Riverside Beach Apartments
Closed116 S Riverside Dr, Pompano Beach, FL 33062
Property type
Multifamily
Unit / Space count
22
Price
$4,770,000
Building size
18,800 sf
Rentable area
18,800 SF
Year built
1970
Year renovated
Occupancy
Zoning code
Lot size
0.54 Acres
Sold/status
Sold · Date unknown
Sale price
$4770000
Bedroom count
Property description
Riverside Beach Apartments is a 22-unit multifamily community located in the heart of the Pompano Beach / Deerfield Beach submarket in Pompano Beach, Florida, which is in Broward County. The subject property was built in 1970 using reinforced concrete block construction and is situated on 0.54 acres of land. The property is located on the east side of S Riverside Dr and is just a block from the beach. The surrounding area boasts multi-family buildings of similar age and construction. Due to the premium location, there are many luxurious homes within the neighborhood. The asset is conveniently located east of US-1, south of Atlantic Blvd, and directly west of A1A. Within walking distance, you can access the world-famous Pompano Beach and a short drive to downtown Fort Lauderdale. Additionally, Riverside Beach Apartments is located in one of the most desired locations known in Broward County Pompano Beach. The current operator runs with short-term rentals and has been able to generate significantly higher income than traditional apartments. The business is branded under the name "Riverside Resort", they have very positive reviews locally. The interior units have been completely re-positioned with premium finishes. The property boasts amenities such as a resort-style pool with a waterfall, elevator access to rooms, on-site laundry, and walking distance to the beach. Riverside Beach Apartments offers an investor the opportunity to purchase an unbelievably located, turn-key asset situated between the Intracoastal and the ocean. A new investor can take advantage of two proven business models for this location of running the property as either a traditional rental or short-term rental.
Property highlights
- Rare Mid-Rise apartment building, one block from the Intracoastal and Ocean
- Closed at $216,818 per unit, which represents the highest price per unit ever for 1970s vintage sold in Pompano Beach, FL
- Compressed timeframe - removed contingencies in 15 days
- Franklin Street’s marketing outreach secured west coast investor entering the market
- Collaboration – Franklin Street Capital Advisory secured the loan for the buyer