1020 N Riverside Dr - Apartments FOR SALE


Pompano Beach, FL 33062- Outer Pompano Beach/Deerfield Beach
$5,500,000 USD
954-501-5020
1020 N Riverside Dr, Pompano Beach, FL for Sale
$5,500,000 USD
Apartments - FOR SALE
1/33
null | 6.3% Cap Rate

1020 N Riverside Dr
Pompano Beach, FL 33062
Outer Pompano Beach/Deerfield Beach


HIGHLIGHTS

  • Large 0.57-Acre Site East Of The Intracoastal Waterway
  • Flexible Income Strategy With Both Annual And Short-Term Rental Operations
  • Three-Building Layout With Clubhouse/Common Area
  • On-Site Pool And Laundry Facilities
  • Located Minutes From Pompano Beach, The Pier, And Fishing Village
  • Positioned Near Significant Luxury Residential And Hospitality Redevelopment

OVERVIEW

Marcus & Millichap is pleased to present Seaside Rentals, a unique multifamily and hospitality asset located at 1020 N Riverside Drive in Pompano Beach, Florida. Built in 1964, the property consists of three buildings plus a clubhouse/common area, totaling 10,642 square feet on a 25,048-square-foot lot (approximately 0.57 acres). The property is legally configured as 21 units but is currently operating as 28 units, consisting of 27 studio units and 1 one-bedroom/one-bathroom unit. All units feature mini-split air conditioning systems, and the property includes an on-site swimming pool, laundry room, and shared common areas that support both short-term and extended-stay occupancy. Currently, 11 units are operating as short-term rentals, providing operational flexibility and multiple revenue strategies for investors. The property previously operated as an Assisted Living Facility (ALF), and a future owner may determine that repositioning the asset back to an ALF or similar congregate living use represents its highest and best use, subject to licensing and regulatory approvals. Seaside Rentals is ideally located east of the Intracoastal Waterway on the barrier island, just minutes from Pompano Beach, the Fisher Family Pier, and the Pompano Beach Fishing Village, which continues to benefit from substantial redevelopment activity including new luxury residential projects, hotels, restaurants, and entertainment destinations. The surrounding area’s continued growth and increasing tourism activity support both short-term rental and alternative housing demand. With flexible operational potential, an established coastal location, and multiple possible use cases, Seaside Rentals presents a rare opportunity to acquire a large-scale boutique asset in one of Broward County’s fastest-growing beachfront submarkets.

FOR SALE DETAILS

PRICE

$5,500,000 USD

PRICE/SF

$517 USD /SF

# OF UNITS

21

PRICE/UNIT

$261,905

CAP RATE

6.3%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Seaside Rentals

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2023

PARKING SPACES

24

LAND DETAILS

LAND ACRES

0.58 AC

LAND SF

25,297 SF

ZONING

RM-20

APN/PARCEL ID

48-43-30-01-0670

ASK ABOUT THIS PROPERTY

Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

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Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.