Pinehurst Apartments 126 NE 19th Ave 4 Unit Apartment Building $1,535,512 CAD ($383,878 CAD/Unit) 6.52% Cap Rate Pompano Beach, FL 33060

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Pinehurst Apartments, a four-unit apartment community located in the city of Pompano Beach, Florida. The property is located just one block north of Atlantic Boulevard and two blocks west of Federal Highway (US 1), both heavily traveled thoroughfares that span Broward County and provide quick access to Interstate 95, Downtown Fort Lauderdale, and an array of employment, retail, restaurants, and entertainment centers.
The property consists of a one-story duplex and a two-story duplex; both located on the same parcel. The unit mix is comprised of one studio and three one-bedroom apartments. Additionally, there is a private garage with washer/dryer hook-ups. Each building has its own electric meter and there is one water meter. The owner has implemented a RUBS program. There are a total of 9 parking spaces including the garage.
The upstairs apartment has a 14-foot vaulted ceiling, large kitchen with granite countertops and stainless appliances, stain glass windows, and a large wooden balcony accessed by a sliding glass door. The other apartments have a large backyard or patio. Due to a recent fire, both buildings required significant renovations. The two-story building was taken down to the studs and completely rebuilt, including roof, mechanical, plumbing, electric, windows, doors, appliances, etc. The front building required new mechanical, plumbing, flooring, finishes, etc. Both buildings are completed, and the owner has recently started leasing units.
What adds to the appeal of Pinehurst Apartments is that it is within walking distance of Pompano Beach High School and Elementary School, Pompano Beach Baseball Complex and Community Park, the Aquatics Center, Tennis Center, Pompano Beach Amphitheater, Civic Center, Kester Park, McNab Park and the Pompano Beach Park, Pier, and beach. Furthermore, Publix Supermarket is just a few blocks to the east.
Pinehurst Apartments offers the opportunity for a buyer to acquire a turnkey property in a very desirable location with the potential of operating as short-term rentals or with long-term leases. Due to the excellent location, condition of the property and strong rental market, a new owner should have no problem quickly leasing the vacant apartments at market rents.