| Summary | National Percentile | Rank vs Metro |
|---|---|---|
| Housing | 52nd | Poor |
| Demographics | 38th | Poor |
| Amenities | 31st | Fair |
Multifamily Valuation
| Property Details | |
|---|---|
| Address | 500 NW 34th St, Pompano Beach, FL, 33064, US |
| Region / Metro | Pompano Beach |
| Year of Construction | 1973 |
| Units | 46 |
| Transaction Date | 2006-10-23 |
| Transaction Price | $21,358,000 |
| Buyer | CMIF PALM ISLAND LLC |
| Seller | SAMPLE APTS LLC |
500 NW 34th St Pompano Beach Multifamily Value-Add
Renter demand in the immediate neighborhood is deep, with a high share of renter-occupied units supporting leasing velocity even as occupancy trends sit around metro mid-range, according to WDSuite’s CRE market data. For investors, the thesis centers on stable tenant depth with room to improve operations and unit quality.
Located in Pompano Beach’s inner suburban fabric of the Fort Lauderdale-Pompano Beach-Sunrise metro, the area mixes workforce housing with everyday conveniences. Dining density is competitive among metro neighborhoods (ranked 60 out of 345), while childcare access rates in the top decile nationally, indicating family-oriented services nearby. By contrast, parks, groceries, and cafes are sparse within the neighborhood boundaries, so residents typically drive a short distance for broader options.
The neighborhood skews renter-heavy: renter-occupied share is elevated relative to national norms (98th percentile), which points to a sizable tenant base and supports ongoing leasing interest. Neighborhood occupancy is around the middle of national peers and below the metro median (ranked 210 of 345), suggesting operational upside for well-managed assets. Median asking rents in the neighborhood sit above the national midpoint (79th percentile), and the rent-to-income profile indicates some affordability pressure, making renewal strategy and lease management important for cash flow durability.
Vintage matters: built in 1973, the property is slightly older than the neighborhood average stock (1976). That age positioning can support a value-add program—targeted renovations and system updates to enhance competitiveness versus newer comparables—paired with disciplined capital planning. Median home values in the neighborhood are lower than many South Florida submarkets (26th percentile nationally), which can create some competition from ownership options, but it also broadens the renter pool that prefers flexible housing or is priced to rent.
Within a 3-mile radius, demographics show modest population growth in recent years with forecasts calling for additional population and a notable increase in households over the next five years. Smaller average household sizes are expected, which typically expands the renter pool and supports occupancy stability for well-positioned units. These local dynamics, combined with restaurant density and family-service amenities, align with steady multifamily demand, as reflected in WDSuite’s multifamily property research.
Safety indicators are mixed. The neighborhood ranks 231 out of 345 within the metro, placing it below the metro median on safety. Nationally, overall safety metrics sit in the lower third (35th percentile), signaling that investors should underwrite practical security measures and consider resident experience enhancements.
Recent momentum is constructive on property-related incidents, with a year-over-year decline, while violent offense metrics track below national medians (17th percentile nationally indicates weaker relative safety). For underwriting, this translates to emphasizing lighting, access control, and community standards, and monitoring trends over time rather than relying on block-level assumptions. Figures reflect neighborhood-level comparisons, not property-specific conditions.
Nearby corporate employers provide a diversified employment base that can support renter demand and retention through commute convenience, including Office Depot, Tenet Healthcare, AutoNation, Johnson & Johnson, and Northwestern Mutual’s local office.
- Office Depot — corporate offices (9.1 miles) — HQ
- Tenet Healthcare Corporation, Florida Region — healthcare administration (9.5 miles)
- AutoNation — corporate offices (10.5 miles) — HQ
- Johnson & Johnson — healthcare & consumer offices (27.4 miles)
- Siegel Financial Group - Northwestern Mutual — financial services (30.6 miles)
This 46-unit asset, built in 1973, offers a classic South Florida value-add profile: a mid-scale community in a renter-centric neighborhood with dining access but limited parks, grocery, and cafe options within the immediate blocks. The area’s renter-occupied share is unusually high, pointing to a deep tenant base that can support occupancy, while neighborhood occupancy levels sit below the metro median—an opening for operational lift via targeted renovations, marketing, and resident services. Based on CRE market data from WDSuite, local rents benchmark above national midpoints and the 3-mile radius shows population growth with a faster rise in households, which generally expands the renter pool and supports leasing stability.
Investment focus should balance upside with prudent risk controls. Given the 1973 vintage, capital planning for interiors, common areas, and building systems can unlock competitiveness versus newer stock. Affordability pressure (high rent-to-income at the neighborhood level) and safety metrics below the metro median argue for careful renewal strategies, value-driven improvements, and consistent property management to sustain retention and pricing power over the hold.
- High renter concentration supports a deep tenant base and consistent leasing
- 1973 vintage provides value-add potential through targeted renovations and systems upgrades
- 3-mile radius shows population and household growth, expanding the renter pool and aiding occupancy stability
- Neighborhood occupancy below metro median presents operational upside for hands-on management
- Risks: below-median safety metrics and neighborhood affordability pressure require disciplined renewals and resident experience investments