The Monroe at Pompano Beach
Closed1751 NE 31st St, Pompano Beach, FL 33064
Property type
Multifamily
Unit / Space count
30
Price
$6,000,000
Building size
16,817 sf
Rentable area
16,817 SF
Year built
1964
Year renovated
Occupancy
Zoning code
Lot size
0.64 Acres
Sold/status
Sold · Date unknown
Sale price
$6000000
Bedroom count
Property description
The Monroe at Pompano Beach is a 30-unit multifamily investment opportunity in Pompano Beach, Broward County, Florida. Built in 1964 with reinforced concrete block construction and a painted stucco exterior, the property offers approximately 16,700 rentable square feet and a desirable unit mix of (4) studios, (22) one-bedroom/one-bath units, and (4) two-bedroom/one-bath units. Residents pay for electric, cable, and telephone, while amenities include a pool, on-site laundry, and ample parking. The property’s efficient layout and varied floor plans help support broad tenant appeal and stable occupancy. The property is ideally located at 1751 NE 31st Street, less than one block from North Federal Highway (US-1), providing excellent access and visibility. It is surrounded by major retailers, restaurants, and everyday conveniences within walking distance, and is just 2.4 miles from the beach. The surrounding area is a stable residential neighborhood made up of similar multifamily and single-family properties, with public transportation nearby. This central location enhances both day-to-day livability for residents and long-term demand for the asset. The Monroe at Pompano Beach offers investors the chance to acquire a well-located asset in a strong rental market near the coast. Its attractive unit mix, convenient location, and steady tenant demand support strong occupancy and income potential. With rents already at market, a new owner can benefit from immediate cash flow and long-term appreciation. The property also presents an opportunity for continued operational upside through disciplined management and future value enhancement.
Property highlights
- Sold All Cash for $5,250,000 Which is 98% of List Price & 5.7% Cap Rate
- Sale Price Represents $175,000 Per Unit & $315 Per Square Foot
- 25 Showings & 15 Written Offers Presented During Marketing
- Compressed Timeframe – Contract to Close in 30 Days
- Franklin Street Exclusively Represented Buyer & Seller in the Transaction
- Highly Desirable East Pompano Location with Direct Access to US-1, Sample Rd, A1A & I-95