12-Unit Apartment
For Sale
$2,750,000
Pending
2313 NE 2nd St, Pompano Beach, FL 33062
A 12-unit, one-bedroom multifamily property with central A/C, updated kitchens and baths, and outdoor patios.
Property Size7,065 SF
Days on Market99
Property Features for 2313 NE 2nd St
General Information
Standard status
Pending
Size
7,065 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$31,070
Building Details
Building Size
7,065 SF
Year Built
1969
Stories
2
Listing Agency:
Meridian Commercial
Listed By:
Julie Abolafia · License #3129097
(954) 918-4902
Source:
Elliman
Added: Jun 13
Changed: Sep 11
Last Checked: Sep 18 at 8:56AM
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 Meridian Commercial
Investment Insights
Based on property information with market context.
This 12-unit multifamily apartment building offers consistent 1 bed, 1 bath layouts across all units. Interiors include tile flooring, updated kitchens and baths, and central air conditioning. Many homes feature large patios or terraces, providing usable outdoor space. The property also includes ample on-site parking with 15 spaces, supporting resident and guest needs.
The building is located east of US 1/Federal Hwy and north of Atlantic Avenue in east Pompano Beach, in the Harbor Village area. The public remarks note proximity to Publix (approximately 2 blocks away) and convenient access to major shopping, restaurants, and entertainment, with the ocean reported as less than a mile away.
For buyers seeking a straightforward, turn-key residential income asset, this property provides a uniform unit mix with practical in-unit updates and outdoor space. With 40-year recertification completed (as stated in the remarks) and centralized cooling throughout the units, it may fit investors or operators looking to add a stabilized multifamily building rather than starting from deferred improvements.
The building is located east of US 1/Federal Hwy and north of Atlantic Avenue in east Pompano Beach, in the Harbor Village area. The public remarks note proximity to Publix (approximately 2 blocks away) and convenient access to major shopping, restaurants, and entertainment, with the ocean reported as less than a mile away.
For buyers seeking a straightforward, turn-key residential income asset, this property provides a uniform unit mix with practical in-unit updates and outdoor space. With 40-year recertification completed (as stated in the remarks) and centralized cooling throughout the units, it may fit investors or operators looking to add a stabilized multifamily building rather than starting from deferred improvements.
Key Highlights
- 12‑unit multifamily building in Pompano Beach, all units are 1 bed / 1 bath
- Interiors include tile flooring, updated kitchens and updated baths
- Central air conditioning in the units
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
$108,529
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
3.95%
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%
$2,170,580
$2.2M
Cap Rate 7%
$1,550,414
$1.6M
Cap Rate 9%
$1,205,878
$1.2M
Market Conditions
NOI Build-Up for 7,065 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
$207.7K $29.40/SF
− Vacancy
−$10.4K −$1.47/SF
EGI
$197.3K $27.93/SF
− OpEx
−$88.8K −$12.57/SF
NOI
$108.5K $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%
$2,170,580
Cap Rate 7%
$1,550,414
Cap Rate 9%
$1,205,878
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,529 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.76M
$2.41M – $3.21M
NOI $192,875 @ 7.0% cap · market cap 7.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,349
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
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - A 12-unit, one-bedroom multifamily property with central A/C, updated kitchens and baths, and outdoor patios.
Where is this apartment building located?
The property is located at 2313 NE 2nd St Pompano Beach, FL.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 12‑unit multifamily building in Pompano Beach, all units are 1 bed / 1 bath; Interiors include tile flooring, updated kitchens and updated baths; Central air conditioning in the units
