741 Hibiscus Ave
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741 Hibiscus Ave
17 Unit Apartment Building $6,803,856 CAD ($400,227 CAD/Unit) 7.92% Cap Rate Pompano Beach, FL 33062
Investment Highlights
- New floors, new HVAC, new roof October 2023, new plumbing, new electrical
- Walk to the beach
- Perfect building for short term rentals
Executive Summary
Walk to the Beach at this desirable vacation spot!!! One of the few areas in south Florida than can still boast a true small town feel. This recently renovated property consists of 17 units of which 16 are legal. There are 3 buildings on a large .57 acre corner fenced lot. Original unit breakdown is 9 studios, 6 one bedrooms and 2 two bedrooms. Upgrades include new floors, new HVAC, new roof October 2023, new plumbing, new electrical, upgrades in kitchen, new fence, new irrigation system, landscaping, pool pump and so much more! Perfect building for short term rentals. 2 units have recently been converted to Airbnb's with much success. 10 cap potential to covert the entire property. Transient License in Place with the State and City Of Pompano has conditionally approved Hotel License subject to paving driveways. We are currently in the permit process and will be completed before Closing.
All information deemed accurate and to be verified by Buyer.
All information deemed accurate and to be verified by Buyer.
Financial Summary (Pro forma - 2024) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$858,987
|
$107.52
|
| Other Income |
$1,417
|
$0.18
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$860,404
|
$107.70
|
| Taxes |
$75,302
|
$9.43
|
| Operating Expenses |
$246,066
|
$30.80
|
| Total Expenses |
$321,367
|
$40.23
|
| Net Operating Income |
$539,037
|
$67.47
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $858,987 |
| Annual Per SF | $107.52 |
| Other Income (CAD) | |
|---|---|
| Annual | $1,417 |
| Annual Per SF | $0.18 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $860,404 |
| Annual Per SF | $107.70 |
| Taxes (CAD) | |
|---|---|
| Annual | $75,302 |
| Annual Per SF | $9.43 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $246,066 |
| Annual Per SF | $30.80 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $321,367 |
| Annual Per SF | $40.23 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $539,037 |
| Annual Per SF | $67.47 |
Property Facts
| Price | $6,803,856 CAD | Building Class | C |
| Price Per Unit | $400,227 CAD | Lot Size | 0.58 AC |
| Sale Type | Investment | Building Size | 7,989 SF |
| Cap Rate | 7.92% | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1951/2018 |
| Property Subtype | Apartment | Parking Ratio | 2.75/1,000 SF |
| Apartment Style | Low Rise |
| Price | $6,803,856 CAD |
| Price Per Unit | $400,227 CAD |
| Sale Type | Investment |
| Cap Rate | 7.92% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.58 AC |
| Building Size | 7,989 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1951/2018 |
| Parking Ratio | 2.75/1,000 SF |
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Kitchen
- Refrigerator
- Tub/Shower
- Deck
Site Amenities
- 24 Hour Access
- Fenced Lot
- Laundry Facilities
- Pool
- Furnished Units Available
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | - | - |
| 1+1 | 7 | - | - |
| Studios | 8 | - | - |
PROPERTY TAXES
| Parcel Number | 49-43-06-12-0060 | Total Assessment | $3,601,536 CAD |
| Land Assessment | $705,168 CAD | Annual Taxes | $75,302 CAD ($9.43 CAD/SF) |
| Improvements Assessment | $2,896,368 CAD | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
49-43-06-12-0060
Land Assessment
$705,168 CAD
Improvements Assessment
$2,896,368 CAD
Total Assessment
$3,601,536 CAD
Annual Taxes
$75,302 CAD ($9.43 CAD/SF)
Tax Year
2024
zoning
| Zoning Code | RM-20, Pompano Beach (Multiple-Family Residence 20) |
| RM-20, Pompano Beach (Multiple-Family Residence 20) |
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741 Hibiscus Ave
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