1020 N Riverside Dr Pompano Beach, FL 33062

This 28-unit multifamily property is located steps from the beach in Pompano Beach. The property is approximately 75% leased and in the process of being fully stabilized. The asset is projected to gross $50,000 per month in rental income with an NOI approaching $425,000 annually once fully occupied. Located less than 300 yards from Pompano's public beaches, the property offers views of both the intracoastal and the ocean. Positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the revitalized Fishing Village. The unit mix consists of approximately 23 studios, each with its own kitchenette and full bathroom. The remaining five units consist of four oversized studios and one 1-bedroom, 1-bathroom unit. The studio units are rented on annual leases with an average price of approximately $1,800 per month. The larger studios and the 1-bedroom, 1-bathroom unit are averaging closer to $2,000 per month. This area has become a destination with major public and private investment, including high-end residential towers, hotel-branded residences, and infrastructure upgrades, including projects like the Waldorf Astoria Residences, Ritz-Carlton and Armani/Casa towers, Salato condos, and Mayla multifamily communities. The property is projected at a cap rate of 7.25% once fully leased and stabilized.