3102 NW 3rd Avenue | Pompano Beach, FL 33064
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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KEY Highlights
Value-Add Upside
Current ownership has fully renovated only 16 out of 46 units. Both renovated and unrenovated units are renting below market averages. A buyer has the opportunity to finish renovations and achieve outsized rent growth. Renovation premium is projected to be $250/unit/month, adding $90,000 in NOI in Year 1, as well as the implementation of utility reimbursements adding an additional $26,220 in revenue.
Unmatched Access & Convenience to retail Located just west of I-95, Olive Glen provides residents with easy access to an extensive selection of shopping, dining, and entertainment options, including popular grocery stores like Publix, Whole Foods, and Sprouts, all within a three-mile radius.
Excellent Connectivity To Major Office Markets
Olive Glen is strategically located between Fort Lauderdale and Boca Raton, allowing for quiet suburban living while providing access to two of South Florida’s main employment hubs. Tenants can drive to 40M SF of office space within 30 minutes.
Zero Garden-Style Properties Under Construction Within 3-Mile Radius
Despite investors being concerned with the near 40,000 units under construction in South Florida, Olive Glen is heavily insulated with zero garden-style properties under construction within a 3-mile radius.
Rent Vs. Own
With homeownership costs at an all-time high, Olive Glen is the reasonable choice for renters in Pompano Beach with the rent vs. own spread at almost $4,500.
Opportunity to Acquire a 46-Unit Value-Add, Garden-Style Property in Pompano Beach, Florida
3102 NW 3rd Avenue, Pompano Beach, FL 33064
THE OPPORTUNITY
UNITS
46
Avg. SF
816
Avg. Rents
$1,631
Berkadia Real Estate Advisors is pleased to exclusively present the opportunity to acquire Olive Glen (the “Property”), a value-add, garden-style property consisting of 46 units across seven buildings: a 22-unit building and six four-plexes. The property is located in a suburban pocket less than a mile from I-95 and State Road 834. Current ownership has fully renovated only 16 out of 46 units. Both renovated and unrenovated units are renting below market averages. A buyer has the opportunity to finish renovations and achieve outsized rent growth.
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Omar Morales
Director
305.878.2278
omar.morales@berkadia.com License # SL3400944
Yoav Yuhjtman
Senior Director
786.853.5555
yoav.yuhjtman@berkadia.com License # 3309889
Roberto Pesant
Senior Managing Director
305.975.5956 roberto.pesant@berkadia.com License # SL3255846
Miami
1111 Brickell Ave
Suite 1650
Miami, FL 33131
Boca Raton
5100 Town Center Circle Suite 550
Boca Raton, FL 33486
Jaret Turkell
Senior Managing Director
561.573.6140
jaret.turkell@berkadia.com License # BK3114894
Investment Sales
mortgage bankING
Wouter Lips
Senior Financial Analyst
786.830.9002
wouter.lips@berkadia.com
License # SL3558614
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The Opportunity
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MICHAEL BASINSKI
Vice President - Originations 616.617.9508 michael.basinski@berkadia.com
OLIVE GLEN
APARTMENTS
THE Location
With immediate access to two major thoroughfares used by over 250,000 vehicles daily, the property provides outstanding connectivity to 27 million square feet of Class A office within a 30-minute commute. Locally, two million square feet of Class A office space and five million square feet of Class A Industrial can be reached within just 10 minutes of the property. All of life’s necessities can be found within five minutes from the property, including Costco and the Tri-Rail station, as well as key employment drivers such as Broward Health North, Broward College North Campus, and Pompano Beach Airpark.
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OLIVE GLEN
APARTMENTS
Opportunity to Acquire a 46-Unit Value-Add, Garden-Style Property in Pompano Beach, Florida
UNITS
46
Avg. SF
816
Avg. Rents
$1,631
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3102 NW 3rd Avenue | Pompano Beach, FL 33064