Five-Unit Apartment
For Sale
$1,325,000
500 SE 23rd Avenue, Pompano Beach, FL 33062
Commercial Sale, Pompano Beach, FL
Property Size5,873 SF
Lot Size0.26 Acres
Price / SF$225.61
Days on Market272
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
Directions
I-95 to Atlantic Blvd east to Federal Hwy / US-1Turn right (south) to SE 23rd Ave Turn left (east) to 500 SE 23rd Ave on your right.
Subdivision
3233
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
Legal Description
SANTA BARBARA ESTATES 9-10 B SEC A LOT 1,2 BLK 6
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
courtyard
patio
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
Listed By:
Gary M Brown · License #3032083
(561) 900-6888
Added: Dec 4, 2025
Changed: Aug 19
Last Checked: Sep 2 at 5:06AM
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 multifamily property comprises a five-unit villa complex arranged across three buildings. The existing improvements contain 5,873 square feet and include shared courtyard and patio areas. Built in 1953, the property is offered as-is and features concrete construction, central heating, central air conditioning, a rolled hot mop roof, and public water and sewer service.
The 0.26-acre site is located at 500 SE 23rd Avenue in Pompano Beach, within the East Transit-Oriented Corridor. The property is positioned just blocks from the Intracoastal and the Atlantic Boulevard corridor, with marinas, beaches, and waterfront dining in the surrounding area. RM-20 zoning and available water service are also identified for the property.
The 0.26-acre site is located at 500 SE 23rd Avenue in Pompano Beach, within the East Transit-Oriented Corridor. The property is positioned just blocks from the Intracoastal and the Atlantic Boulevard corridor, with marinas, beaches, and waterfront dining in the surrounding area. RM-20 zoning and available water service are also identified for the property.
Key Highlights
- Five‑unit multifamily complex arranged across 3 buildings
- 5,873‑square‑foot property on a 0.26‑acre site
- Existing improvements built in 1953 and offered as‑is
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
$90,218
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
6.81%
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%
$1,804,360
$1.8M
Cap Rate 7%
$1,288,829
$1.3M
Cap Rate 9%
$1,002,422
$1.0M
Market Conditions
NOI Build-Up for 5,873 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
$172.7K $29.40/SF
− Vacancy
−$8.6K −$1.47/SF
EGI
$164.0K $27.93/SF
− OpEx
−$73.8K −$12.57/SF
NOI
$90.2K $15.36/SF
Area
Pompano Beach, FL
Vacancy
5.00%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,804,360
Cap Rate 7%
$1,288,829
Cap Rate 9%
$1,002,422
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,145
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?
Apartment building - As-is multifamily property with courtyard and patio areas in Pompano Beach’s East Transit-Oriented Corridor.
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: Five‑unit multifamily complex arranged across 3 buildings; 5,873‑square‑foot property on a 0.26‑acre site; Existing improvements built in 1953 and offered as‑is
