24-Unit Apartment
New
For Sale
$4,500,000
3111 NW 3rd Avenue #1-24, Pompano Beach, FL 33064
Apartments feature central A/C, new electrical breakers, and dedicated parking for residents.
Property Size18,667 SF
Lot Size1.37 Acres
Price / SF$241.07
Days on Market4
Property Features for 3111 NW 3rd Avenue #1-24
General Information
Standard status
Active
Size
18,667 SF
Lot size
1.37 Acres
Zoning
RM-20
Units
Unit Mix
12 x 2BR/2BA, 12 x 1BR/1BA
Multifamily Units
24
Parking per Unit
2
Additional Details
Gross Income
$402,646
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$79,373
Amenities
central A/C
Building Details
Building Size
18,667 SF
Year Built
1974
Buildings
6
Listing Agency:
Fausto Commercial Realty Consultants Inc
Listed By:
Elior Levi · License #3574869
(954) 743-7594
Source:
Laerrealty
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 26 at 4:34AM
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 Fausto Commercial Realty Consultants Inc
Investment Insights
Based on property information with market context.
This multifamily portfolio comprises 24 apartments across six properties in Pompano Beach. The unit mix is evenly divided between 12 two-bedroom, two-bathroom apartments and 12 one-bedroom, one-bathroom apartments. Buildings total approximately 18,667 SF on a combined 59,636 SF of land. Central A/C, new electrical breakers, and two parking spaces per unit are among the existing features. The properties were built in 1974.
The portfolio is minutes from I-95 and Atlantic Boulevard, with access to Downtown Pompano Beach, retail corridors, employment centers, and the waterfront. An adjacent 22-unit apartment property is also available for a potential combined 46-unit acquisition.
The portfolio is minutes from I-95 and Atlantic Boulevard, with access to Downtown Pompano Beach, retail corridors, employment centers, and the waterfront. An adjacent 22-unit apartment property is also available for a potential combined 46-unit acquisition.
Key Highlights
- 24 apartments distributed across six properties
- Unit mix: 12 two‑bedroom/two‑bathroom units and 12 one‑bedroom/one‑bathroom units
- Approximately 18,667 SF of building area on 59,636 SF of combined land
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
$286,753
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
6.37%
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%
$5,735,060
$5.7M
Cap Rate 7%
$4,096,471
$4.1M
Cap Rate 9%
$3,186,144
$3.2M
Market Conditions
NOI Build-Up for 18,667 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
$548.8K $29.40/SF
− Vacancy
−$27.4K −$1.47/SF
EGI
$521.4K $27.93/SF
− OpEx
−$234.6K −$12.57/SF
NOI
$286.8K $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%
$5,735,060
Cap Rate 7%
$4,096,471
Cap Rate 9%
$3,186,144
Alternative Uses
Best Use
Apartment 5plus
$4.10M
$3.58M – $4.78M
NOI $286,753 @ 7.0% cap · market cap 6.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$7.28M
$6.37M – $8.49M
NOI $509,609 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
24
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
874
Businesses Nearby
Explore this area
Business Placement
Demographics for 33064, FL
62,429
Population
26,641
Households
2.3
Avg Household Size
39
Median Age
29%
College-Educated
82%
High-School Grad
10.2 sq mi
ZIP Area
6,120
Density / Sq Mi
$66,269
Median Household Income
$35,090
Median Earnings
$1,689
Median Rent
$293,100
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 - Apartments feature central A/C, new electrical breakers, and dedicated parking for residents.
Where is this apartment building located?
The property is located at 3111 NW 3rd Avenue #1-24 Pompano Beach, FL.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 24 apartments distributed across six properties; Unit mix: 12 two‑bedroom/two‑bathroom units and 12 one‑bedroom/one‑bathroom units; Approximately 18,667 SF of building area on 59,636 SF of combined land
