1020 N Riverside DR, Pompano Beach, FL 33062
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1020 N Riverside DR, Pompano Beach, FL 33062
1020 N Riverside DR, Pompano Beach, FL 33062
1020 N Riverside DR, Pompano Beach, FL 33062
1020 N Riverside DR, Pompano Beach, FL 33062
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Sofia Nina

Sofia Nina

+1(754) 277-0580
$ 5,750,000
Est. payment /mo
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Active

1020 N Riverside DR Pompano Beach, FL 33062

29 Baths

10,642 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 10,642 sqft

Price per Sqft $540

MLS Listing ID R11140438

HOA Y/N No

Year Built 1964

Annual Tax Amount $57,978

Tax Year 2024

Lot Size 0.580 Acres

Acres 0.58

Property Sub-Type Multi Family

Property Description

Incredible opportunity to acquire a 28-unit multifamily property located just steps from the beach in booming Pompano Beach. The property is approximately 75% leased and in the process of being fully stabilized, offering immediate upside for investors. At full occupancy, the asset is projected to gross $50,000 per month in rental income (long term rents), with an NOI approaching $425,000 annually making this a high-yielding cash-flow investment. Located less than 300 yards from Pompano's pristine public beaches! Views of both the intracoastal and the ocean! Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. The unit mix consists of approximately 23 "studios" with each one having its own kitchenette and full bathroom. The remaining five(5) units consist of four (4) oversized studios and the largest unit is a full 1 BD, 1 BA unit. The studio units are rented on long term (annual) leases with an average price of approximately $1,800/month. The larger studios and the 1 BD, 1 BA are averaging closer to $2,000/month.

Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. This area has become a destination with major public and private investment pouring in, including high-end residential towers, hotel-branded residences, and infrastructure upgrades, including marquee projects like the Waldorf Astoria Residences (70% pre-sold), Ritz-Carlton and Armani/Casa towers, Salato condos, and Mayla multifamily communities underscoring strong investor confidence. Pompano Beach's transformation into a premier coastal hotspot makes this an attractive long-term hold.

With strong fundamentals, a desirable location, and significant income potential, this is a rare opportunity to invest in one of South Florida's most exciting and fast-growing beachfront markets. Property is projected at a cap rare of 7.25% once property is fully leased out and stabilized.

Location

State FL

County Broward

Area 3113

Zoning RM-20

Interior

Interior Features InteriorFeatures

Heating Central, Electric, Other

Cooling Central Air, Electric, Other

Flooring Tile, Vinyl

Fireplace No

Exterior

Water Access Desc Public

Roof Type Composition

Building

Entry Level Two

Sewer Public Sewer

Water Public

Level or Stories Two

Others

Tax ID 484330010670

Security Features Fire Sprinkler System,Smoke Detector(s)

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Virtual Tour https://www.propertypanorama.com/1020-N-Riverside-Drive-Pompano-Beach-FL-33062/unbranded

BeachesMLS, Inc. (FLR) IDX
Listed by Sean Mooney Compass Florida LLC

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Sofia Nina

Sofia Nina

Advisor | License ID: 3524728

+1(754) 277-0580

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1020 N Riverside DR