124-Unit Apartment
New
For Sale
$19,500,000
111 Avondale Dr, Pompano Beach, FL 33060
Multi-building multifamily asset with hurricane-impact windows, exterior upgrades, and interior renovations across a significant portion of units.
Property Size70,502 SF
Days on Market4
Property Features for 111 Avondale Dr
General Information
Standard status
Active
Size
70,502 SF
Property subtype
Multifamily
Occupancy
96%
Amenities
Concrete Block Construction And Hurricane Impact Windows Throughout
124-Unit Portfolio Across 12 Contiguous Buildings On One Block
Located Near Downtown Pompano Redevelopment, Beaches, And Major Employment Drivers
Building Details
Building Size
70,502 SF
Units
124
Listing Agency:
Fort Lauderdale Office
(954) 245-3584
Listed By:
Daniel Cunningham · License #License(s): FL: SL3234051
(954) 245-3584
Source:
Marcusmillichap
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 18 at 4:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Avondale Gardens is a 124-unit apartment portfolio distributed among multiple buildings on contiguous parcels totaling 3.64 acres. The property includes 12 buildings with a combined 70,502 SF, constructed between 1969 and 1975. Capital work includes hurricane-impact windows throughout, renewed exterior paint, and interior renovations in a substantial portion of the units. Updated apartments feature refreshed finishes, while unrenovated units remain within the portfolio.
The asset is positioned west of Downtown Pompano Beach and the City Hall redevelopment district. Access is provided to Atlantic Boulevard, I-95, and Federal Highway. Nearby context includes Broward Health North, retail centers, the Pompano Beach Fishing Pier, Oceanic, Lucky Fish, and mixed-use projects around City Hall. The portfolio's building count, unit concentration, and mix of renovated and unrenovated apartments provide a range of operating configurations within one contiguous multifamily holding.
The asset is positioned west of Downtown Pompano Beach and the City Hall redevelopment district. Access is provided to Atlantic Boulevard, I-95, and Federal Highway. Nearby context includes Broward Health North, retail centers, the Pompano Beach Fishing Pier, Oceanic, Lucky Fish, and mixed-use projects around City Hall. The portfolio's building count, unit concentration, and mix of renovated and unrenovated apartments provide a range of operating configurations within one contiguous multifamily holding.
Key Highlights
- 124 units across 12 apartment buildings
- 3.64 contiguous acres with 70,502 SF of improvements
- Hurricane‑impact windows installed throughout the portfolio
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
$1,083,016
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
5.55%
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%
$21,660,320
$21.7M
Cap Rate 7%
$15,471,657
$15.5M
Cap Rate 9%
$12,033,511
$12.0M
Market Conditions
NOI Build-Up for 70,502 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
$2.07M $29.40/SF
− Vacancy
−$103.6K −$1.47/SF
EGI
$1.97M $27.93/SF
− OpEx
−$886.1K −$12.57/SF
NOI
$1.08M $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%
$21,660,320
Cap Rate 7%
$15,471,657
Cap Rate 9%
$12,033,511
Alternative Uses
Best Use
Apartment 5plus
$15.47M
$13.54M – $18.05M
NOI $1,083,016 @ 7.0% cap · market cap 5.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$27.50M
$24.06M – $32.08M
NOI $1,924,705 @ 7.0% cap · market cap 9.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,789
Businesses Nearby
Explore this area
Business Placement
Demographics for 33060, FL
35,793
Population
15,653
Households
2.3
Avg Household Size
39
Median Age
25%
College-Educated
82%
High-School Grad
7.0 sq mi
ZIP Area
5,113
Density / Sq Mi
$59,757
Median Household Income
$34,275
Median Earnings
$1,406
Median Rent
$354,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multi-building multifamily asset with hurricane-impact windows, exterior upgrades, and interior renovations across a significant portion of units.
Where is this apartment building located?
The property is located at 111 Avondale Dr Pompano Beach, FL.
What is the asking price?
The asking price for this property is $19,500,000.
What are key features of this property?
This property features: 124 units across 12 apartment buildings; 3.64 contiguous acres with 70,502 SF of improvements; Hurricane‑impact windows installed throughout the portfolio
