Building Description
Executive Summary
Olive Glenn Apartments, located at 301 NW 32 Ct, Pompano Beach, FL 33064, presents an opportunity to acquire a 22-unit multifamily property consisting of 10 two-bedroom/two-bathroom units, 11 one-bedroom/one-bathroom units, and 1 studio. The property features approximately 16,679 SF of building area on a 43,552 SF lot, with spacious unit layouts, central A/C, new electrical breakers, and two parking spaces per unit. The building recently completed its 40-year recertification and also features a large coin-operated laundry room and storage facility. The property currently generates approximately $396,318 in Gross Operating Income and $272,725 in NOI, representing a 6.82% cap rate and offering investors a strong in-place income stream with potential for further upside. The property can also be purchased together with an adjacent 24-unit multifamily property, creating an opportunity to acquire a combined 46-unit portfolio with multiple properties located next to each other. Strategically located just minutes from I-95 and Atlantic Boulevard, Olive Glenn Apartments provides convenient access to Downtown Pompano Beach, major retail corridors, employment centers, and the Pompano Beach waterfront, supporting continued rental demand and long-term growth in the surrounding market.
Approved Uses by Zoning — Broward County zoning retained on annexed land (RM-16 COUNTY)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
One-family detached dwelling, Two-family dwelling, Townhouse or villa, Multi-family dwelling (3 or more dwelling units), Community residential home with adult day care as accessory use, Community residential one-family dwelling, Nonprofit neighborhood social and recreational facilities, Golf course, Places of worship, Family day care home, Home-based business (Sec. 39-237), Child care facility, Temporary sales offices, Essential services, Bed and breakfast (not permitted in RM-5 through RM-10, so permitted in RM-16), Wireless communication facilities (Sec. 39-102)
With special approval
Yard sales (conditional), Off-site parking lots (conditional, Sec. 39-240), Outdoor event (conditional, Sec. 39-238)
Read the full RM-16 COUNTY zoning guide ›
