The Waves | 3215 NE 7th St
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The Waves 3215 NE 7th St
22 Unit Block of Flats £3,976,460 (£180,748/Unit) 7.02% Net Initial Yield Pompano Beach, FL 33062
INVESTMENT HIGHLIGHTS
- The Waves unit mix consists of 18 studios, three one-bed/ one-bath, and one two-bed/ one-bath.
- This is a turnkey investment with most units fully renovated, impact windows, a new roof (2023), kitchens, bathrooms, a pool/ patios, and more.
- The Waves presents a 7% cap proforma with multifamily long-term leasing.
- In a prime location just steps away from Pompano Beach, Pompano Beach Pier, shopping, and dining.
- An investor can choose to execute short-term vacation rentals, or long-term annual leasing.
EXECUTIVE SUMMARY
Presenting 3215 NE 7th Street, a renovated 22-unit multifamily property just steps from the beautiful Pompano Beach, Florida beaches. The apartment is ideally located near the famous Pompano Beach Pier, shopping, and dining. This property is currently operating as an 18-room motel with ultra-spacious rooms, offering flexibility to continue short-term rentals with management in place or convert back to a traditional 22-unit multifamily.
Most units feature modern kitchens, stylish bathrooms, new flooring, impact windows/doors, and central air. The property also boasts ample parking, a beautiful pool, and plenty of seating/tanning areas. Proforma rents potential returns over a 7% cap rate as a multifamily project, making it a standout investment opportunity.
Most units feature modern kitchens, stylish bathrooms, new flooring, impact windows/doors, and central air. The property also boasts ample parking, a beautiful pool, and plenty of seating/tanning areas. Proforma rents potential returns over a 7% cap rate as a multifamily project, making it a standout investment opportunity.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
UNIT AMENITIES
- Balcony
- Heating
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Rubbish Collection - Kerbside
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 18 | £1,551 | - |
| 1+1 | 3 | £1,750 | - |
| 2+1 | 1 | £2,068 | - |
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PROPERTY TAXES
| Parcel Number | 48-43-31-09-0190 | Total Assessment | £2,343,407 (2025) |
| Land Assessment | £239,423 (2025) | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £2,103,984 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
48-43-31-09-0190
Land Assessment
£239,423 (2025)
Improvements Assessment
£2,103,984 (2025)
Total Assessment
£2,343,407 (2025)
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2024
ZONING
| Zoning Code | RM-20 (Motel) |
| RM-20 (Motel) |
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The Waves | 3215 NE 7th St
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