Pompano Beach Multifamily Redevelopment
500 SE 23rd Avenue, Pompano Beach, FL 33062
MULTI_FAMILY - Pompano Beach, FL
Property size:
5,873 SFLot size:
0.26 AcresPrice / SF:
$225/SF- Added:
- Dec 4, 2025
- Days on Market:
- 181
- Last Refresh:
- Jun 3 at 9:06 am
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
- Central, Electric (Heating)
- 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 agent Gary M Brown License #3032083 (561) 900-6888
Listing office United Realty Group, Inc 5550 Glades Road Suite 101, Plantation, FL (561) 235-2127
Listing date Dec 4, 2025
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.
HighLights
- Prime 0.26‑acre site blocks from the Intracoastal and Atlantic Blvd corridor, ideal for redevelopment.
- Redevelopment opportunity for 5 luxury townhomes, consistent with surrounding new construction.
- Located within Pompano's East Transit‑Oriented Corridor, enhancing redevelopment flexibility.
- Rare opportunity combining income hold (existing 5‑unit complex) with long‑term redevelopment upside.
- Surrounded by luxury and mixed‑use investment, marinas, beaches, and waterfront dining.
- Strong buyer demand with limited supply of new luxury townhomes creating a scarcity premium.
Overview
This 0.26-acre site, totaling 11,326 square feet, presents a multifamily redevelopment opportunity in Pompano Beach, Florida. Located just blocks from the Intracoastal Waterway and the revitalized Atlantic Boulevard corridor, the property currently features an existing 5-unit multifamily villa complex with courtyard and patio spaces. The property is offered as-is and is ideal for redevelopment into 5 modern luxury townhomes, aligning with the surrounding new construction. Situated within Pompano's East Transit-Oriented Corridor, the location enhances redevelopment flexibility. The area is characterized by significant luxury and mixed-use investment, marinas, beaches, and waterfront dining options. The existing 5-unit/3 building structure was built in 1953. The RM-20 zoning further supports redevelopment potential. The property's location benefits from strong buyer demand and a limited supply of new luxury townhomes.
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 Profile
Location Intelligence
Current Use by Public Records
Commercial land
Location Insight
- Map
- Local Demand
- City
- Pompano Beach
- County
- Broward
- State
- Florida
- Longitude
- -80.10052
- Latitude
- 26.22668
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Prime redevelopment opportunity near Intracoastal and Atlantic Blvd.
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: Prime 0.26‑acre site blocks from the Intracoastal and Atlantic Blvd corridor, ideal for redevelopment.; Redevelopment opportunity for **5 luxury townhomes**, consistent with surrounding new construction.; Located within Pompano's East Transit‑Oriented Corridor, enhancing redevelopment flexibility.
