Multifamily Hospitality Asset Near
1020 N Riverside Dr Pompano Beach, FL 33062
1020 N Riverside Dr, Pompano Beach, FL, 33062
$5,500,000
For Sale
$5,500,000
Multifamily property near Pompano Beach with redevelopment potential.
Property Size10,642 SF
Lot Size0.57 Acres
Price / SF$516.82
Days on Market48
Property Features for 1020 N Riverside Dr
General Information
- Standard status
- Active
- Size
- 10,642 SF
- Lot size
- 0.57 Acres
- Property subtype
- Multifamily
Listing Agency
Fort Lauderdale Office
(954) 245-3584
Listed by
Daniel J. Cunningham · License #License(s): FL: SL3234051
(954) 245-3584
Source
Marcusmillichap
Added: Jun 1 Checked: Jul 17 at 6:11 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Fort Lauderdale Office
Investment Insights
Based on property information with market context.
Located at 1020 N Riverside Drive in Pompano Beach, Florida, Seaside Rentals is a multifamily and hospitality asset. Constructed in 1964, the property comprises three buildings and a clubhouse/common area, totaling 10,642 square feet on a 25,048-square-foot lot. The property is legally configured as 21 units but is currently operating as 28 units, consisting of 27 studio units and 1 one-bedroom/one-bathroom unit. All units have mini-split air conditioning systems. The property includes an on-site swimming pool, laundry room, and shared common areas that support both short-term and extended-stay occupancy. Currently, 11 units operate as short-term rentals. The property previously operated as an Assisted Living Facility (ALF), and a future owner may determine that repositioning the asset back to an ALF or similar congregate living use represents its highest and best use, subject to licensing and regulatory approvals. Seaside Rentals is located east of the Intracoastal Waterway on the barrier island, minutes from Pompano Beach, the Fisher Family Pier, and the Pompano Beach Fishing Village, which benefits from redevelopment activity including new luxury residential projects, hotels, restaurants, and entertainment destinations. The surrounding area’s growth and increasing tourism activity support both short-term rental and alternative housing demand. With operational potential and an established coastal location, Seaside Rentals presents an opportunity to acquire a large-scale boutique asset in one of Broward County’s beachfront submarkets.
Key Highlights
- Unique multifamily/hospitality asset with potential for multiple revenue strategies.
- Prime coastal location east of the Intracoastal Waterway, minutes from Pompano Beach and key attractions.
- Potential for high revenue through flexible operation as short‑term rentals (currently 11 units) or extended‑stay occupancy.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $312.9k | $29.40 |
| − Vacancy | −$15.6k | −$1.47 |
| EGI | $297.2k | $27.93 |
| − OpEx | −$133.8k | −$12.57 |
| NOI | $163.5k | $15.36 |
10,642 SF · lease $29.40/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.34M
$2.04M – $2.72M
NOI $163,477 @ 7.0% cap · market cap 2.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.15M
$3.63M – $4.84M
NOI $290,527 @ 7.0% cap · market cap 5.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Short term rental ...
Similar For Sale Nearby
FAQs
What type of property is this?
Short term rental property - Multifamily property near Pompano Beach with redevelopment potential.
Where is this short term rental property located?
The property is located at 1020 N Riverside Dr Pompano Beach, FL.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Unique multifamily/hospitality asset with potential for multiple revenue strategies.; Prime coastal location east of the Intracoastal Waterway, minutes from Pompano Beach and key attractions.; Potential for high revenue through flexible operation as short‑term rentals (currently 11 units) or extended‑stay occupancy.
