Parkview Crossing
For sale901-951 NW 8th Ave & 930-980 NW 9th Ave, Pompano Beach, FL 33060
Property type
Multifamily
Unit / Space count
98
Price
$13,800,000
Cap Rate
7%
Building size
46,960 SF
Year built
1958
Lot size
2.39 acres
Unit mix
52 1br, 17 2br, 10 2br
Property description
Parkview Crossing is a 98-unit multifamily property through (7) buildings consisting of (19) Studios, (52) one-bed, one-bath units, (17) two-bed, one-bath unit, (10) two-bed, two-bath 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.
Property 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
- Great Opportunity To Assume Current Loan (Non-Agency) Of $5,887,000 At 3.0% Fixed Rate Until December 2029 AND Receive Supplemental Loan Of $3,563,000 At 6.20% Blended Rate At 4.20% Resulting In Almost 10% Cash-On-Cash Return Day 1
- Strong Cash Flow With 7% Cap Rate
- 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 Totaling Approximately 41,100 RSF
- Over $1,000,000+ In Recent Capital Improvements Including Full Replacement Of Electrical Supply Lines, Circuit Breakers, And Shut Offs, And New Electric Panels In All Units
- Passed 40 & 50 Year Recertification
- Strong In-Place Cash Flow With Opportunity To Increase Rents By 7.67% Providing Exceptional Upside Potential
- Some Exterior Improvements Include Newly Repaved Asphalt Parking Lots, LED Lighting For Common Areas, 6-Foot Steel Fencing Around Perimeter Of All Buildings With 3 Motorized Gates, Revitalized Landscaping, And State-Of-The-Art Surveillance Systems
- 75% Of Units Now Feature Upgraded Kitchens, New Mini-Split AC Systems, Vinyl Slider Windows, And Modern Lighting Fixtures
- Ideally Located East Of I-95 Near N Dixie Hwy Providing Easy Access To Anywhere In Broward County