1020 N Riverside Drive, Pompano Beach, FL 33062 (MLS# R11140438)

Supplements: The unit mix consists of approximately 23 "studios" with each one having its own kitchenette and full bathroom. The remaining five(5) units consist of four (4) oversized studios and the largest unit is a full 1 BD, 1 BA unit. The studio units are rented on long term (annual) leases with an average price of approximately $1,800/month. The larger stu ... (Read more) The unit mix consists of approximately 23 "studios" with each one having its own kitchenette and full bathroom. The remaining five(5) units consist of four (4) oversized studios and the largest unit is a full 1 BD, 1 BA unit. The studio units are rented on long term (annual) leases with an average price of approximately $1,800/month. The larger studios and the 1 BD, 1 BA are averaging closer to $2,000/month. Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. This area has become a destination with major public and private investment pouring in, including high-end residential towers, hotel-branded residences, and infrastructure upgrades, including marquee projects like the Waldorf Astoria Residences (70% pre-sold), Ritz-Carlton and Armani/Casa towers, Salato condos, and Mayla multifamily communities  underscoring strong investor confidence. Pompano Beach's transformation into a premier coastal hotspot makes this an attractive long-term hold. With strong fundamentals, a desirable location, and significant income potential, this is a rare opportunity to invest in one of South Florida's most exciting and fast-growing beachfront markets. Property is projected at a cap rare of 7.25% once property is fully leased out and stabilized.