5-Unit Apartment Building with
For Sale
$1,250,000
Pending
315 SE 23rd Ave Unit 1-5, Pompano Beach, FL 33062
Two-story multifamily property with updated residences, on-site laundry, parking, and a climate-controlled garage-office area.
Property Size6,061 SF
Days on Market2605
Property Features for 315 SE 23rd Ave Unit 1-5
General Information
Standard status
Pending
Size
6,061 SF
Elevators
Yes
Property subtype
General Commercial
Units
Unit Mix
1 x 3BR/3BA, 3 x 2BR/2BA, 1 x oversized 1BR/1BA
Multifamily Units
5
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$20,311
Amenities
washer/dryer room
3
Building Details
Year Built
1980
Buildings
1
Stories
2
Listing Agency:
Meyer Realty & Associates LLC
(954) 224-4904
Listed By:
Daniel Lubbers · License #680532
(954) 599-7652
Source:
Xome
Added: Jul 17, 2019
Changed: Aug 30
Last Checked: Aug 30 at 4:19PM
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 Meyer Realty & Associates LLC
Investment Insights
Based on property information with market context.
This two-story multifamily property contains five residences, including one three-bedroom, three-bath unit with elevator access, three two-bedroom, two-bath units, and an oversized one-bedroom, one-bath unit. Four apartments have been fully updated, while the building also includes a washer and dryer room. A large two-car garage is configured for storage, manager, and office functions and includes air conditioning.
The property is furnished and may be acquired with its furnishings. Improvements include a new roof and a recently painted, comprehensively updated building. The property is licensed and approved by DCF for treatment housing, with fire marshal approval and licenses available. It is currently vacant and includes substantial on-site parking. Built in 1980, the property is located at 315 SE 23rd Ave in Pompano Beach.
The property is furnished and may be acquired with its furnishings. Improvements include a new roof and a recently painted, comprehensively updated building. The property is licensed and approved by DCF for treatment housing, with fire marshal approval and licenses available. It is currently vacant and includes substantial on-site parking. Built in 1980, the property is located at 315 SE 23rd Ave in Pompano Beach.
Key Highlights
- Five‑unit apartment building with one 3 bedroom, 3 bathroom residence, three 2 bedrooms, 2 baths, and one oversized 1 bedroom, 1 bathroom unit
- Elevator serves the 3 bedroom, 3 bathroom unit
- Four of the five units have been totally updated
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
$93,106
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
7.45%
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%
$1,862,120
$1.9M
Cap Rate 7%
$1,330,086
$1.3M
Cap Rate 9%
$1,034,511
$1.0M
Market Conditions
NOI Build-Up for 6,061 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
$178.2K $29.40/SF
− Vacancy
−$8.9K −$1.47/SF
EGI
$169.3K $27.93/SF
− OpEx
−$76.2K −$12.57/SF
NOI
$93.1K $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%
$1,862,120
Cap Rate 7%
$1,330,086
Cap Rate 9%
$1,034,511
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.16M – $1.55M
NOI $93,106 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.36M
$2.07M – $2.76M
NOI $165,465 @ 7.0% cap · market cap 13.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,225
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story multifamily property with updated residences, on-site laundry, parking, and a climate-controlled garage-office area.
Where is this apartment building located?
The property is located at 315 SE 23rd Ave Unit 1-5 Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Five‑unit apartment building with one 3 bedroom, 3 bathroom residence, three 2 bedrooms, 2 baths, and one oversized 1 bedroom, 1 bathroom unit; Elevator serves the 3 bedroom, 3 bathroom unit; Four of the five units have been totally updated
