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Coral Reef Apartments 3204 SE 10th St 10 Unit Apartment Building $4,884,268 CAD ($488,427 CAD/Unit) 8.22% Cap Rate Pompano Beach, FL 33062
Investment Highlights
- 10-Unit Waterfront Property With Direct Ocean Access And ~90 Feet Of Dockage
- Barrier Island Location East Of The Intracoastal Near The Pier And Beachfront Redevelopment
- On-Site Pool, Laundry Facility, Office and Storage Space
- All Units are Large 1 Bedroom/1 Bathroom Floor Plans with Full Kitchens and Balcony/Patio Space
- Concrete Block Construction With Impact Windows Throughout
Executive Summary
Marcus & Millichap is pleased to present Coral Reef Waterfront Rentals, a 10-unit waterfront multifamily property located at 3024 SE 10th Street in Pompano Beach, Florida. Built in 1964, the property consists of a two-story building totaling 6,058 square feet on a 0.30-acre lot, constructed of concrete block with a flat roof. The property is comprised entirely of 10 one-bedroom/one-bathroom units averaging approximately 606 square feet, each equipped with full kitchens, wall-unit air conditioning and balcony/patio space. Recent upgrades include hurricane impact windows and doors throughout, enhancing durability and reducing future capital needs. Coral Reef offers a rare waterfront setting with direct ocean access, featuring approximately 90 feet of dock space, making it highly attractive for both seasonal renters and long-term tenants seeking a coastal lifestyle. Additional amenities include an on-site swimming pool, laundry facility, office and storage space, thus further enhancing tenant appeal and rental potential.
Ideally located east of the Intracoastal Waterway on the barrier island, the property is just minutes from Pompano Beach, the Fisher Family Pier, and the Pompano Beach Fishing Village, which features upscale dining, retail, and entertainment. The surrounding area continues to see significant redevelopment activity, including new luxury residential and mixed-use projects that are driving long-term demand and increasing property values.
Coral Reef Waterfront Rentals presents a unique opportunity to acquire a waterfront asset with short-term rental upside in one of Broward County’s most desirable coastal submarkets.
Ideally located east of the Intracoastal Waterway on the barrier island, the property is just minutes from Pompano Beach, the Fisher Family Pier, and the Pompano Beach Fishing Village, which features upscale dining, retail, and entertainment. The surrounding area continues to see significant redevelopment activity, including new luxury residential and mixed-use projects that are driving long-term demand and increasing property values.
Coral Reef Waterfront Rentals presents a unique opportunity to acquire a waterfront asset with short-term rental upside in one of Broward County’s most desirable coastal submarkets.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $4,884,268 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $488,427 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 8.22% | Building Size | 6,058 SF |
| Gross Rent Multiplier | 5.73 | No. Stories | 2 |
| No. Units | 10 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.2/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | RM-20, Pompano Beach - Multifamily | ||
| Price | $4,884,268 CAD |
| Price Per Unit | $488,427 CAD |
| Sale Type | Investment |
| Cap Rate | 8.22% |
| Gross Rent Multiplier | 5.73 |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 6,058 SF |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.2/1,000 SF |
| Zoning | RM-20, Pompano Beach - Multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 10 | - | 606 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 49-43-06-12-0450 | Improvements Assessment | $2,137,143 CAD |
| Land Assessment | $913,270 CAD | Total Assessment | $3,050,413 CAD |
Property Taxes
Parcel Number
49-43-06-12-0450
Land Assessment
$913,270 CAD
Improvements Assessment
$2,137,143 CAD
Total Assessment
$3,050,413 CAD
Contacts
-
Daniel Cunningham -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Coral Reef Apartments | 3204 SE 10th St
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