3021 N Ocean Dr - Apartments FOR SALE


Riviera Beach, FL 33404- Yacht Harbor
$3,250,000 USD
954-501-5020
3021 N Ocean Dr, Riviera Beach, FL for Sale
$3,250,000 USD
Apartments - FOR SALE
1/16
null | 8.41% Cap Rate

3021 N Ocean Dr
Riviera Beach, FL 33404
Yacht Harbor


HIGHLIGHTS

  • Irreplaceable Location Across A1A From the Atlantic Ocean
  • Onsite Pool, Parking and Laundry
  • One Of Only a Handful of Rentals in the Immediate Area
  • Upside Through Full Conversion to Seasonal Rentals

OVERVIEW

Marcus & Millichap, as exclusive listing agents, are pleased to present Seascape Apartments, an 11-unit multifamily property located in the highly sought-after Singer Island market. Built in 1955, this concrete block construction building spans 5,123 square feet on a 0.41-acre lot and features mini-split air conditioning in all units. The unit mix includes 1 studio, 9 one-bedroom/one-bath units, and 1 two-bedroom/one-bath unit. The property also boasts a private pool, further enhancing its appeal for both short-term guests and long-term residents. Currently operating as a mix of annual and short-term rentals, Ocean Drive Apartments presents a compelling value-add opportunity through a full transition to short-term rentals, which would maximize revenue potential in this high-demand coastal market. The property’s prime location is just steps from Singer Island’s pristine beaches, offering unparalleled access to oceanfront recreation, water sports, and boating. The renowned Sailfish Marina Resort, featuring waterfront dining, fishing charters, and a water taxi to Peanut Island, is less than a mile away. Additionally, Phil Foster Park, home to one of the region’s top snorkeling and diving sites, is just a short drive away. The Port of Palm Beach, located 2.5 miles north, serves as a key economic hub, supporting commercial shipping and cruise travel. The surrounding area is also home to luxury resorts, fine dining, and upscale shopping, making it an ideal location for a high-end short-term rental operation. With solid construction, strong in-place cash flow, and significant upside potential through the expansion of short-term rentals, Ocean Drive Apartments represents a rare investment opportunity in one of South Florida’s most desirable beachfront communities.

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$634 USD /SF

# OF UNITS

11

PRICE/UNIT

$295,455

CAP RATE

8.41%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Seascape Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1955

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.41 AC

LAND SF

17,820 SF

ZONING

RMH15

APN/PARCEL ID

56-43-42-27-03-008-0140

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 Policy.