Available For Sale - Multifamily

6,369 SF | Show Pricing $

LISTED BY

Steven Paulsen
Open Market CRE, 561-929-4098

AVAILABILITY DETAILS

Size
6,369 SF
Price/SF
Show Pricing $
Listing ID
SA532445
Notes
Novelty Park Apartments represents an attractive value-add opportunity within the South Florida Metropolitan Statistical Area,

situated in the City of Pompano Beach, Florida. Located in the South Kendell Green corridor, which is the neighborhood just west of the Pompano Beach Airpark. Just a short drive from the beach, Novelty Park Apartments is strategically situated between I-95 and Dixie Highway just North of Atlantic Blvd.



Since acquisition, Pompano Beach has experienced significant growth including but not limited to the redevelopment of their core, Pompano Beach’s (Old Town) Downtown Arts and Entertainment District which is located within 1 mile from Novelty Part Apartments. New plans for Pompano Beach's downtown development includes canals, a mixed-income residential development and 800,00 square feet of office space located on Atlantic Blvd and Dixie Hwy.



Located just north of Florida's highly sought after city of Fort Lauderdale, Pompano Beach has become a desirable market for new investment in the Broward county area. Another economic driver in Pompano Beach, just west of I-95 is Harrah's Pompano Beach redevelopment project which plans to bring in a plethora of new mixed-use development featuring expanded entertainment, hospitality, and residential uses.



Novelty Park Apartments is an attractive opportunity to execute on an effective rent raise strategy through continuation of renovations and repositioning. New roofing was installed in 2022 and there is a strategic path to acquiring lower insurance rates through the installation of hurricane impact windows. The City of Pompano Beach is seeing significant value creation through new development and repositioning of existing assets. The path of progress is meaningfully present in the Novelty Park Apartments opportunity.
Uses
Multifamily

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for you needs.

Listing provided courtesy of
Steven Paulsen, Open Market CRE
BRE# BK3053136