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Multifamily

Ocean Walk Apartments

626 N Riverside Dr, Pompano Beach, FL 33062

Listing Price: $1,300,000

Cap Rate
3.86%
Number of Units
3
Occupancy
100.0%
Price/Unit
$433,333
Price/Gross SF
$453.75
Gross SF
2,865

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market the Ocean Walk Apartments. Located just steps from the Atlantic Ocean and Pompano Beach Fishing Village, the property is situated just west of North Ocean Boulevard in Pompano Beach, Florida. Built in 1960 the 2,865 square foot building consists of a three bedroom / two-bathroom unit, a two bedroom / one-bathroom unit and a one bedroom / one-bathroom unit. The property is currently occupied and rented on a month-to-month basis by one tenant. The tenant is currently responsible for maintaining the property while the landlord is responsible for paying the properties real estate taxes and insurance. The existing tenant is open to signing a new long-term lease to remain at the property if that is what is desired by a new owner. Additionally, the property is perfectly positioned to operate as a prime short term vacation rental. With the Atlantic Ocean's white sand beaches and the Pompano Beach Fishing Pier just a short walk away, this property would be highly sought after for seasonal and vacation renters. Ocean Walk Apartments offers an investor the opportunity to purchase an unbelievably located asset situated between the Intracoastal and the beach. A new owner could take advantage of multiple potential business models for this location. One of which would be continuing to run the property with the master lease in place or in order to maximize cash flow an investor can easily transition the property into a short-term/vacation rental location.

Investment Highlights

  • Prime Location within Walking Distance to the Atlantic Ocean
  • Situated Blocks from the Pompano Beach Fishing Village, Which Includes Several Beachfront Restaurants and Retail Shops
  • Existing Month to Month Master Lease in Place
  • Excellent Value Add Potential Through Converting the Property to Vacation Rental Units
  • Concrete Block Construction and Central Air Conditioning Throughout

Exclusively Listed By

Financing By

Multifamily

Ocean Walk Apartments

Listing Price: $1,300,000

Cap Rate
3.86%
Number of Units
3
Occupancy
100.0%
Price/Unit
$433,333
Price/Gross SF
$453.75
Gross SF
2,865

Investment Highlights

  • Prime Location within Walking Distance to the Atlantic Ocean
  • Situated Blocks from the Pompano Beach Fishing Village, Which Includes Several Beachfront Restaurants and Retail Shops
  • Existing Month to Month Master Lease in Place
  • Excellent Value Add Potential Through Converting the Property to Vacation Rental Units
  • Concrete Block Construction and Central Air Conditioning Throughout

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market the Ocean Walk Apartments. Located just steps from the Atlantic Ocean and Pompano Beach Fishing Village, the property is situated just west of North Ocean Boulevard in Pompano Beach, Florida. Built in 1960 the 2,865 square foot building consists of a three bedroom / two-bathroom unit, a two bedroom / one-bathroom unit and a one bedroom / one-bathroom unit. The property is currently occupied and rented on a month-to-month basis by one tenant. The tenant is currently responsible for maintaining the property while the landlord is responsible for paying the properties real estate taxes and insurance. The existing tenant is open to signing a new long-term lease to remain at the property if that is what is desired by a new owner. Additionally, the property is perfectly positioned to operate as a prime short term vacation rental. With the Atlantic Ocean's white sand beaches and the Pompano Beach Fishing Pier just a short walk away, this property would be highly sought after for seasonal and vacation renters. Ocean Walk Apartments offers an investor the opportunity to purchase an unbelievably located asset situated between the Intracoastal and the beach. A new owner could take advantage of multiple potential business models for this location. One of which would be continuing to run the property with the master lease in place or in order to maximize cash flow an investor can easily transition the property into a short-term/vacation rental location.

Exclusively Listed By

Financing By

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