Remodeled Furnished
For Sale
$1,035,000
1551 SE 23rd Avenue, Pompano Beach, FL 33062
Three distinct residences include a private pool, backyard, and a flexible owner-occupant or rental configuration.
Property Size2,675 SF
Price / SF$386.92
Days on Market52
Property Features for 1551 SE 23rd Avenue
General Information
Standard status
Active
Size
2,675 SF
Property subtype
Triplex
Taxes and HOA fees
Annual Taxes
$13,103
Building Details
Building Size
2,675 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
LoKation
Listed By:
John Burgos · License #3254797
(954) 696-8303
Source:
Pamandtoni
Added: Jul 30
Changed: Sep 18
Last Checked: Sep 18 at 11:40AM
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 LoKation
Investment Insights
Based on property information with market context.
This remodeled triplex contains three separate furnished residences with a practical unit mix. The primary home offers three bedrooms and two bathrooms, along with a private backyard and pool. Two additional residences each provide one bedroom and one bathroom, creating distinct living spaces within the property. The three-unit layout supports ownership with supplemental rental use or operation as a furnished short-term rental property, as described in the listing information.
The property is located in Pompano Beach east of US-1, near the coast, Intracoastal, dining, and shopping. Built in 1965, it combines an established residential structure with updated interiors and a configuration suited to both owner occupancy and income-producing use.
The property is located in Pompano Beach east of US-1, near the coast, Intracoastal, dining, and shopping. Built in 1965, it combines an established residential structure with updated interiors and a configuration suited to both owner occupancy and income-producing use.
Key Highlights
- Three‑unit multifamily property with one 3‑bedroom, 2‑bath residence and two 1‑bedroom, 1‑bath units
- Remodeled and fully furnished throughout
- Private pool and backyard associated with the main residence
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
$44,733
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
4.32%
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%
$894,660
$894.7K
Cap Rate 7%
$639,043
$639.0K
Cap Rate 9%
$497,033
$497.0K
Market Conditions
NOI Build-Up for 2,675 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
$67.4K $25.20/SF
− Vacancy
−$3.5K −$1.31/SF
EGI
$63.9K $23.89/SF
− OpEx
−$19.2K −$7.17/SF
NOI
$44.7K $16.72/SF
Area
Pompano Beach, FL
Vacancy
5.20%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
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%
$894,660
Cap Rate 7%
$639,043
Cap Rate 9%
$497,033
Alternative Uses
Best Use
Multifamily LT 5
$639.0K
$559.2K – $745.6K
NOI $44,733 @ 7.0% cap · market cap 4.32%
Second Best
Apartment 5plus
$587.0K
$513.7K – $684.9K
NOI $41,092 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.04M
$912.9K – $1.22M
NOI $73,028 @ 7.0% cap · market cap 7.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,605
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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Cap Rate, Value Estimation, Potential NOI and more
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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?
Triplex - Three distinct residences include a private pool, backyard, and a flexible owner-occupant or rental configuration.
Where is this triplex located?
The property is located at 1551 SE 23rd Avenue Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,035,000.
What are key features of this property?
This property features: Three‑unit multifamily property with one 3‑bedroom, 2‑bath residence and two 1‑bedroom, 1‑bath units; Remodeled and fully furnished throughout; Private pool and backyard associated with the main residence
