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Multifamily

Ocean Garden Apartments

3309 SE 8th St, Pompano Beach, FL 33062

Listing Price: $4,500,000

Cap Rate
6.80%
Number of Units
16
Occupancy
95.0%
Price/Unit
$281,250
Price/Gross SF
$730.76
Gross SF
6,158

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market the Ocean Garden Apartments. Located just steps from the Atlantic Ocean, the property is situated just west of North Ocean Boulevard in Pompano Beach, Florida. Built in 1951 the 6,158 square foot building consists of 16 units. The property is currently occupied and rented by one tenant on a NNN master lease. The tenant is currently responsible for maintaining the property and all expenses incurred, including but not limited to taxes, insurance, and all utilities. The tenant currently pays $25,504 in rent per month on the lease that runs through July 31st, 2023. 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 just a short walk away, this property would be highly sought after for seasonal and vacation renters. Ocean Garden 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 asset into a short-term/vacation rental property.

Investment Highlights

  • Prime Location One Block to the Atlantic Ocean
  • Existing NNN Master Lease in Place With One Tenant
  • Excellent Value Add Potential Through Converting the Property to Vacation Rental Units
  • Less Than One Half Mile To Atlantic Boulevard and Pompano Beach

Exclusively Listed By

Financing By

Multifamily

Ocean Garden Apartments

Listing Price: $4,500,000

Cap Rate
6.80%
Number of Units
16
Occupancy
95.0%
Price/Unit
$281,250
Price/Gross SF
$730.76
Gross SF
6,158

Investment Highlights

  • Prime Location One Block to the Atlantic Ocean
  • Existing NNN Master Lease in Place With One Tenant
  • Excellent Value Add Potential Through Converting the Property to Vacation Rental Units
  • Less Than One Half Mile To Atlantic Boulevard and Pompano Beach

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market the Ocean Garden Apartments. Located just steps from the Atlantic Ocean, the property is situated just west of North Ocean Boulevard in Pompano Beach, Florida. Built in 1951 the 6,158 square foot building consists of 16 units. The property is currently occupied and rented by one tenant on a NNN master lease. The tenant is currently responsible for maintaining the property and all expenses incurred, including but not limited to taxes, insurance, and all utilities. The tenant currently pays $25,504 in rent per month on the lease that runs through July 31st, 2023. 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 just a short walk away, this property would be highly sought after for seasonal and vacation renters. Ocean Garden 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 asset into a short-term/vacation rental property.

Exclusively Listed By

Financing By

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