301 32Nd CtPompano Beach, FL 33064

Property Details for 301 32Nd Ct

Year built

1979

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 46-unit apartment building, Olive Glen, presents a compelling value-add opportunity in Pompano Beach, Florida. The property comprises seven buildings – one 22-unit structure and six four-plexes – built in 1979. Currently, only 16 of the 46 units have been fully renovated, leaving significant potential for increased rental income. Both renovated and unrenovated units are currently renting below market rates, offering a substantial upside for a new owner. Projected renovations could yield an additional $90,000 in Net Operating Income (NOI) within the first year, along with an extra $26,220 from implemented utility reimbursements. The property boasts a prime location less than a mile from I-95 and State Road 834, providing unparalleled access to major thoroughfares with over 250,000 vehicles daily. This strategic location offers convenient access to a vast array of amenities, including Costco and the Tri-Rail station, within a five-minute radius. Furthermore, key employment centers such as Broward Health North, Broward College North Campus, and Pompano Beach Airpark are also within close proximity. Within a 30-minute commute, residents can reach 27 million square feet of Class A office space, and within 10 minutes, access to two million square feet of Class A office space and five million square feet of Class A industrial space. The property's location also offers residents easy access to a wide selection of shopping, dining, and entertainment options, including Publix, Whole Foods, and Sprouts, all within three miles. Importantly, there are zero garden-style properties under construction within a three-mile radius, mitigating concerns about oversupply in the South Florida market. The current NOI stands at $490,828. This property offers a unique blend of immediate income generation and significant long-term growth potential.

Location Insight

City

Pompano Beach

County

Broward

State

Florida

Latitude

26.2712

Longitude

-80.1284

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