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RAM Pompano 900-902 SE 1st St 42 Unit Apartment Building $6,510,000 ($155,000/Unit) 6.18% Cap Rate Pompano Beach, FL 33060
Investment Highlights
- Apartment Complex w/42 Operating Units (41 Permitted), Priced below $155,000 Per Unit
- Property to be delivered with New 40/10 Year Recertification Updated at or before Closing
- Situated on 1-Acre Lot with Ample Parking, Swimming Pool and On-Site Laundry Facilities
- Seller Just Completed New Parking Lot and Landscaping upgrades, 22 new A/C Units
- Located just south of Atlantic Boulevard, between Dixie Highway and US-1 (Federal Hwy)
- Unit Mix consists of (1) Non-Conforming Studio, (39) One Bedrooms and (2) Two Bedrooms
Executive Summary
The Thomas Team of Marcus & Millichap are pleased to present RAM Pompano Apartments, a multifamily property operating as 42-units and located at 900 Southeast 1st Street in Pompano Beach, Florida.
RAM Pompano Apartments were constructed in 1974 and comprise (2) two-story CBS buildings with flat roofs. The property currently consists of (1) studio apartment (non-conforming), (39) one-bedroom/one-bathroom apartments and (2) two-bedroom/one-bathroom apartments. The buildings total 17,140 rentable square feet and encompass a 43,929-square-foot lot, according to the Broward County Property Appraiser. Units feature central air conditioning (the studio apartment has a wall unit), ceramic tile flooring and electric appliances. Property amenities include on-site laundry facilities and a swimming pool.
*The property is licensed for 41 apartments. The studio is non-conforming.
**The Seller is currently in the process of finishing work and closing out permits related to air conditioning installations, paving of the parking surface and the currently required 40/10 year building recertification.
RAM Pompano Apartments were constructed in 1974 and comprise (2) two-story CBS buildings with flat roofs. The property currently consists of (1) studio apartment (non-conforming), (39) one-bedroom/one-bathroom apartments and (2) two-bedroom/one-bathroom apartments. The buildings total 17,140 rentable square feet and encompass a 43,929-square-foot lot, according to the Broward County Property Appraiser. Units feature central air conditioning (the studio apartment has a wall unit), ceramic tile flooring and electric appliances. Property amenities include on-site laundry facilities and a swimming pool.
*The property is licensed for 41 apartments. The studio is non-conforming.
**The Seller is currently in the process of finishing work and closing out permits related to air conditioning installations, paving of the parking surface and the currently required 40/10 year building recertification.
Property Facts
| Price | $6,510,000 | Apartment Style | Low-Rise |
| Price Per Unit | $155,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.37 AC |
| Cap Rate | 6.18% | Building Size | 45,000 SF |
| Gross Rent Multiplier | 8.93 | Average Occupancy | 90% |
| No. Units | 42 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2014 |
| Property Subtype | Apartment | ||
| Zoning | TO-EOD - transit oriented | ||
| Price | $6,510,000 |
| Price Per Unit | $155,000 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Gross Rent Multiplier | 8.93 |
| No. Units | 42 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.37 AC |
| Building Size | 45,000 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2014 |
| Zoning | TO-EOD - transit oriented |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Pool
- Property Manager on Site
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 39 | $1,441 | 400 - 430 |
| 2+1 | 2 | $1,813 | 600 |
| Studios | 1 | $1,300 | 350 |
1 1
Walk Score®
Very Walkable (75)
Property Taxes
| Parcel Number | 49-42-01-00-0120 | Improvements Assessment | $4,458,800 |
| Land Assessment | $307,500 | Total Assessment | $4,766,300 |
Property Taxes
Parcel Number
49-42-01-00-0120
Land Assessment
$307,500
Improvements Assessment
$4,458,800
Total Assessment
$4,766,300
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RAM Pompano | 900-902 SE 1st St
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