5-Unit Multifamily Redevelopment
500 SE 23rd Avenue Pompano Beach, FL 33062
500 SE 23rd Avenue, Pompano Beach, FL, 33062
$1,325,000
For Sale
$1,325,000
MULTI_FAMILY - Pompano Beach, FL
Property Size5,873 SF
Lot Size0.26 Acres
Price / SF$225.61
Days on Market226
Property Features for 500 SE 23rd Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Zoning
- RM-20
- Parking
- 10
- Security features
- Security Lighting
- Standard status
- Active
- APN
- 494306070310
- Size
- 5,873 SF
- Lot size
- 0.26 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Description
- SANTA BARBARA ESTATES 9-10 B SEC A LOT 1,2 BLK 6
- Tax Annual Amount
- 20162
Utilities
- Utilities
- Water Available
- Sewer type
- Public Sewer
- Heating system
- Electric (Heating), Central
- Cooling system
- Central Air, Electric
- Water source
- Public
Building Details
- Year built
- 1953
- Floors in Building
- 1
- Building materials
- Concrete
- Roof type
- Rolled Hot Mop
Listing Agency
United Realty Group, Inc
(561) 235-2127
5550 Glades Road Suite 101, Plantation, FL
Listed by
Gary M Brown · License #3032083
(561) 900-6888
Added: Dec 4, 2025 Checked: Jul 18 at 12:06 pm
MLS# F10541569
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 as-is 5-unit multifamily villa complex sits on a 0.26-acre site and includes courtyard and patio spaces. The existing structure is a 5-unit/3-building configuration built in 1953 and is being offered as-is for redevelopment planning.
The property is located in Pompano Beach’s East Transit-Oriented Corridor, providing redevelopment flexibility under RM-20 zoning. It is described as being just blocks from the Intracoastal and the revitalized Atlantic Blvd corridor.
For buyers looking to reposition the site, the offering combines an existing income component with the opportunity to redevelop into townhomes, consistent with surrounding new construction as described in the remarks. Please contact the listing agents for additional details; do not disturb tenants.
The property is located in Pompano Beach’s East Transit-Oriented Corridor, providing redevelopment flexibility under RM-20 zoning. It is described as being just blocks from the Intracoastal and the revitalized Atlantic Blvd corridor.
For buyers looking to reposition the site, the offering combines an existing income component with the opportunity to redevelop into townhomes, consistent with surrounding new construction as described in the remarks. Please contact the listing agents for additional details; do not disturb tenants.
Key Highlights
- 0.26‑acre (11,326 SF) multifamily site in Pompano Beach, just blocks from the Intracoastal and the revitalized Atlantic Blvd corridor
- Existing 5‑unit multi‑family villa complex with courtyard and patio spaces, sold as‑is for redevelopment into townhomes
- 5‑unit structure built in 1953 with concrete construction materials
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $172.7k | $29.40 |
| − Vacancy | −$8.6k | −$1.47 |
| EGI | $164.0k | $27.93 |
| − OpEx | −$73.8k | −$12.57 |
| NOI | $90.2k | $15.36 |
5,873 SF · lease $29.40/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,218 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,333 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - As-is 5-unit multifamily property on a 0.26-acre site, built in 1953, with courtyard and patio areas.
Where is this apartment building located?
The property is located at 500 SE 23rd Avenue Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 0.26‑acre (11,326 SF) multifamily site in Pompano Beach, just blocks from the Intracoastal and the revitalized Atlantic Blvd corridor; Existing 5‑unit multi‑family villa complex with courtyard and patio spaces, sold as‑is for redevelopment into townhomes; 5‑unit structure built in 1953 with concrete construction materials
