Remodeled Triplex with
For Sale
$1,035,000
1551 SE 23rd Avenue, Pompano Beach, FL 33062
Residential Income, Pompano Beach, FL
Property Size2,675 SF
Price / SF$386.92
Days on Market227
Property Features for 1551 SE 23rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
RM-20
Bedrooms
5
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 3, Bedroom 1, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 2, Bathroom 3, Bedroom 4
Pool private
1
Subdivision
Coral Park Rep 51-40 B
Directions
Please use GPS
Standard status
Active
APN
494307050060
Size
2,675 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
CORAL PARK REPLAT 51-40 B LOT 5 S 45,6 N 25 BLK 1
Tax Annual Amount
13103
Legal Description
CORAL PARK REPLAT 51-40 B LOT 5 S 45,6 N 25 BLK 1
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Cooling system
Wall/Window Unit(s), Window Unit(s)
Amenities
private backyard
sparkling pool
Building Details
Year built
1965
Floors in Building
2
Number of units
3
Flooring type
Vinyl
Building materials
Block
Roof type
Shingle, Composition
Listing Agency:
LoKation
(954) 545-5583
Listed By:
John Burgos · License #3254797
(954) 696-8303
Added: Jan 14
Changed: Aug 29
Last Checked: Aug 29 at 10:06PM
MLS# F10545634
Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This remodeled triplex contains three separate living units and is offered fully furnished. The primary residence includes 3 bedrooms, 2 bathrooms, and a private backyard with a pool. Two additional units each provide 1 bedroom and 1 bathroom, creating a flexible multi-unit configuration.
The property is located at 1551 SE 23rd Avenue in Pompano Beach, east of US-1 and near the beach, Intracoastal, dining, and shopping. Built in 1965, the structure features block construction, vinyl flooring, composition and shingle roofing, and wall or window cooling units. RM-20 zoning, public sewer, and cable availability are also reported.
The property is located at 1551 SE 23rd Avenue in Pompano Beach, east of US-1 and near the beach, Intracoastal, dining, and shopping. Built in 1965, the structure features block construction, vinyl flooring, composition and shingle roofing, and wall or window cooling units. RM-20 zoning, public sewer, and cable availability are also reported.
Key Highlights
- Three‑unit triplex with a 3‑bedroom, 2‑bathroom main residence
- Two additional units, each with 1 bedroom and 1 bathroom
- Private pool and backyard at the main residence
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$44,733
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$894,660
$894.7K
Cap Rate 7%
$639,043
$639.0K
Cap Rate 9%
$497,033
$497.0K
Market Conditions
NOI Build-Up for 2,675 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$67.4K $25.20/SF
− Vacancy
−$3.5K −$1.31/SF
EGI
$63.9K $23.89/SF
− OpEx
−$19.2K −$7.17/SF
NOI
$44.7K $16.72/SF
Area
Pompano Beach, FL
Vacancy
5.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$894,660
Cap Rate 7%
$639,043
Cap Rate 9%
$497,033
Alternative Uses
Best Use
Multifamily LT 5
$639.0K
$559.2K – $745.6K
NOI $44,733 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$587.0K
$513.7K – $684.9K
NOI $41,092 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.04M
$912.9K – $1.22M
NOI $73,028 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,605
Businesses Nearby
Explore this area
Business Placement
Demographics for 33062, FL
25,293
Population
23,059
Households
1.1
Avg Household Size
60
Median Age
48%
College-Educated
94%
High-School Grad
3.9 sq mi
ZIP Area
6,485
Density / Sq Mi
$82,955
Median Household Income
$56,828
Median Earnings
$1,888
Median Rent
$511,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three separate units include a main residence and two one-bedroom apartments.
Where is this triplex located?
The property is located at 1551 SE 23rd Avenue Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,035,000.
What are key features of this property?
This property features: Three‑unit triplex with a 3‑bedroom, 2‑bathroom main residence; Two additional units, each with 1 bedroom and 1 bathroom; Private pool and backyard at the main residence
