Updated Apartment Near Pompano
For Sale
$245,000
651 Pne Dr 306, Pompano Beach, FL 33060
Updated 2/2 apartment with modern finishes, near Pompano Beach.
Property Size1,200 SF
Days on Market280
Property Features for 651 Pne Dr 306
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Residential
Taxes and HOA fees
Annual Taxes
$2,000
Building Details
Building Size
1,200 SF
Year Built
1969
Listing Agency:
Capital Homes Inc
Listed By:
Christopher Schult · License #3513492
(917) 825-4038
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 21
Last Checked: Sep 1 at 8:20PM
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 Capital Homes Inc
Investment Insights
Based on property information with market context.
This 1,200-square-foot, 2/2 home is located on the top floor of a garden-style apartment building. The building has recently undergone concrete restoration and has been freshly painted. The property is situated approximately 1.9 miles from Pompano Beach. The open kitchen has been fully updated and features Calcutta quartz countertops, a peninsula with seating for two, white shaker cabinets, and stainless steel appliances. The master bedroom suite includes a custom walk-in closet. The bathroom has been fully updated with modern finishes. Luxury vinyl flooring is installed throughout the home. The unit is located next to the elevator and laundry facilities and includes extra storage. There are no neighbors directly on either side or above the unit. Two assigned parking spots are provided in tandem. The 50-year certification has been approved, and there are no current assessments. All interior updates were completed with permits approved by the city.
Key Highlights
- APPROVED 50 YEAR CERTIFICATION with no current assessments.
- Fully updated open kitchen with Calcutta quartz countertops and stainless steel appliances.**
- Located on the top floor with no neighbors directly on either side or above.
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
$18,434
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
7.52%
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%
$368,680
$368.7K
Cap Rate 7%
$263,343
$263.3K
Cap Rate 9%
$204,822
$204.8K
Market Conditions
NOI Build-Up for 1,200 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
$35.3K $29.40/SF
− Vacancy
−$1.8K −$1.47/SF
EGI
$33.5K $27.93/SF
− OpEx
−$15.1K −$12.57/SF
NOI
$18.4K $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%
$368,680
Cap Rate 7%
$263,343
Cap Rate 9%
$204,822
Alternative Uses
Best Use
Apartment 5plus
$263.3K
$230.4K – $307.2K
NOI $18,434 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$468.0K
$409.5K – $546.0K
NOI $32,760 @ 7.0% cap · market cap 13.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,985
Businesses Nearby
Explore this area
Business Placement
Demographics for 33060, FL
35,793
Population
15,653
Households
2.3
Avg Household Size
39
Median Age
25%
College-Educated
82%
High-School Grad
7.0 sq mi
ZIP Area
5,113
Density / Sq Mi
$59,757
Median Household Income
$34,275
Median Earnings
$1,406
Median Rent
$354,100
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 - Updated 2/2 apartment with modern finishes, near Pompano Beach.
Where is this apartment building located?
The property is located at 651 Pne Dr 306 Pompano Beach, FL.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: APPROVED 50 YEAR CERTIFICATION with no current assessments.; Fully updated open kitchen with Calcutta quartz countertops and stainless steel appliances.**; Located on the top floor with no neighbors directly on either side or above.
