Renovated Four-Unit Quadplex with
For Sale
$2,200,000
3405 Norfolk St, Pompano Beach, FL 33062
Residential Income, Pompano Beach, FL
Property Size4,032 SF
Lot Size0.23 Acres
Price / SF$545.63
Days on Market37
Property Features for 3405 Norfolk St
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning description
RM-20
Bedrooms
8
Full bathrooms
8
Rooms
Bathroom 4, Bedroom 6, Bedroom 7, Bedroom 5, Bedroom 8, Bedroom 2, Bathroom 7, Bedroom 4, Bathroom 6, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 8, Bedroom 1, Bathroom 5
Parking
6
Security features
Security
Patio and Porch features
Deck
Exterior features
Barbecue, Deck, Fence, Shed, Security/High Impact Doors
Fencing
Fenced
Subdivision
HILLSBORO SHORES SEC
Lot features
Sprinklers Automatic, < 1/4 Acre
Standard status
Active
APN
484329050180
Size
4,032 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
HILLSBORO SHORES SEC B 22-39 B LOT 6 BLK 8 AKA: APTS 1 THRU 4
Tax Annual Amount
32014
Legal Description
HILLSBORO SHORES SEC B 22-39 B LOT 6 BLK 8 AKA: APTS 1 THRU 4
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
private laundry
patio
impact windows
solar panels
heated pool
sun deck
barbecue area
artificial turf
central A/C
fenced lot
Building Details
Year built
1977
Floors in Building
1
Flooring type
Tile
Building materials
Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
Compass Florida, LLC
(954) 477-7332
Listed By:
Lourdes Maestres · License #3224157
(954) 738-5322
Added: Jul 18
Changed: Aug 22
Last Checked: Aug 23 at 12:06AM
MLS# A11970507
Copyright © 2026 Miami REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated quadplex contains four 2BR/2BA units within 4,032 square feet. Each residence includes private laundry, patio space, separate electric metering, tile flooring, central A/C, and impact windows. The property is furnished and equipped for continued short-term rental operations, with active required licenses and reservations in place. Concrete block construction, a shingle roof, public water and sewer, an automatic sprinkler system, and six parking spaces complete the core improvements.
Located in Hillsboro Shores just east of A1A, the property occupies a nearly 10,000 SF fenced lot with tropical landscaping. Outdoor amenities include a heated pool, sun deck, barbecue area, artificial turf, and deck space. Dining, shopping, and the beach are minutes away, while solar panels serve the entire property.
Located in Hillsboro Shores just east of A1A, the property occupies a nearly 10,000 SF fenced lot with tropical landscaping. Outdoor amenities include a heated pool, sun deck, barbecue area, artificial turf, and deck space. Dining, shopping, and the beach are minutes away, while solar panels serve the entire property.
Key Highlights
- Four 2BR/2BA units with private laundry, patio space, and separate electric meters
- 4,032 square feet on a nearly 10,000 SF fenced lot
- Heated pool, sun deck, barbecue area, artificial turf, and tropical landscaping
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
Lease Details
4
Residential units
Turnkey business
Opportunity
Yes
Sprinkler system
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 furnished short-term rental property with active licenses, private laundry, patios, and separate electric meters for each unit.
Where is this quadplex located?
The property is located at 3405 Norfolk St 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: Four 2BR/2BA units with private laundry, patio space, and separate electric meters; 4,032 square feet on a nearly 10,000 SF fenced lot; Heated pool, sun deck, barbecue area, artificial turf, and tropical landscaping
