Renovated Beachside Fourplex Investment
For Sale
$2,200,000
3405 Norfolk Street, Pompano Beach, FL 33062
Fully renovated fourplex near beach with income potential.
Property Size4,032 SF
Lot Size0.23 Acres
Price / SF$545.63
Days on Market186
Property Features for 3405 Norfolk Street
General Information
Standard status
Active
Size
4,032 SF
Lot size
0.23 Acres
Property subtype
Residential Income / Fourplex
Taxes and HOA fees
Annual Taxes
$32,014
Building Details
Year Built
1977
Listing Agency:
Compass
(954) 738-5322
Listed By:
Lourdes Maestres · License #3224157
(954) 738-5322
Source:
Compass
Added: Feb 25
Changed: Aug 27
Last Checked: Aug 29 at 3:30PM
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 Compass
Investment Insights
Based on property information with market context.
Located in Hillsboro Shores, east of A1A, this renovated fourplex offers a beachside investment opportunity with deeded beach access. The property features four 2BR/2BA units, each equipped with private laundry, patio space, and separate electric meters. Impact windows are installed throughout. Solar panels power the entire property. Situated on a nearly 10,000 SF fenced lot, the property includes tropical landscaping, a heated pool, a sun deck, and a barbecue area with artificial turf. Currently operating as a short-term rental with positive reviews and reservations, this turnkey opportunity is fully furnished and equipped, with active short-term rental licenses. The property features concrete block construction, a shingle roof, central A/C, and an auto sprinkler system. Six parking spaces are available. The property is located minutes from dining, shopping, and the beach. It is intended for use as a short-term rental property.
Key Highlights
- High‑performing, fully furnished and equipped short‑term rental fourplex with active licenses and existing reservations, offering immediate turnkey income potential.
- Prime beachside location in exclusive Hillsboro Shores, east of A1A, with deeded beach access.
- Fully renovated units, each featuring 2 bedrooms, 2 bathrooms, private laundry, patio space, and separate electric meters.
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
$67,426
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
3.06%
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%
$1,348,520
$1.3M
Cap Rate 7%
$963,229
$963.2K
Cap Rate 9%
$749,178
$749.2K
Market Conditions
NOI Build-Up for 4,032 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
$101.6K $25.20/SF
− Vacancy
−$5.3K −$1.31/SF
EGI
$96.3K $23.89/SF
− OpEx
−$28.9K −$7.17/SF
NOI
$67.4K $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%
$1,348,520
Cap Rate 7%
$963,229
Cap Rate 9%
$749,178
Alternative Uses
Best Use
Multifamily LT 5
$963.2K
$842.8K – $1.12M
NOI $67,426 @ 7.0% cap · market cap 3.06%
Second Best
Apartment 5plus
$884.8K
$774.2K – $1.03M
NOI $61,938 @ 7.0% cap · market cap 2.82%
Theoretical Best
Office A
$1.57M
$1.38M – $1.83M
NOI $110,074 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
361
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?
Quadplex - Fully renovated fourplex near beach with income potential.
Where is this quadplex located?
The property is located at 3405 Norfolk Street Pompano Beach, FL.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: High‑performing, fully furnished and equipped short‑term rental fourplex with active licenses and existing reservations, offering immediate turnkey income potential.; Prime beachside location in exclusive Hillsboro Shores, east of A1A, with deeded beach access.; Fully renovated units, each featuring 2 bedrooms, 2 bathrooms, private laundry, patio space, and separate electric meters.
