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

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

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

Mortgage Calculator

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Calculator source: Real Geeks

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