Renovated 10-Unit Apartment
New
For Sale
$2,749,000
940 NW 8th Ave, Pompano Beach, FL 33060
Fully renovated multifamily property with two-bedroom residences, updated kitchens, and in-unit laundry connections.
Property Size8,377 SF
Days on Market4
Property Features for 940 NW 8th Ave
General Information
Standard status
Active
Size
8,377 SF
Property subtype
Commercial
Occupancy
100%
Units
Unit Mix
10 x 2BR/1BA
Multifamily Units
10
Additional Details
Asking Price
$2,749,000
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$28,693
Amenities
in-unit laundry connections
Building Details
Building Size
8,377 SF
Year Built
1973
Listing Agency:
Canvas Real Estate
(954) 646-5677
Listed By:
Ernesto Vega · License #3430626
(954) 646-5677
Source:
Elliman
Added: Aug 5
Changed: Aug 7
Last Checked: Aug 5 at 7:17AM
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 Canvas Real Estate
Investment Insights
Based on property information with market context.
This 10-unit apartment building contains an identical mix of 2BR/1BA residences and is 100% occupied. A comprehensive renovation completed during 2024-2025 updated the interiors and exterior, including white-cabinet kitchens with quartz countertops, stainless appliances, marble-look tiled bathrooms, luxury vinyl plank flooring, individual mini-split HVAC, and laundry connections within each unit. Permitted electrical and plumbing improvements, along with impact windows and doors, are also in place. The property has a freshly stuccoed and painted exterior with striped tenant and guest parking.
Located at 940 NW 8th Ave in Pompano Beach, the property provides access to I-95, Florida's Turnpike, and US-1/Federal Highway. Atlantic beaches, Broward College North Campus, and downtown Pompano's CRA redevelopment district are within a short drive. WalkScore is 75, BikeScore is 73, and TransitScore is 38. The property carries a 6.87% pro forma cap rate.
Located at 940 NW 8th Ave in Pompano Beach, the property provides access to I-95, Florida's Turnpike, and US-1/Federal Highway. Atlantic beaches, Broward College North Campus, and downtown Pompano's CRA redevelopment district are within a short drive. WalkScore is 75, BikeScore is 73, and TransitScore is 38. The property carries a 6.87% pro forma cap rate.
Key Highlights
- 10‑unit apartment building with 100% occupancy
- Every residence is configured as 2BR/1BA
- 2024‑2025 comprehensive renovation
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
$128,683
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
4.68%
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%
$2,573,660
$2.6M
Cap Rate 7%
$1,838,329
$1.8M
Cap Rate 9%
$1,429,811
$1.4M
Market Conditions
NOI Build-Up for 8,377 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
$246.3K $29.40/SF
− Vacancy
−$12.3K −$1.47/SF
EGI
$234.0K $27.93/SF
− OpEx
−$105.3K −$12.57/SF
NOI
$128.7K $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%
$2,573,660
Cap Rate 7%
$1,838,329
Cap Rate 9%
$1,429,811
Alternative Uses
Best Use
Apartment 5plus
$1.84M
$1.61M – $2.14M
NOI $128,683 @ 7.0% cap · market cap 4.68%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.27M
$2.86M – $3.81M
NOI $228,692 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,557
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 - Fully renovated multifamily property with two-bedroom residences, updated kitchens, and in-unit laundry connections.
Where is this apartment building located?
The property is located at 940 NW 8th Ave Pompano Beach, FL.
What is the asking price?
The asking price for this property is $2,749,000.
What are key features of this property?
This property features: 10‑unit apartment building with 100% occupancy; Every residence is configured as 2BR/1BA; 2024‑2025 comprehensive renovation
