98-Unit Multifamily Property in
901-951 NW 8th Ave & 930-980 NW 9th Ave Pompano Beach, FL 33060
901-951 NW 8th Ave & 930-980 NW 9th Ave, Pompano Beach, FL, 33060
$14,300,000
For Sale
$14,300,000
Well-maintained 98-unit multifamily property on 2.39 acres.
Property Size41,100 SF
Lot Size2.39 Acres
Price / SF$347.93
Days on Market113
Property Features for 901-951 NW 8th Ave & 930-980 NW 9th Ave
General Information
- Standard status
- Active
- Size
- 41,100 SF
- Lot size
- 2.39 Acres
- Property subtype
- Multifamily
Building Details
- Year Built
- 1958
Listing agency
(954) 312-1677
Listed by
Dan Dratch · License #FL #SL3341163
Source
Franklinst
Added: Apr 1 Updated: Jul 10 at 1:15PM Checked: Jul 10 at 1:15PM
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 Dan Dratch
Investment Insights
Based on property information with market context.
Parkview Crossing is a 98-unit multifamily property consisting of 19 studios, 52 one-bed, one-bath units, 17 two-bed, one-bath units, and 10 two-bed, two-bath units. Located in Pompano Beach, Florida, the properties were built in 1958 using reinforced concrete block construction with painted stucco exterior and are situated on 2.39 acres of land. The property has undergone significant capital improvements under the current ownership, including full replacement of electrical supply lines, circuit breakers, shut offs, and new electric panels in all units. The property has passed 40 & 50 year recertification. Some exterior improvements include newly repaved asphalt parking lots, LED lighting for common areas, 6-foot steel fencing around the perimeter of all buildings with 3 motorized gates, revitalized landscaping, and state-of-the-art surveillance systems. 75% of units now feature upgraded kitchens, new mini-split AC systems, vinyl slider windows, and modern lighting fixtures. It is ideally located east of I-95 near N Dixie Hwy, providing easy access to anywhere in Broward County. The property has strong in-place cash flow with opportunity to increase rents by 20.76%, providing exceptional upside potential.
Key Highlights
- Opportunity to assume existing $5,908,933.50 loan at a fixed rate of 3.0% until December 2029.
- Significant upside potential with the opportunity to increase rents by 20.76%.
- Over $1,000,000 in recent capital improvements, including electrical upgrades and passed recertification.
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 | $1.21M | $29.40 |
| − Vacancy | −$60.4k | −$1.47 |
| EGI | $1.15M | $27.93 |
| − OpEx | −$516.6k | −$12.57 |
| NOI | $631.4k | $15.36 |
41,100 SF · lease $29.40/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$9.02M
$7.89M – $10.52M
NOI $631,358 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$16.03M
$14.03M – $18.70M
NOI $1,122,030 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - Well-maintained 98-unit multifamily property on 2.39 acres.
Where is this apartment building located?
The property is located at 901-951 NW 8th Ave & 930-980 NW 9th Ave Pompano Beach, FL.
What is the asking price?
The asking price for this property is $14,300,000.
What are key features of this property?
This property features: Opportunity to assume existing $5,908,933.50 loan at a fixed rate of 3.0% until December 2029.; Significant upside potential with the opportunity to increase rents by 20.76%.; **Over $1,000,000 in recent capital improvements**, including electrical upgrades and passed recertification.
