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    3024 2Nd St Pompano Beach, FL 33069
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    3024 2Nd St, Pompano Beach, FL 33069

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    • Small apartment buildings
    Off-Market
    Property ID
    US18-3159059
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Small apartment buildings

    Property Details for 3024 2Nd St

    Year built
    1966
    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents two adjacent triplexes in Pompano Beach, Florida, totaling six units, located at 3024 NW 2nd St, 33069. The properties, built in 1966, are being sold as a package deal for $625,000. The first triplex features three units: a 3/1 currently rented for $1,445 until June 25th, a vacant 2/1, and a 2/1 rented for $1,525 until March 25th. The second triplex also includes three units: a 3/1 rented for $1,850 until September 25th, a 2/1 rented for $1,725 until September 25th, and a 2/1 rented for $1,700 until March 25th. The city mandates 24/7 security cameras. There is a current AC violation from a prior purchase. Most AC units are from 2018-2020, and most water heaters are from 2017-2021. The roof was installed in 2006. Showings are by appointment only with an accepted offer. Please do not disturb tenants. This is a single-story building representing a strong cash flow opportunity for the savvy investor. This is an "as is" sale.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Pompano Beach
    County
    Broward
    State
    Florida
    Longitude
    -80.1645753
    Latitude
    26.2330592

    Comparable in this City

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    • New
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      Pompano Beach Income-Producing Duplex

      Income-producing duplex in thriving Pompano Beach with redevelopment potential.
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      Corner Retail or Multifamily Site

      High-visibility corner lot suitable for retail or multifamily development.
      2050 Hammondville Rd, Pompano Beach, FL 33069
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      Pending

      Cozy Condo in Central Location

      One-bedroom condo with garden views, ideal for investors.
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    Similar Nearby for Sale

    • Contact for pricing
      1,850 SF

      Renovated Pompano Beach Fourplex

      Turnkey, income-generating fourplex with modern updates and low maintenance.
      220 NW 27Th Ave, Pompano Beach, FL 33069
      View Details
    • New
      $420,000
      988 SF

      Pompano Beach Income-Producing Duplex

      Income-producing duplex in thriving Pompano Beach with redevelopment potential.
      2261 NW 2Nd St, Pompano Beach, FL 33069
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      Corner Retail or Multifamily Site

      High-visibility corner lot suitable for retail or multifamily development.
      2050 Hammondville Rd, Pompano Beach, FL 33069
      View Details
    • Contact for pricing
      Pending

      Cozy Condo in Central Location

      One-bedroom condo with garden views, ideal for investors.
      2304 S Cypress Bend Dr, Pompano Beach, FL 33069
      View Details

    Similar Nearby for Lease

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      Blount Road Industrial Space

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      24,450 SF

      Pompano Business Center Warehouse Space

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      9,600 SF

      Pompano Beach Warehouse Space Available

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    Pompano Beach, FL 33069
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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