COLONIAL PALMS & PALM VILLAGE TOWNHOME PORTFOLIO

11-09-2022
03-01-2023

3700 NE 4th Terrace, Pompano Beach, FL 33064

  • Portfolio of 56 Townhomes in Two Separate Condominium Communities
  • 1,493 Square Foot Avg Unit Size w/$2,283 Avg In-Place Rent ($2,900 Market Rent)
  • 25 of 29 Units in Palm Village (86.2% Ownership)
  • 31 of 55 Units in Colonial Palms (56.4% Ownership)
  • 2007 Construction, Central Air Conditioning, 1-Car Garages & Washers & Dryers
  • Proximate to Broward Health North, Sample Road, Interstate 95, Dixie Highway

Property Description

Joseph Thomas, Adam Duncan and AJ Stanford of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Colonial Palms and Palm Village Townhome Portfolio, comprising 56 condominiums in two separate communities and located in Deerfield Beach, Florida. 

SUBJECT PROPERTIES

The Colonial Palms and Palm Village Townhome Portfolio is comprised of two separate condominium communities consisting of three-bedroom townhomes and detached homes.  This offering includes 25 of the 29 condominiums (86.21%) at Colonial Palms and 31 of the 55 condominiums (56.36%) at Palm Village. 

Colonial Palms is a three-building, 29-unit condominium, of which the current seller owns 25 units.  The property was built in 2007 of concrete block and stucco.  Colonial Palms consists entirely of three-bedroom | two-and-a-half-bathroom townhomes which measure 1,477 – 1,515 square feet.  Total square footage for the 25 units included in this offering is 37,593 square feet, according to the Broward County Property Appraiser.  Average in-place rents are currently $2,149 per month or $1.43 per square foot.

Units at Colonial Palms feature granite countertops, stainless steel appliances, a full-size washer & dryer located in the garage and a mix of ceramic tile, wood and carpeted flooring.

Palm Village is a 55-building, 55-unit condominium, of which the current seller owns 31 units.  The property was built in 2007 of concrete block and stucco and also includes a clubhouse and swimming pool.  Palm Village consists entirely of three-bedroom | two-and-a-half-bathroom townhomes which measure 1,485 square feet.  Total square footage for the 31 units included in this offering is 46,035 square feet, according to the Broward County Property Appraiser.  Average in-place rents are currently $2,354 per month or $1.58 per square foot.

Units at Palm Village feature granite countertops, stainless steel appliances, a full-size washer & dryer located on the second floor and a mix of ceramic tile, wood and carpeted flooring.

LOCATION

The Colonial Palms and Palm Village Townhome Portfolio are both located east of Interstate 95 and west of Dixie Highway. Both locations offer easy and convenient access to Interstate 95, Dixie Highway and US-1 (Federal Highway). The surrounding area neighborhoods consist primary of single-family homes as well as multifamily properties. The average household income within 5-miles (according to Experian) is $91,352.

Colonial Palms more specifically is situated just two minutes west of Broward Health North Medical Center just off Northeast 3rd Avenue and Sample Road. Broward Health is one of the area’s leading employers as well as a high-quality comprehensive care center. Surrounding area retails consist of Dunkin’, Beall’s, Michael’s, H&R Block & YouFit (1.7 miles) as well as Publix Supermarket, Petco, Staples, TJ Maxx, TD Bank and USPS all located at the Venetian Isle Shopping Center (1.8 miles). Additionally, CVS (1.8 miles), Bonefish Macs (1.8 miles), Papa’s Raw Bar (2.6 miles) and Whole Food’s Market (2.7 miles) are all just a short drive from the property.

Palm Village more specifically is situated just 1.7 miles north of Colonial Palms and just east of Interstate 95. Nearby area retailers include BrandsMart USA (1.0 miles), Dandee Donut Factory (1.5 miles), Winn-Dixie (1.8 miles), Bealls (1.8 miles), Target (1.8 miles), Walmart Supercenter (1.8 miles), and Sprouts Farmer’s Market (2.1 miles). Additionally, Starbucks (2.7 miles), Publix Supermarket at Hillsboro Square (2.8 miles), LA Fitness (2.8 miles), The Cove Waterfront Restaurant & Tiki Bar (3.1 miles), and Deerfield Beach International Fishing Pier (3.9 miles) are all just a short drive north of the property.

SUMMARY

The Colonial Palms and Palm Village Townhome Portfolio offers investors the rare opportunity to acquire two recently completed townhome communities located in close proximity and with current rents significantly below market levels.  The Portfolio is being offered for sale free and clear of debt at $16,800,000 or $300,000 per unit and $201 per square foot.      

Unit Mix

Description No. of Units Sq ft. Avg. Monthly Rent
3 Bed/2.5 Bath (Palm Village) 31 1,485 $ 2,370
3 Bed/2.5 Bath (Colonial Palms) 25 1,504 $ 2,175

Key Property Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Multifamily type
Garden Style
Price
$ 16,800,000
No. of Units
56
Cap Rate
5.49%
GRM / GIM
10.95
Average Occupancy
100%
Year Built
2007
Building Size
83,628 Sq ft
Lot Size
359,330.00 sq ft
No. of Stories
2
Zoning Code
RM-25C (Colonial Palms) RM-10(5) (Palm Village)
Opportunity Zone
No
Price per unit
$ 300,000

Financial Details

Income/Expense Info
Actual
Effective Gross Income
$ 1,488,174
Operating Expenses
$ 565,150
Net Operating Income
$ 923,024
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