3208 7Th St Pompano Beach, FL 33062

Property Details for 3208 7Th St

Year built

1965

Property size

15,265 SF

Property type

Commercial real estate

Description

This exceptional 14-unit multifamily property in Pompano Beach, Florida presents a compelling investment opportunity. Located at 3208 SE 7th St, 33062, this four-story, 15,265 square foot building boasts a prime location just one block east of the Intracoastal Waterway and two blocks west of the beach. Built in 1965, the property sits on a 12,600 square foot lot and includes 14 parking spaces. Recent upgrades include a new roof, new windows, and a new elevator, enhancing both functionality and curb appeal. The property features 14 individual Florida Power & Light (FPL) meters and one house meter, providing efficient utility management. Current rents are significantly below market value, offering substantial upside potential for the new owner. The building's unique four-story design is irreplaceable under current zoning regulations, adding to its long-term value. This area is experiencing a significant development boom, with billions of dollars in high-end projects underway within a half-mile radius, including the Ritz-Carlton development. The high demand for short and mid-term rentals in this location ensures a strong and stable income stream. The asking price is $6,125,000, translating to $401.24 per square foot. This is a rare opportunity to acquire a well-located, upgraded multifamily property in a rapidly appreciating market. Adjacent new townhome construction further underscores the area's desirability and potential for continued growth. The property's proximity to the beach, shops, and the Intracoastal Waterway makes it highly attractive to renters.

Location Insight

City

Pompano Beach

County

Broward

State

Florida

Longitude

-80.0932

Latitude

26.2264