Multifamily

Sunset Gardens Apartments

412 Sunset Dr, Pompano Beach, FL 33062

Listing Price: $4,500,000

Cap Rate
4.57%
Number of Units
21
GRM
12.54
Occupancy
95.0%
Price/Unit
$214,286
Price/Gross SF
$385.87
Gross SF
11,662

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market Sunset Gardens Apartments. Located less than one block from the Atlantic Ocean and Pompano Beach, just west of North Ocean Boulevard in Pompano Beach, Florida, Sunset Gardens Apartments is made up of three buildings on the same block that have been completely renovated with brand new modern European cabinetry, bathrooms, kitchens, updated flooring, stainless steel appliances and granite countertops.

The three buildings feature 21 units, with 15 studios, four (4) One-Bedroom / One-Bathroom units, one (1) Two-bedroom / One-Bathroom unit, and one (1) Two-Bedroom / Two-Bathroom unit. The opportunity is comprised of one (1) two-story building and two (2) one-story buildings. The buildings were constructed between 1955 and 1964, contain 11,662 square feet and are situated on a 27,878 square-foot lot, according to the Broward County Property Appraiser.

The assets sit just one block west of North Ocean Boulevard, between Atlantic Boulevard and the Northeast 14th Street Causeway. With the Atlantic Ocean's white sand beaches and the Pompano Beach fishing pier just across the street, this property is highly sought after for seasonal and vacation renters.

The current ownership recently completely renovated the entire asset and obtained licensing from the City of Pompano Beach for seasonal and short-tern rentals. currently the property is beginning operations as a seasonal rental but can be taken in whichever direction the new owner would like. There is currently third-party seasonal management in-place or a new buyer can run the property themselves. In the pro forma, we assume you will run the property as the highest and best use, which would be entirely short-term, destination vacation rentals.

Sunset Gardens Apartments offers an investor the opportunity to purchase an unbelievably located, turn-key asset situated between the Intracoastal and the ocean. A new investor could take advantage of two potential business models for this location of running the property as either a traditional rental or short-term rental.

Investment Highlights

  • New Kitchens, Bathrooms, and Flooring
  • Modern European Fixtures and Finishings
  • Property Provides Unique Opportunity to Operate Both Short-Term and Long-Term Rentals
  • Located One Block from the Beach and Newly Renovated Pompano Beach Pier
  • Property was Vacated and Underwent a Complete Renovation
  • Units Have Been Renovated and Ready For Short-Term or Annual Renters

Exclusively Listed By

Financing By

Multifamily

Sunset Gardens Apartments

Listing Price: $4,500,000

Cap Rate
4.57%
Number of Units
21
GRM
12.54
Occupancy
95.0%
Price/Unit
$214,286
Price/Gross SF
$385.87
Gross SF
11,662

Investment Highlights

  • New Kitchens, Bathrooms, and Flooring
  • Modern European Fixtures and Finishings
  • Property Provides Unique Opportunity to Operate Both Short-Term and Long-Term Rentals
  • Located One Block from the Beach and Newly Renovated Pompano Beach Pier
  • Property was Vacated and Underwent a Complete Renovation
  • Units Have Been Renovated and Ready For Short-Term or Annual Renters

Investment Overview

Marcus & Millichap, as exclusive agent, is proud to present to market Sunset Gardens Apartments. Located less than one block from the Atlantic Ocean and Pompano Beach, just west of North Ocean Boulevard in Pompano Beach, Florida, Sunset Gardens Apartments is made up of three buildings on the same block that have been completely renovated with brand new modern European cabinetry, bathrooms, kitchens, updated flooring, stainless steel appliances and granite countertops.

The three buildings feature 21 units, with 15 studios, four (4) One-Bedroom / One-Bathroom units, one (1) Two-bedroom / One-Bathroom unit, and one (1) Two-Bedroom / Two-Bathroom unit. The opportunity is comprised of one (1) two-story building and two (2) one-story buildings. The buildings were constructed between 1955 and 1964, contain 11,662 square feet and are situated on a 27,878 square-foot lot, according to the Broward County Property Appraiser.

The assets sit just one block west of North Ocean Boulevard, between Atlantic Boulevard and the Northeast 14th Street Causeway. With the Atlantic Ocean's white sand beaches and the Pompano Beach fishing pier just across the street, this property is highly sought after for seasonal and vacation renters.

The current ownership recently completely renovated the entire asset and obtained licensing from the City of Pompano Beach for seasonal and short-tern rentals. currently the property is beginning operations as a seasonal rental but can be taken in whichever direction the new owner would like. There is currently third-party seasonal management in-place or a new buyer can run the property themselves. In the pro forma, we assume you will run the property as the highest and best use, which would be entirely short-term, destination vacation rentals.

Sunset Gardens Apartments offers an investor the opportunity to purchase an unbelievably located, turn-key asset situated between the Intracoastal and the ocean. A new investor could take advantage of two potential business models for this location of running the property as either a traditional rental or short-term rental.

Exclusively Listed By

Financing By

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