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Parkview Crossing 901-951 NW 8th Ave 97 Unit Apartment Building $13,800,000 ($142,268/Unit) 7% Cap Rate Pompano Beach, FL 33060
Investment Highlights
- Rare Opportunity To Acquire A Well-Maintained, 98 Unit Property Situated On 2.39 Acres In An Up And Coming Neighborhood Of Pompano Beach
- Diverse Unit Mix Consisting Of (19) Studios, (52) 1 Bed 1 Bath Units, (17) 2 Bed 1 Bath Units, And (10) 2 Bed 2 Bath Units
- Passed 40 & 50 Year Recertification
- Great Opportunity To Assume Current Loan Of $5,908,933.50 At 3.0% Fixed Rate Until December 2029 AND Receive Supplemental Loan Of 3,563,000 At 6.20%
- Over $1,000,000+ In Recent Capital Improvements Including Full Replacement Of Electrical Supply Lines, Circuit Breakers, And Shut Offs
- 75% Of Units Now Feature Upgraded Kitchens, New Mini-Split AC Systems, Vinyl Slider Windows, And Modern Lighting Fixtures
Executive Summary
Parkview Crossing is a 98-unit multifamily property of (7) buildings consisting of (19) Studios, (52) One-Bed, One-Bath units, (17) Two-Bed, One-Bath units, and (10) Two-Bed, Two-Bath units. Located in the heart of Pompano Beach, Florida in Broward County, the subject properties were built in 1958 using reinforced concrete block construction with painted stucco exterior and are situated on 2.39 acres of land. The property has undergone significant capital improvements under the current ownership.
There has been over $1,000,000 invested into capital improvements including a state-of-the-art security system, gated fence, vinyl slider windows, asphalt parking lots, mini split AC, modern light fixtures, LED Lighting, and extensive interior renovations. 75% of the units have undergone extensive renovations.
The property is located just a few blocks west of Pompano Beach Airpark, southeast of Lighthouse Point and at the intersection of Atlantic Blvd and NW 8th Ave. Parkview Crossing is walking distance of newly built retail and restaurants and surrounded by new Class B apartment communities. The property is strategically located East of I-95, West of N Dixie-Hwy and at the intersection of NW 10th Ave and NW 10th St. The property is also located 5 miles from the renowned Light House Point and Chase Stadium home of Inter Miami FC. Additionally, within minutes of driving you can access the world-famous Pompano Beach, and the shops/restaurants located in downtown Fort Lauderdale.
There has been over $1,000,000 invested into capital improvements including a state-of-the-art security system, gated fence, vinyl slider windows, asphalt parking lots, mini split AC, modern light fixtures, LED Lighting, and extensive interior renovations. 75% of the units have undergone extensive renovations.
The property is located just a few blocks west of Pompano Beach Airpark, southeast of Lighthouse Point and at the intersection of Atlantic Blvd and NW 8th Ave. Parkview Crossing is walking distance of newly built retail and restaurants and surrounded by new Class B apartment communities. The property is strategically located East of I-95, West of N Dixie-Hwy and at the intersection of NW 10th Ave and NW 10th St. The property is also located 5 miles from the renowned Light House Point and Chase Stadium home of Inter Miami FC. Additionally, within minutes of driving you can access the world-famous Pompano Beach, and the shops/restaurants located in downtown Fort Lauderdale.
Property Facts
| Price | $13,800,000 | Building Class | C |
| Price Per Unit | $142,268 | Lot Size | 2.39 AC |
| Sale Type | Investment | Building Size | 46,962 SF |
| Cap Rate | 7% | Average Occupancy | 92% |
| No. Units | 97 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden | ||
| Zoning | RM-20 - RM-20, also located within Opportunity Zone. | ||
| Price | $13,800,000 |
| Price Per Unit | $142,268 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 97 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.39 AC |
| Building Size | 46,962 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1958 |
| Opportunity Zone |
Yes |
| Zoning | RM-20 - RM-20, also located within Opportunity Zone. |
Amenities
Unit Amenities
- Refrigerator
- Range
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 53 | - | 540 - 750 |
| 1+1 | 27 | - | 600 - 770 |
| 2+2 | 17 | - | 700 - 780 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $9,695,170 | |
| Land Assessment | $623,530 | Total Assessment | $10,318,700 |
Property Taxes
Parcel Numbers
Land Assessment
$623,530
Improvements Assessment
$9,695,170
Total Assessment
$10,318,700
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