,227.00
    $77,602.25/mo

    Valuation Metrics

    0
    DSCR
    6.51%
    Cap Rate
    6.51%
    ROI

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    Additional Information

    Name
    Dan Dratch
    License
    FL SL3341163
    Name
    Ryan Wold
    License
    FL 3424080
    Brokerage
    Franklin Street
    Brokerage Phone
    8138397300
    *All information is deemed reliable but not guaranteed. Buyer to verify all information.
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