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Sand Dollar Apartments 233 SE 20th Ave 16 Unit Apartment Building $3,900,000 ($243,750/Unit) 4.21% Cap Rate Deerfield Beach, FL 33441
Investment Highlights
- Concrete Block Construction, Concrete Roof and Impact Windows Throughout
- Currently Operated As Annual Rentals With Short-Term Vacation Rental Upside
- Located Just Blocks From Deerfield Beach And The International Fishing Pier
- Strong Tourism Demand And Walkability To Beachfront Dining And Entertainment
Executive Summary
Marcus & Millichap is pleased to present Sand Dollar Apartments, a 16-unit multifamily property located at 233 SE 20th Avenue in Deerfield Beach, Florida. Built in 1957, the property totals 7,732 gross square feet and is situated on a 0.46-acre lot. Constructed of concrete block with a flat roof, the property also features hurricane impact windows throughout and an on-site swimming pool, creating a strong amenity package in a highly desirable coastal location. The property is comprised of 10 studio units averaging 380 square feet, 3 one-bedroom/one-bathroom units averaging 525 square feet, 2 one-bedroom/two-bathroom units averaging 600 square feet, and 1 two-bedroom/two-bathroom unit totaling 900 square feet. While the property is currently operated as annual rentals, the layout and location support operation as up to 19 units, offering additional flexibility for a future owner.
Located just blocks from Deerfield Beach, the International Fishing Pier, and the city's vibrant beachfront dining and entertainment district, Sand Dollar Apartments is positioned within one of South Florida's most sought-after coastal rental markets. The surrounding area benefits from strong tourism demand, walkability to the beach, and proximity to major employment centers throughout Broward and Palm Beach Counties.
Given its premier beachside location, boutique unit mix, and hospitality-oriented layout, the property's highest and best use may be as a short-term vacation rental operation, allowing an investor to capitalize on the area's year-round tourism and seasonal visitor demand. The existing annual rental operation provides stable income while offering a clear path for future repositioning.
Sand Dollar Apartments presents a rare opportunity to acquire a coastal multifamily asset with short-term rental potential in a supply-constrained beach market where hospitality and vacation rental demand continue to outperform many traditional rental submarkets.
Located just blocks from Deerfield Beach, the International Fishing Pier, and the city's vibrant beachfront dining and entertainment district, Sand Dollar Apartments is positioned within one of South Florida's most sought-after coastal rental markets. The surrounding area benefits from strong tourism demand, walkability to the beach, and proximity to major employment centers throughout Broward and Palm Beach Counties.
Given its premier beachside location, boutique unit mix, and hospitality-oriented layout, the property's highest and best use may be as a short-term vacation rental operation, allowing an investor to capitalize on the area's year-round tourism and seasonal visitor demand. The existing annual rental operation provides stable income while offering a clear path for future repositioning.
Sand Dollar Apartments presents a rare opportunity to acquire a coastal multifamily asset with short-term rental potential in a supply-constrained beach market where hospitality and vacation rental demand continue to outperform many traditional rental submarkets.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $3,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $243,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.46 AC |
| Cap Rate | 4.21% | Building Size | 7,732 SF |
| Gross Rent Multiplier | 12.42 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1957 |
| Property Subtype | Apartment | ||
| Zoning | RM-25 | ||
| Price | $3,900,000 |
| Price Per Unit | $243,750 |
| Sale Type | Investment |
| Cap Rate | 4.21% |
| Gross Rent Multiplier | 12.42 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.46 AC |
| Building Size | 7,732 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Zoning | RM-25 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | 380 |
| 1+1 | 3 | - | 525 |
| 1+2 | 2 | - | 600 |
| 2+2 | 1 | - | 900 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 48-43-05-04-1460 | Improvements Assessment | $2,620,600 |
| Land Assessment | $305,170 | Total Assessment | $2,925,770 |
Property Taxes
Parcel Number
48-43-05-04-1460
Land Assessment
$305,170
Improvements Assessment
$2,620,600
Total Assessment
$2,925,770
Contacts
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Daniel Cunningham -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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