Property Description

Twelve apartments, ten steps from the Atlantic. Newly priced at $3.99M, or $333K per door. That is below every comparable building on Hollywood Beach.The building is gated and renovated, and sits on the Hollywood Beach Broadwalk, which Travel + Leisure named among Americas best. There are twelve 1/1 apartments, each with a full kitchen, split A/C and impact windows. New Spanish tile roof, updated plumbing and electrical, and a tropical courtyard with BBQ and laundry.It is fully leased, with $264K gross rent and $175K NOI (a 4.4% cap in place). Eleven of the twelve leases are month to month, so rents, renovation or licensed nightly rentals are your call.Related Groups 39-story tower is rising on the same Broadwalk, the Citys Broadwalk extension begins at Georgia Street, and $1.5B in development surrounds the block. Under BRT-25-R, todays code would allow about five units on this 9,558 SF lot; the twelve here are grandfathered. Fee simple, no HOA, 1031-ready, and the seller is open to a rate buy-down. The full offering package, rent roll and 12-month ledger are available on request.Buy the income. Keep the land.

Property Features