Language and Region
Currency

Email*

Please enter a valid email address.

To send this property to multiple individuals, insert a semi-colon between each recipient's email address.

Message

941 characters remaining

Hmm, there seems to have been an error sending your message. Please try again.

Your email has been sent.

Seaside Rentals 1020 N Riverside Dr 21 Unit Apartment Building $5,500,000 ($261,905/Unit) 6.30% Cap Rate Pompano Beach, FL 33062

.mosaic-column{display:inline-block!important;height:100%!important;width:auto!important}.mosaic-tile i{display:none!important}.mosaic-tile img{height:100%!important;width:auto!important}

Investment Highlights

Large 0.57-Acre Site East Of The Intracoastal Waterway
Three-Building Layout With Clubhouse/Common Area
Located Minutes From Pompano Beach, The Pier, And Fishing Village

Flexible Income Strategy With Both Annual And Short-Term Rental Operations
On-Site Pool And Laundry Facilities
Positioned Near Significant Luxury Residential And Hospitality Redevelopment

Executive Summary

Marcus & Millichap is pleased to present Seaside Rentals, a unique multifamily and hospitality asset located at 1020 N Riverside Drive in Pompano Beach, Florida. Built in 1964, the property consists of three buildings plus a clubhouse/common area, totaling 10,642 square feet on a 25,048-square-foot lot (approximately 0.57 acres). 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 feature mini-split air conditioning systems, and 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 are operating as short-term rentals, providing operational flexibility and multiple revenue strategies for investors. 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 ideally located east of the Intracoastal Waterway on the barrier island, just minutes from Pompano Beach, the Fisher Family Pier, and the Pompano Beach Fishing Village, which continues to benefit from substantial redevelopment activity including new luxury residential projects, hotels, restaurants, and entertainment destinations. The surrounding area’s continued growth and increasing tourism activity support both short-term rental and alternative housing demand.
With flexible operational potential, an established coastal location, and multiple possible use cases, Seaside Rentals presents a rare opportunity to acquire a large-scale boutique asset in one of Broward County’s fastest-growing beachfront submarkets.

Offering Memorandum

Property Facts

Price	$5,500,000	Apartment Style	Low-Rise
Price Per Unit	$261,905	Building Class	C
Sale Type	Investment	Lot Size	0.58 AC
Cap Rate	6.30%	Building Size	10,642 SF
Gross Rent Multiplier	10.67	Average Occupancy	100%
No. Units	21	No. Stories	2
Property Type	Multifamily	Year Built	2023
Property Subtype	Apartment	Parking Ratio	2.26/1,000 SF
Zoning	RM-20 - Multiple-Family Residence 20 (RM-20)

Price	$5,500,000
Price Per Unit	$261,905
Sale Type	Investment
Cap Rate	6.30%
Gross Rent Multiplier	10.67
No. Units	21
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Low-Rise
Building Class	C
Lot Size	0.58 AC
Building Size	10,642 SF
Average Occupancy	100%
No. Stories	2
Year Built	2023
Parking Ratio	2.26/1,000 SF
Zoning	RM-20 - Multiple-Family Residence 20 (RM-20)