Multifamily Redevelopment
For Sale
$1,325,000
500 23rd Avenue, Pompano Beach, FL 33062
As-is 5-unit multifamily complex on a 0.26-acre site with courtyard and patio spaces for redevelopment.
Property Size5,873 SF
Lot Size0.26 Acres
Price / SF$225.61
Days on Market300
Property Features for 500 23rd Avenue
General Information
Standard status
Active
Size
5,873 SF
Lot size
0.26 Acres
Property subtype
General Commercial
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$20,162
Amenities
3
10 Parking Spaces.
Building Details
Year Built
1953
Listing Agency:
United Realty Group, Inc
(561) 900-6888
Listed By:
Gary Brown
(561) 900-6888
Source:
Xome
Added: Nov 1, 2025
Changed: Aug 25
Last Checked: Aug 26 at 5:46AM
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 United Realty Group, Inc
Investment Insights
Based on property information with market context.
This offering presents an as-is multifamily redevelopment site featuring an existing 5-unit villa complex arranged with courtyard and patio spaces. The property includes a 5-unit/3-building structure built in 1953. Buyers considering renovation or redevelopment will have an existing layout to evaluate on-site, with the property being sold as-is.
The site is located in Pompano Beach’s East Transit-Oriented Corridor, with the Intracoastal and the revitalized Atlantic Blvd corridor described as being just blocks away. The property is also positioned near amenities associated with marina, beach, and waterfront dining activity, supporting a walkable residential environment as reflected by the provided bike and walk scores.
For buyers and redevelopment teams, the current income property can be evaluated for its existing courtyard and patio configuration as part of a conversion plan. The seller notes that the asset is being offered as a development opportunity, and tenants should not be disturbed. Prospective investors and developers should contact the listing agents for additional information on the property and next steps.
The site is located in Pompano Beach’s East Transit-Oriented Corridor, with the Intracoastal and the revitalized Atlantic Blvd corridor described as being just blocks away. The property is also positioned near amenities associated with marina, beach, and waterfront dining activity, supporting a walkable residential environment as reflected by the provided bike and walk scores.
For buyers and redevelopment teams, the current income property can be evaluated for its existing courtyard and patio configuration as part of a conversion plan. The seller notes that the asset is being offered as a development opportunity, and tenants should not be disturbed. Prospective investors and developers should contact the listing agents for additional information on the property and next steps.
Key Highlights
- 0.26‑acre (11,326 SF) site with an existing 5‑unit multifamily complex sold as‑is
- Existing 5‑unit building structure built in 1953
- Courtyard and patio spaces on‑site
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
$90,218
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
6.81%
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%
$1,804,360
$1.8M
Cap Rate 7%
$1,288,829
$1.3M
Cap Rate 9%
$1,002,422
$1.0M
Market Conditions
NOI Build-Up for 5,873 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
$172.7K $29.40/SF
− Vacancy
−$8.6K −$1.47/SF
EGI
$164.0K $27.93/SF
− OpEx
−$73.8K −$12.57/SF
NOI
$90.2K $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%
$1,804,360
Cap Rate 7%
$1,288,829
Cap Rate 9%
$1,002,422
Alternative Uses
Best Use
Apartment 5plus
$1.29M
$1.13M – $1.50M
NOI $90,218 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.29M
$2.00M – $2.67M
NOI $160,333 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
2,145
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?
Apartment building - As-is 5-unit multifamily complex on a 0.26-acre site with courtyard and patio spaces for redevelopment.
Where is this apartment building located?
The property is located at 500 23rd Avenue Pompano Beach, FL.
What is the asking price?
The asking price for this property is $1,325,000.
What are key features of this property?
This property features: 0.26‑acre (11,326 SF) site with an existing 5‑unit multifamily complex sold as‑is; Existing 5‑unit building structure built in 1953; Courtyard and patio spaces on‑site
