Pinecrest Pointe
Closed295 - 395 SW 15th Street, Pompano Beach, FL 33060
Property type
Multifamily
Unit / Space count
48
Price
$6,150,000
Building size
35,100 sf
Rentable area
35,100 SF
Year built
Year renovated
Occupancy
Zoning code
Lot size
1.38 Acres
Sold/status
Sold · Date unknown
Sale price
$6150000
Unit mix
2x
2br
8x
2br
4x
2br
Bedroom count
Property description
Pinecrest Pointe is a 48-unit multifamily investment opportunity in Pompano Beach, (Broward County), Florida. The buildings were built between the years 1967 - 1975 using reinforced concrete block construction with painted stucco exterior. The highly attractive unit-mix includes (34) one-bedroom & one-bath apartments, (2) two-bedroom & one-bath apartments, (8) two-bedroom & one & half bathrooms, and (4) two-bedroom & two-bathroom apartments totaling approximately 35,100 RSF. Residents are responsible for electric & cable. Amenities include a pool, on-site laundry and ample parking for tenants/guests. The property is located at 295 - 395 SW 15th Street, on the corner of SW 4th Ave & SW 15th Street three blocks West of S Cypress Rd. The immediate neighborhood of Coral Ridge Isles consists of multi-family and residential buildings of similar age and construction. The property is walking distance to the private preparatory school Pine Crest and 3 miles from the world-famous Pompano Beach. Pinecrest Pointe is within close proximity to major retailers, restaurants, and major transportation. Pinecrest Pointe offers an investor the opportunity to purchase a building with an attractive unit-mix in a strong rental market near the beach. With rents below the market, the new investor can implement a light value add process to capitalize on the stronger rents already being achieved. Simply put, the property offers an amazing location fully stabilized with great cash flow day one of acquisition with upside in rents.
Property highlights
- COMPETITIVE DEAL - 8 competitive offers submitted
- COMPRESSED CONTRACT PERIOD - contract to close in 48 days
- Closed within 5.4% of ASKING PRICE
- COLLABORATION - Franklin Street Insurance provided policy for buyer