Hotel-Motel

North Ocean Drive Portfolio

4051, 4105, & 4109 North Ocean Drive, Lauderdale By The Sea, FL 33308

Listing Price: $3,695,000

Cap Rate
8.96%
Number of Rooms
22
RevPAR
$64
Gross SF
11,217
Price/Room
$167,955
RRM
7.18
Price/Gross SF
$329.41
Year Built
1951

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The North Ocean Drive Portfolio in Lauderdale by the Sea, Florida. The property consists of three adjacent parcels operating as vacation rentals and located at 4051, 4105 and 4109 North Ocean Drive.

PROPERTY DESCRIPTION
The North Ocean Drive Portfolio was originally constructed between 1951 and 1969 of concrete block and wood frame (second story). The portfolio is comprised of 22 rooms and one dedicated office with a unit mix consisting of (18) efficiencies, (3) one-bedroom and (1) two-bedroom unit. Each of the rooms are fully equipped with a kitchen, beautifully appointed furniture and a unique tropical flare. All of the rooms offer their own entrance facing the courtyard and each unit features cable/smart TV, full kitchens, complimentary Wi-Fi, beach towels and free parking. While the property is just steps away from the sand, guests also can enjoy a tropical on-site pool with grilling area. The buildings total 11,317 rentable square-feet and the three parcels combine for a total of 22,018 square-feet of land according to the Broward County Property Appraiser.

LOCATION
The town of Lauderdale By the Sea is approximately 1.5 square miles in area and is located along what is known as Floridas Gold Coast in Broward County. The entire town of Lauderdale By the Sea is nestled between the Intracoastal Waterway and the Atlantic Ocean. The property is almost equal distance between Miami, approximately 30 miles to the south and West Palm Beach roughly 33 miles north. North Ocean Drive Portfolio is also located only 30 minutes from The Fort Lauderdale/Hollywood International Airport.

The North Ocean Drive Portfolio is located at the southern end of Lauderdale By the Sea, south of Commercial Boulevard on the Southwest corner of North Ocean Drive and Imperial Lane. The location allows for easy walkability to beach and a vast array of local shops & restaurants including 101 Ocean, Vinnies Italian Restaurant & Mulligans Beach House. Lauderdale By the Sea is also home to one of the best diving locations in South Florida with an abundance of local Dive Shops and numerous reefs located just yards off the beach allows visitors to snorkel and dive right off the beach. Lauderdale By The Sea was even named the Shore Dive Capital of South Florida. In 2020, Experian reported an estimated average household income of $125,409 within a one-mile radius.

PRICING
The North Ocean Drive Portfolio is being offered for sale at $3,695,000 or $167,955 per unit.

Investment Highlights

  • 22-Room Short Term Rental with On-Site Management Office
  • Walk to Beach and Numerous Shops, Bars & Restaurants
  • Proximate to Fort Lauderdale Beach and Pompano Beach
  • Situated Along North Ocean Drive with Easy Access to Commercial Blvd.

Exclusively Listed By

Listing Price: $3,695,000

Cap Rate
8.96%
Number of Rooms
22
RevPAR
$64
Gross SF
11,217
Price/Room
$167,955
RRM
7.18
Price/Gross SF
$329.41
Year Built
1951

Investment Highlights

  • 22-Room Short Term Rental with On-Site Management Office
  • Walk to Beach and Numerous Shops, Bars & Restaurants
  • Proximate to Fort Lauderdale Beach and Pompano Beach
  • Situated Along North Ocean Drive with Easy Access to Commercial Blvd.

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The North Ocean Drive Portfolio in Lauderdale by the Sea, Florida. The property consists of three adjacent parcels operating as vacation rentals and located at 4051, 4105 and 4109 North Ocean Drive.

PROPERTY DESCRIPTION
The North Ocean Drive Portfolio was originally constructed between 1951 and 1969 of concrete block and wood frame (second story). The portfolio is comprised of 22 rooms and one dedicated office with a unit mix consisting of (18) efficiencies, (3) one-bedroom and (1) two-bedroom unit. Each of the rooms are fully equipped with a kitchen, beautifully appointed furniture and a unique tropical flare. All of the rooms offer their own entrance facing the courtyard and each unit features cable/smart TV, full kitchens, complimentary Wi-Fi, beach towels and free parking. While the property is just steps away from the sand, guests also can enjoy a tropical on-site pool with grilling area. The buildings total 11,317 rentable square-feet and the three parcels combine for a total of 22,018 square-feet of land according to the Broward County Property Appraiser.

LOCATION
The town of Lauderdale By the Sea is approximately 1.5 square miles in area and is located along what is known as Floridas Gold Coast in Broward County. The entire town of Lauderdale By the Sea is nestled between the Intracoastal Waterway and the Atlantic Ocean. The property is almost equal distance between Miami, approximately 30 miles to the south and West Palm Beach roughly 33 miles north. North Ocean Drive Portfolio is also located only 30 minutes from The Fort Lauderdale/Hollywood International Airport.

The North Ocean Drive Portfolio is located at the southern end of Lauderdale By the Sea, south of Commercial Boulevard on the Southwest corner of North Ocean Drive and Imperial Lane. The location allows for easy walkability to beach and a vast array of local shops & restaurants including 101 Ocean, Vinnies Italian Restaurant & Mulligans Beach House. Lauderdale By the Sea is also home to one of the best diving locations in South Florida with an abundance of local Dive Shops and numerous reefs located just yards off the beach allows visitors to snorkel and dive right off the beach. Lauderdale By The Sea was even named the Shore Dive Capital of South Florida. In 2020, Experian reported an estimated average household income of $125,409 within a one-mile radius.

PRICING
The North Ocean Drive Portfolio is being offered for sale at $3,695,000 or $167,955 per unit.

Exclusively Listed By

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