Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Oceanfront Building with Redevelopment Potential Title is generated by Realmo AI

    1231 Hillsboro Mile, Pompano Beach, FL 33062

    View on Map
    Claim this Listing
    For Sale
    $12,000,000

    Prime oceanfront building with redevelopment or renovation potential.

    Type:Residential Land/Boat Docks / Zoned Residential
    Property size:
    63,497 SF
    Price / SF:
    $188/SF
    Added:
    May 9, 2022
    Days on Market:
    1488
    Last Refresh:
    May 13 at 9:50 pm

    Property Features for 1231 Hillsboro Mile

    General Information

    Standard status
    Active
    Size
    63,497 SF
    Property subtype
    Residential Land/Boat Docks / Zoned Residential

    Building Details

    Year Built
    1957

    We can help!

    Listing Contact
    Anthony J Albino
    Anthony J Albino

    Listing agent Anthony J Albino License #566243

    Listing office Beautiful Homes Realty Inc

    Listing date May 9, 2022

    Source Compass

    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 Beautiful Homes Realty Inc

    HighLights

    • 201' of direct ocean frontage
    • High income producing opportunities with 30 units
    • Potential for redevelopment or renovation
    • Only prime oceanfront location available for new or redevelopment in the area
    • Private pool and private beach access
    • 8 minute walk to Deerfield Beach pier, restaurants, and shops

    Overview

    This property presents a new opportunity for investors and developers to acquire a prime oceanfront building. The existing 30-unit building offers high income-producing opportunities, featuring 201 feet of direct ocean frontage, a private pool, and private beach access. It is located an 8-minute walk from the Deerfield Beach pier, restaurants, and shops. The property also holds potential for redevelopment or renovation of the existing structure. A land lease with a 33-year term remaining is in place at $12,000 per year. This location is the only prime oceanfront site available for new development or redevelopment in the area, offering limitless possibilities on a 63497 square foot lot.

    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 $1.86M $29.28
    − Vacancy −$83.7k −$1.32
    EGI $1.78M $27.96
    − OpEx −$799.0k −$12.58
    NOI $976.5k $15.38
    63,497 SF · lease $29.28/SF/yr · vacancy 4.50% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $13.95M
    $12.21M – $16.28M (±1% cap)
    NOI $976,541 @ 7.0% cap · market cap 8.14%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $32.21M
    $28.19M – $37.58M (±1% cap)
    NOI $2,255,029 @ 7.0% cap · market cap 18.79%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Sunrise Ocean Suites Hotel & Motel

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Pompano Beach
    County
    Broward
    State
    Florida
    Longitude
    -80.0770459
    Latitude
    26.3042255

    Nearby Similar for Sale

    • $1,300,000
      1,740 SF

      Pompano Beach Retail Opportunity

      Retail space with B-4 zoning in Pompano Beach, Florida.
      600 S Dixie Hwy W W, Pompano Beach, FL
      View Details
    • $2,200,000
      4,032 SF

      Renovated Fourplex Near Beach

      Fully renovated fourplex near the beach, a prime investment opportunity.
      3405 Norfolk St, Pompano Beach, FL 33062
      View Details
    • $2,200,000
      7,492 SF

      Pompano Beach Multifamily Investment Opportunity

      Eight-unit multifamily property near the beach in Pompano Beach.
      1420 SE 4th Avenue, Pompano Beach, FL
      View Details
    • $4,500,000
      4,646 SF

      Pompano Beach Income-Generating Retail Plaza

      Well-maintained retail plaza with established tenants, development potential.
      520-580 S Federal Highway, Pompano Beach, FL 33062
      View Details
    • $995,700
      2,826 SF

      Pompano Beach Duplex with Pool

      Cash-flowing duplex near the beach in a growing area.
      451 SE 1st Avenue, Pompano Beach, FL 33060
      View Details
    • $679,900

      Freestanding Office Building in Pompano

      Charming office building in East Pompano Beach for sale.
      713 E Atlantic Blvd, Pompano Beach, FL 33060
      View Details
    • $4,500,000
      22,523 SF

      Pompano Beach Hotel/Motel Opportunity

      Prime location near the ocean in Pompano Beach, Florida.
      213 S Ocean Blvd, Pompano Beach, FL 33062
      View Details
    • $699,000
      3,589 SF

      Pompano Beach Commercial Property

      Commercial property in Pompano Beach, Florida with B-3 zoning.
      243 S Dixie Hwy W, Pompano Beach, FL
      View Details
    • $355,000

      Versatile Industrial Space, Pompano Beach

      I-1 zoned industrial space ideal for e-commerce and warehousing.
      1773 Blount Rd, Pompano Beach, FL 33069
      View Details
    • $375,000
      1,200 SF

      Turnkey Office/Warehouse in Prime Location

      Versatile 1,200 SF office/warehouse near Florida’s Turnpike and I-95.
      1001 NW 31st Ave, Pompano Beach, FL 33069
      View Details
    • $1,250,000
      1,640 SF

      Pompano Beach Duplex Near Intracoastal

      Income-producing duplex near Intracoastal Waterway and beach in Pompano Beach.
      3204 NE 6th Street, Pompano Beach, FL 33062
      View Details
    • $595,000

      Pompano Beach Land For Sale

      Land available in Pompano Beach, Florida.
      344 NW 6th Street, Pompano Beach, FL 33060
      View Details

    FAQs

    What type of property is this?
    Apartment building - Prime oceanfront building with redevelopment or renovation potential.
    Where is this apartment building located?
    The property is located at 1231 Hillsboro Mile Pompano Beach, FL.
    What is the asking price?
    The asking price for this property is $12,000,000.
    What are key features of this property?
    This property features: **201' of direct ocean frontage**; High income producing opportunities with 30 units; Potential for redevelopment or renovation
    (954) 254-2087
    We can help!
    Listing Contact
    Anthony J Albino
    Anthony J Albino
    Real Estate License ID: 566243
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1231 Hillsboro Mile, Pompano Beach, FL 33062
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!