Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to present Ocean Drive 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.