Charter School Investment
3500 N Andrews Ave Ext, Pompano Beach, FL 33064
Two charter schools with long-term leases and strong enrollment.
Type:Special Purpose
Property size:
26,708 SFLot size:
1.68 AcresPrice / SF:
$399/SF- Added:
- Aug 19, 2024
- Days on Market:
- 654
- Last Refresh:
- May 12 at 9:13 pm
Property Features for 3500 N Andrews Ave Ext
General Information
- Standard status
- Active
- Size
- 26,708 SF
- Lot size
- 1.68 Acres
- Property subtype
- Special Purpose
Listing agent David Richman License #FL
Listing office STL Commercial
Listing date Aug 19, 2024
Source Crexi
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 STL Commercial
HighLights
- Secure investment with single tenant Triple Net (NNN) leases and zero landlord responsibilities.
- Portfolio NOI of $820,000 annually, offered at a 7.69% cap rate.
- Leased to NorthStar Academics Inc, with school operations managed by Edison Learning Inc.
- Tenant commitment demonstrated by 13+ years of operation at both locations.
- Year‑over‑year increases in student enrollment at both schools, indicating strong growth.
- Andrews High location offers redevelopment potential due to its zoning (B‑3) and proximity to the Tri Rail train station.
Overview
This portfolio includes Andrews High Charter School and Main Street High Charter School, both leased on a triple net (NNN) basis with zero landlord responsibilities. The tenant, North Star Academics Inc, manages school operations through Edison Learning Inc, a non-profit organization funded by long-term government contracts. Edison Learning operates over 350 schools worldwide. Both charter schools have received commendable ratings from the School Board of Broward and Osceola County. The tenant has operated at both locations for over 13 years, demonstrating a strong commitment. Both schools have experienced year-over-year increases in student enrollment. Andrews High Charter School, located at 3500 N. Andrews Ave, Pompano Beach, features a 13,126 square foot building on a 69,224 square foot lot (1.59 acres). It offers ample parking at a ratio of 6 spaces per 1,000 square feet and is located next to Pompano Beach’s Tri Rail train station. The property is zoned B-3, allowing for office, retail, self-storage, or mixed-use developments. Andrews High has increased enrollment from 350 to 363 students in the past year. Main St High Charter School, located at 1100 N Main St, Kissimmee, features a 16,782 square foot building on a 73,355 square foot lot (1.68 acres). Main Street High has increased enrollment from 336 to 350 students in the past year. The current net operating income (NOI) for the portfolio is $820,000 annually.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $961.5k | $36.00 |
| − Vacancy | −$34.6k | −$1.30 |
| EGI | $926.9k | $34.70 |
| − OpEx | −$278.1k | −$10.41 |
| NOI | $648.8k | $24.29 |
26,708 SF · lease $36.00/SF/yr · vacancy 3.60% · expense 30.00%
Alternative Uses
Best Use
Retail
$9.27M
$8.11M – $10.81M
NOI $648,812 @ 7.0% cap · market cap 6.08%
Second Best
Office B
$7.53M
$6.59M – $8.79M
NOI $527,136 @ 7.0% cap · market cap 4.94%
Theoretical Best
Office A
$10.42M
$9.11M – $12.15M
NOI $729,128 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Andrews High School
High School
Location Insight
- Map
- Local Demand
- City
- Pompano Beach
- County
- Broward
- State
- Florida
- Longitude
- -80.136009
- Latitude
- 26.270831
Nearby Similar for Sale
FAQs
What type of property is this?
School - Two charter schools with long-term leases and strong enrollment.
Where is this school located?
The property is located at 3500 N Andrews Ave Ext Pompano Beach, FL.
What is the asking price?
The asking price for this property is $10,666,666.
What are key features of this property?
This property features: Secure investment with single tenant Triple Net (NNN) leases and zero landlord responsibilities.; Portfolio NOI of $820,000 annually, offered at a 7.69% cap rate.; Leased to NorthStar Academics Inc, with school operations managed by Edison Learning Inc.
