16-Unit Apartment Building with
For Sale
$3,900,000
233 SE 20th Ave, Deerfield Beach, FL 33441
16-unit concrete block apartment property with hurricane impact windows and an on-site swimming pool.
Property Size7,732 SF
Lot Size0.46 Acres
Days on Market50
Property Features for 233 SE 20th Ave
General Information
Standard status
Active
Size
7,732 SF
Lot size
0.46 Acres
Property subtype
Multifamily
Occupancy
95%
Additional Details
Multifamily Units
16
Amenities
Concrete Block Construction, Concrete Roof and Impact Windows Throughout
Located Just Blocks From Deerfield Beach And The International Fishing Pier
Currently Operated As Annual Rentals With Short-Term Vacation Rental Upside
Strong Tourism Demand And Walkability To Beachfront Dining And Entertainment
Building Details
Building Size
7,732 SF
Year Built
1957
Units
16
Listing Agency:
Fort Lauderdale Office
(954) 245-3584
Listed By:
Daniel Cunningham · License #License(s): FL: SL3234051
(954) 245-3584
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 8
Last Checked: Aug 15 at 3:28AM
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.
Sand Dollar Apartments is a 16-unit multifamily property built in 1957, totaling 7,732 gross square feet on a 0.46-acre lot. The building is constructed of concrete block with a flat roof and features hurricane impact windows throughout. An on-site swimming pool provides a dedicated amenity for residents.
The current unit mix includes 10 studio units averaging 380 square feet, 3 one-bedroom/one-bath units averaging 525 square feet, 2 one-bedroom/two-bath units averaging 600 square feet, and 1 two-bedroom/two-bath unit totaling 900 square feet. The property is presently operated as annual rentals, and the layout and location support operation as up to 19 units, offering additional flexibility for a future owner. The property is located just blocks from Deerfield Beach, the International Fishing Pier, and the city’s beachfront dining and entertainment district.
This asset can suit buyers seeking a smaller income-producing apartment building with an amenity package and an established annual-rental operation. Because the layout supports expansion to up to 19 units, it may also appeal to buyers looking for operational flexibility. The hospitality-oriented positioning and coastal proximity also align with consideration for short-term vacation rental use, subject to applicable requirements.
The current unit mix includes 10 studio units averaging 380 square feet, 3 one-bedroom/one-bath units averaging 525 square feet, 2 one-bedroom/two-bath units averaging 600 square feet, and 1 two-bedroom/two-bath unit totaling 900 square feet. The property is presently operated as annual rentals, and the layout and location support operation as up to 19 units, offering additional flexibility for a future owner. The property is located just blocks from Deerfield Beach, the International Fishing Pier, and the city’s beachfront dining and entertainment district.
This asset can suit buyers seeking a smaller income-producing apartment building with an amenity package and an established annual-rental operation. Because the layout supports expansion to up to 19 units, it may also appeal to buyers looking for operational flexibility. The hospitality-oriented positioning and coastal proximity also align with consideration for short-term vacation rental use, subject to applicable requirements.
Key Highlights
- 16‑unit multifamily property at 233 SE 20th Avenue, Deerfield Beach, FL
- Built in 1957 with 7,732 gross SF on a 0.46‑acre lot; concrete block construction with flat roof
- Hurricane impact windows throughout plus on‑site swimming pool
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
$118,913
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
3.05%
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%
$2,378,260
$2.4M
Cap Rate 7%
$1,698,757
$1.7M
Cap Rate 9%
$1,321,256
$1.3M
Market Conditions
NOI Build-Up for 7,732 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
$226.4K $29.28/SF
− Vacancy
−$10.2K −$1.32/SF
EGI
$216.2K $27.96/SF
− OpEx
−$97.3K −$12.58/SF
NOI
$118.9K $15.38/SF
Area
Broward County, FL
Vacancy
4.50%
Lease Rate
$29.28 /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%
$2,378,260
Cap Rate 7%
$1,698,757
Cap Rate 9%
$1,321,256
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.98M
NOI $118,913 @ 7.0% cap · market cap 3.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.92M
$3.43M – $4.58M
NOI $274,594 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
762
Businesses Nearby
Explore this area
Business Placement
Demographics for 33441, FL
29,311
Population
15,225
Households
1.9
Avg Household Size
43
Median Age
28%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
6,106
Density / Sq Mi
$57,257
Median Household Income
$35,163
Median Earnings
$1,544
Median Rent
$381,700
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 - 16-unit concrete block apartment property with hurricane impact windows and an on-site swimming pool.
Where is this apartment building located?
The property is located at 233 SE 20th Ave Deerfield Beach, FL.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: 16‑unit multifamily property at 233 SE 20th Avenue, Deerfield Beach, FL; Built in 1957 with 7,732 gross SF on a 0.46‑acre lot; concrete block construction with flat roof; Hurricane impact windows throughout plus on‑site swimming pool
