Occupied Triplex with Updated
For Sale
Contact for pricing
3024 NW 2nd St, Pompano Beach, FL 33069
Three-unit income property with current occupancy, newer mechanical components, and RD-1 zoning.
Property Size1,914 SF
Price / SF$312.96
Days on Market60
Property Features for 3024 NW 2nd St
General Information
Standard status
Active
Size
1,914 SF
Total Parking Spaces
4
Property subtype
Multifamily
Zoning
RD-1
Occupancy
100%
Property Condition
Severity
Repairs Needed
Evidence
will need work
Additional Details
Multifamily Units
3
Building Details
Year Built
1966
Tenancy
Multi
Listing Agency:
Florida Brokers Real Estate
Listed By:
Natasha Olsak · License #3421435
(561) 305-0084
Source:
Crexi
Added: Jul 7
Changed: Aug 31
Last Checked: Sep 1 at 12:29AM
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 Florida Brokers Real Estate
Investment Insights
Based on property information with market context.
This 1,914-square-foot triplex, built in 1966, is being offered in its existing condition with all three units currently rented. The property has new ductwork, while most air-conditioning systems date from 2018–2020 and most water heaters were installed between 2017 and 2020. The roof dates to 2006 and requires work.
The property is zoned RD-1. One AC violation remains pending closure, and the city requires mandatory security cameras operating 24/7. Showings are limited to accepted offers, with tenant access coordinated accordingly.
The property is zoned RD-1. One AC violation remains pending closure, and the city requires mandatory security cameras operating 24/7. Showings are limited to accepted offers, with tenant access coordinated accordingly.
Key Highlights
- Triplex with all 3 units rented
- 1,914 SF property built in 1966
- New ductwork installed
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
$32,007
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
5.34%
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%
$640,140
$640.1K
Cap Rate 7%
$457,243
$457.2K
Cap Rate 9%
$355,633
$355.6K
Market Conditions
NOI Build-Up for 1,914 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
$48.2K $25.20/SF
− Vacancy
−$2.5K −$1.31/SF
EGI
$45.7K $23.89/SF
− OpEx
−$13.7K −$7.17/SF
NOI
$32.0K $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%
$640,140
Cap Rate 7%
$457,243
Cap Rate 9%
$355,633
Alternative Uses
Best Use
Multifamily LT 5
$457.2K
$400.1K – $533.5K
NOI $32,007 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$420.0K
$367.5K – $490.0K
NOI $29,402 @ 7.0% cap · market cap 4.91%
Theoretical Best
Office A
$746.5K
$653.2K – $870.9K
NOI $52,252 @ 7.0% cap · market cap 8.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,166
Businesses Nearby
Explore this area
Business Placement
Demographics for 33069, FL
28,817
Population
16,052
Households
1.8
Avg Household Size
42
Median Age
32%
College-Educated
86%
High-School Grad
9.4 sq mi
ZIP Area
3,066
Density / Sq Mi
$57,462
Median Household Income
$35,725
Median Earnings
$1,685
Median Rent
$253,000
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?
Triplex - Three-unit income property with current occupancy, newer mechanical components, and RD-1 zoning.
Where is this triplex located?
The property is located at 3024 NW 2nd St Pompano Beach, FL.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Triplex with all 3 units rented; 1,914 SF property built in 1966; New ductwork installed
