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Olive Glenn Apartments 3111 NW 3rd Ave 46 Unit Apartment Building $11,713,000 CAD ($254,630 CAD/Unit) 6.14% Cap Rate Pompano Beach, FL 33064
Investment Highlights
- 46-Unit Multifamily Portfolio: Diverse mix of oversized one-bedroom and two-bedroom units across seven buildings.
- Strong Stabilized Returns: Cap rate projected to increase from 6.14% to approximately 8.08% upon stabilization. $1M+ Pro Forma Income: Gross operating
- Oversized Unit Appeal: Many units feature larger layouts (Villa Style) with patios designed to attract and retain quality tenants.
- Immediate Value-Add Upside: Eight vacant units provide a clear path to increased occupancy and income.
- Efficient Multi-Building Layout: Adjacent buildings and villa-style fourplexes support practical management and operational efficiency.
- 40-Year Recertification Completed in 2026 | All Electrical Panels & Breakers Updated | Approx. 50% of Units Fully Remodeled | Central A/C Throughout
Executive Summary
Fausto Commercial is pleased to present Olive Glenn Apartments, a 46-unit multifamily investment opportunity in Pompano Beach, Florida. The offering consists of a 22-unit two-story apartment building located at 301 NW 32 Ct, together with six adjacent fourplex villa-style buildings located at 3111, 3109, 3107, 3105, 3007, and 3108 NW 3 Ave.
The property includes a balanced unit mix of 1 studio, 23 one-bedroom / one-bath units, and 22 two-bedroom / two-bath units, with many units featuring oversized layouts that support strong tenant appeal.
The property’s 40-year recertification was completed in 2026, and all electrical panels and breakers have been updated. Approximately half of the units have been fully remodeled, including new kitchens, flooring, lighting, and bathrooms. All units are equipped with central air conditioning, and the property offers ample on-site parking.
Each building also features coin-operated laundry facilities, providing an additional source of income for ownership.
The asset is currently operating at an in-place 6.14% cap rate with eight vacant units, creating a clear near-term value-add opportunity. Upon leasing the vacant units, the property is projected to reach approximately an 8.08% cap rate, with pro forma gross operating income of approximately $1,008,000.
With multiple buildings positioned largely adjacent to one another, Olive Glenn Apartments benefits from operational efficiency, on-site management practicality, and the diversification advantages of a multi-building portfolio. The villa-style fourplex configuration also creates a more residential feel that can support tenant retention and long-term stability.
The property includes a balanced unit mix of 1 studio, 23 one-bedroom / one-bath units, and 22 two-bedroom / two-bath units, with many units featuring oversized layouts that support strong tenant appeal.
The property’s 40-year recertification was completed in 2026, and all electrical panels and breakers have been updated. Approximately half of the units have been fully remodeled, including new kitchens, flooring, lighting, and bathrooms. All units are equipped with central air conditioning, and the property offers ample on-site parking.
Each building also features coin-operated laundry facilities, providing an additional source of income for ownership.
The asset is currently operating at an in-place 6.14% cap rate with eight vacant units, creating a clear near-term value-add opportunity. Upon leasing the vacant units, the property is projected to reach approximately an 8.08% cap rate, with pro forma gross operating income of approximately $1,008,000.
With multiple buildings positioned largely adjacent to one another, Olive Glenn Apartments benefits from operational efficiency, on-site management practicality, and the diversification advantages of a multi-building portfolio. The villa-style fourplex configuration also creates a more residential feel that can support tenant retention and long-term stability.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$1,226,922
|
$7.05
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$1,226,922
|
$7.05
|
| Taxes |
$222,769
|
$1.28
|
| Operating Expenses |
$284,955
|
$1.64
|
| Total Expenses |
$507,724
|
$2.92
|
| Net Operating Income |
$719,198
|
$4.13
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $1,226,922 |
| Annual Per SF | $7.05 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $1,226,922 |
| Annual Per SF | $7.05 |
| Taxes (CAD) | |
|---|---|
| Annual | $222,769 |
| Annual Per SF | $1.28 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $284,955 |
| Annual Per SF | $1.64 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $507,724 |
| Annual Per SF | $2.92 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $719,198 |
| Annual Per SF | $4.13 |
Property Facts
| Price | $11,713,000 CAD | Building Class | C |
| Price Per Unit | $254,630 CAD | Lot Size | 3.42 AC |
| Sale Type | Investment | Building Size | 35,346 SF |
| Cap Rate | 6.14% | Average Occupancy | 83% |
| No. Units | 46 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Property Subtype | Apartment | Parking Ratio | 1.24/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM-16, County | ||
| Price | $11,713,000 CAD |
| Price Per Unit | $254,630 CAD |
| Sale Type | Investment |
| Cap Rate | 6.14% |
| No. Units | 46 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 3.42 AC |
| Building Size | 35,346 SF |
| Average Occupancy | 83% |
| No. Stories | 2 |
| Year Built | 1979 |
| Parking Ratio | 1.24/1,000 SF |
| Zoning | RM-16, County |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Microwave
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Carpet
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Playground
- Tennis Court
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,860 CAD | 425 |
| 1+1 | 23 | $2,205 CAD | 675 - 700 |
| 2+2 | 22 | $2,618 CAD | 900 - 950 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Total Assessment | $4,057,825 CAD (2026) | |
| Land Assessment | $360,835 CAD (2026) | Annual Taxes | $222,769 CAD ($6.30 CAD/SF) |
| Improvements Assessment | $3,591,201 CAD (2026) | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$360,835 CAD (2026)
Improvements Assessment
$3,591,201 CAD (2026)
Total Assessment
$4,057,825 CAD (2026)
Annual Taxes
$222,769 CAD ($6.30 CAD/SF)
Tax Year
2025
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Olive Glenn Apartments | 3111 NW 3rd Ave
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