1001 Pine Dr, Pompano Beach, FL 33060

$1,750,000
6,915
SqFt
Sold Price
$1,750,000
List Price
$1,800,000
Closing Date
Jun 08, 2021
MLS
A11036648
Complex Name
Ocean Drive Estates
Status
CLOSED SALE
Type
Multifamily
Living Area
6,915
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Property Description

Welcome to the perfect real estate investment property... This property is rented entirely to one tenant who is responsible for most property Maintenance & Expenses with the exception of major property repairs, property insurance policy and property taxes. Tenant has a halfway house business for Rehab patients, (NOT INCLUDED) It serves between the initial medical rehab and going back to independent life to avoid relapse. Tenant is on a 5-year lease with 2 more years left and is absolutely interested in staying for far longer than that. This property has 8 units all 2/1's, Making $132,000 Yearly ($11,000 per month) has $34,747 Yearly Expenses, and Netting $97,253. The current Cap Rate is 5.4% The halfway house License is worth over $100,000 and it is attached to the property

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Additional Information

Days on Market
8
Style
Quadruplex, Fourplex
Lot Size
6,915
#Parking Spaces
12
Year Built
1972
Development Name
Ocean Drive Estates
#Stories
2
Construction Type
CBS Construction

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Listing courtesy of Galleria International Realty. Selling Office: Galleria International Realty.