3111 NW 3rd Ave - Apartments FOR SALE


Pompano Beach, FL 33064- Outer Pompano Beach/Deerfield Beach
$8,500,000 USD
954-743-7594
3111 NW 3rd Ave, Pompano Beach, FL for Sale
$8,500,000 USD
Apartments - FOR SALE
1/43
null | 6.14% Cap Rate


HIGHLIGHTS

  • 46-Unit Multifamily Portfolio: Diverse mix of oversized one-bedroom and two-bedroom units across seven buildings.
  • Immediate Value-Add Upside: Eight vacant units provide a clear path to increased occupancy and income.
  • Strong Stabilized Returns: Cap rate projected to increase from 6.14% to approximately 8.08% upon stabilization. $1M+ Pro Forma Income: Gross operating
  • Efficient Multi-Building Layout: Adjacent buildings and villa-style fourplexes support practical management and operational efficiency.
  • Oversized Unit Appeal: Many units feature larger layouts (Villa Style) with patios designed to attract and retain quality tenants.
  • 40-Year Recertification Completed in 2026 | All Electrical Panels & Breakers Updated | Approx. 50% of Units Fully Remodeled | Central A/C Throughout

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$8,500,000 USD

PRICE/SF

$49 USD /SF

# OF UNITS

46

PRICE/UNIT

$184,783

CAP RATE

6.14%

% LEASED

83%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Olive Glenn Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1979

PARKING SPACES

44

LAND DETAILS

LAND ACRES

3.42 AC

LAND SF

148,970 SF

ZONING

RM-16, County

APN/PARCEL ID

48-42-23-20-0010,48-42-23-CB-0010

ASK ABOUT THIS PROPERTY

Elior LeviFausto Commercial Realty ConsultantsMore Info
954-743-7594

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Elior LeviFausto Commercial Realty ConsultantsMore Info
954-743-7594

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.