3215 7th St Pompano Beach, FL 33062-4508
Prime investment opportunity: Waves Beach Vacation Rentals, a two-story, 22-key hotel in Pompano Beach, Florida, is available for sale/leaseback. This property boasts a strong 95% occupancy rate (as of June 26, 2024) and a compelling 8.63% cap rate, generating a net operating income (NOI) of $492,727. The asking price is $5,710,000, or $259,545 per key. The hotel features a mix of 14 studio units (11 with full kitchens, 3 with kitchenettes) and 4 two-bedroom units (all with full kitchens, 3 with in-suite laundry). Recent renovations include modern interiors and upgraded amenities in all 23 units (22 units + 1 spacious 900 sq ft two-bedroom suite), minimizing maintenance needs and maximizing rental appeal. The property also includes a renovated outdoor pool area and ample surface parking (19 spaces) on a 17,000 sq ft lot. Located at 3215 NE 7th St, Pompano Beach, FL 33062, this hotel benefits from its proximity to public transportation, parks, gyms, and other recreational facilities. The property is zoned RM-20 - MULTIPLE-FAMILY RESIDENCE.
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The Multiple Family Residence 20 (RM-20) district is established and intended to accommodate primarily multifamily dwellings (including townhouse development) including community residences and recovery communities at moderate densities. The district also accommodates single family and two family dwellings, zero lot line development, and continuing care reti…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
RM-20 · Pompano Beach, FLThe Multiple Family Residence 20 (RM-20) district is established and intended to accommodate primarily multifamily dwellings (including townhouse development) including community residences and recovery communities at moderate densities. The district also accommodates single family and two family dwellings, zero lot line development, and continuing care retirement communities.
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
