221 11th Ave ,Other, Triplex, Ocean Drive Estates for Sale

221 11th Ave for Sale

Price $699,000.00

• Lot size 2327
• Year Build 1970
• Waterfront
• Zip 33060
• Style Other
• Parking Description
• Pool Yes
• Status Active With Contract

Description

Attention investors and owner-users! Prime investment opportunity with a well-maintained triplex in Pompano Beach. This 2,327 sq. ft. property on a 6,001 sq. ft. lot features three 2-bedroom, 1-bathroom units. Located near Atlantic Blvd., it offers easy access to shopping, dining, and entertainment. The neighborhood is rapidly redeveloping, boosting its investment potential with an actual NOI of $22,041 and a projected NOI of $39,480. With an actual cap rate of 3.15 % and a projected cap rate of 5.65%, this property is zoned RD-1 and has been extensively improved since 2012. The area has strong demographics, with a population of 17,068 and an average household income of $85,373 within a 1-mile radius, ensuring reliable tenant demand and rental rates.

Please refer to the MLS attachments for the rent roll and financials. Unit 2, which is vacant and accessible via lockbox, is available for preview. Kindly note that ONLY Unit 2 is to be inspected; DO NOT contact or disturb the TENANTS of Units 1 or 3 during your visit.

OCEAN DRIVE ESTATES 8-2 B LOT 25 BLK 2

Less Than 1/4 Acre Lot

Attention investors and owner-users! Prime investment opportunity with a well-maintained triplex in Pompano Beach. This 2,327 sq. ft. property on a 6,001 sq. ft. lot features three 2-bedroom, 1-bathroom units. Located near Atlantic Blvd., it offers easy access to shopping, dining, and entertainment. The neighborhood is rapidly redeveloping, boosting its investment potential with an actual NOI of $22,041 and a projected NOI of $39,480. With an actual cap rate of 3.15 % and a projected cap rate of 5.65%, this property is zoned RD-1 and has been extensively improved since 2012. The area has strong demographics, with a population of 17,068 and an average household income of $85,373 within a 1-mile radius, ensuring reliable tenant demand and rental rates.

City:Pompano Beach,Zoning:TO-EOD,List A O R:A-Miami Association of REALTORS,Stories:1,Tax Year:2023,Latitude:26.2300506,Cooling Y N:1,Heating Y N:1,List Price:699000,Listing Id:A11635028,Longitude:-80.1128086,Mls Status:Active With Contract,Year Built:1970,Directions:From Atlantic Blvd. east of Dixie Hwy, turn right onto SE 11th Ave and continue south; the property will be on your right.,Living Area:2327,Postal Code:33060,Street Name:11th Ave,Contingency:Pending Inspections,Coordinates:1:26.2300506,Photos Count:41,Building Name:OCEAN DRIVE ESTATES,Days On Market:44,Listing Terms:1:Conventional,Lot Size Units:Square Feet,M I A M I R E_ Area:3341,M L S Area Major:Ocean Drive Estates,On Market Date:2024-08-06,Parcel Number:494201030260,Parking Total:5,Property Type:Residential Income,Rent Includes:1:Sewer,2:Trash Collection,3:Water,Stories Total:1,Street Number:221,M I A M I R E_ Style:Triplex,Public Remarks:Attention investors and owner-users! Prime investment opportunity with a well-maintained triplex in Pompano Beach. This 2,327 sq. ft. property on a 6,001 sq. ft. lot features three 2-bedroom, 1-bathroom units. Located near Atlantic Blvd., it offers easy access to shopping, dining, and entertainment. The neighborhood is rapidly redeveloping, boosting its investment potential with an actual NOI of $22,041 and a projected NOI of $39,480. With an actual cap rate of 3.15 % and a projected cap rate of 5.65%, this property is zoned RD-1 and has been extensively improved since 2012. The area has strong demographics, with a population of 17,068 and an average household income of $85,373 within a 1-mile radius, ensuring reliable tenant demand and rental rates.,County Or Parish:Broward County,List Office Name:Magna Realty,Private Remarks:Please refer to the MLS attachments for the rent roll and financials. Unit 2, which is vacant and accessible via lockbox, is available for preview. Kindly note that ONLY Unit 2 is to be inspected; DO NOT contact or disturb the TENANTS of Units 1 or 3 during your visit.,Standard Status:Active Under Contract,Living Area Units:Square Feet,Major Change Type:Active Under Contract,Postal Code Plus4:7559,Property Sub Type:Triplex,State Or Province:FL,Street Dir Prefix:SE,Subdivision Name:OCEAN DRIVE ESTATES,Tax Annual Amount:8797,Total Actual Rent:50697,Unparsed Address:221 SE 11th Ave, Pompano Beach FL 33060,Listing Agreement:Exclusive Right To Sell,Operating Expense:28656,Year Built Details:Resale,Building Area Total:2327,Building Area Units:Square Feet,M I A M I R E_ L P Amt Sq Ft:300.3868,Original List Price:749000,Previous List Price:749000,Public Survey Range:49,Documents Available:1:Copy Of Lease(S),2:Rent Rolls,3:Existing Survey,I D X Participation Y N:1,Net Operating Income:22040,Number Of Units Total:3,Syndication Remarks:Attention investors and owner-users! Prime investment opportunity with a well-maintained triplex in Pompano Beach. This 2,327 sq. ft. property on a 6,001 sq. ft. lot features three 2-bedroom, 1-bathroom units. Located near Atlantic Blvd., it offers easy access to shopping, dining, and entertainment. The neighborhood is rapidly redeveloping, boosting its investment potential with an actual NOI of $22,041 and a projected NOI of $39,480. With an actual cap rate of 3.15 % and a projected cap rate of 5.65%, this property is zoned RD-1 and has been extensively improved since 2012. The area has strong demographics, with a population of 17,068 and an average household income of $85,373 within a 1-mile radius, ensuring reliable tenant demand and rental rates.,Listing Contract Date:2024-08-06,Originating System I D:miamire,Showing Instructions:See Broker Remarks,Showing Assist,Street Number Numeric:221,Tax Legal Description:OCEAN DRIVE ESTATES 8-2 B LOT 25 BLK 2,Public Survey Township:49,Originating System Name:Miami Association of REALTORS?,M I A M I R E_ Adjusted Area S F:2327,M I A M I R E_ Internet Remarks:Prime investment! Well-maintained triplex in redeveloping Pompano Beach. 3 units, strong NOI, great location near Atlantic Blvd. Ideal for investors!,M I A M I R E_ Showing Time Flag:1,Contract Status Change Date:2024-09-19,Internet Address Display Y N:1,Number Of Units In Community:3,Internet Consumer Comment Y N:1,M I A M I R E_ Ok To Advertise List:No,Internet Entire Listing Display Y N:1,M I A M I R E_ R A T I O_ Current Price_ By_ S Q F T:300.39,Internet Automated Valuation Display Y N:1,