REA BY THE SEA - LoopNet · 2020. 8. 25. · REA BY THE SEA Rami Levi P.A TEL –(786) 201-2413...

REA BY THE SEA Rami Levi P.A TEL – (786) 201-2413

Castelli Real Estate Services

[email protected]

REA BY THE SEA LLC -1301 N OCEAN BLVD POMPANO BEACH FL 33062 1

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PROPERTY DESCRIPTION

PROPERTY OVERVIEW "Red by the Sea" is a ten (10) unit short-term rental/hotel/motel property on the Beach that is approved

and licensed in Pompano Beach, FL (Broward County).

The structure was built in 1963, using reinforced concrete block construction, with a painted stucco

exterior.

This highly attractive unit-mix includes four (4) one bedroom, one and a half baths apartments, three (3)

two bedroom, one bath apartments, one (1) two bedroom, one and a half baths apartment, one (1) one

bedroom, one bath apartment, and (1) three bedroom, two baths apartment.

Total rental square footage is approximately 8,247 SF. Amenities include a beautiful heated swimming

pool, and incredible outdoor lighting. The property features eleven (11) parking spaces, one (1) spacious

laundry facility, and two (2) storage rooms.

Located at 1301 N Ocean Blvd, on the corner of A1A & NE 13th St, "Rea by the Sea" is situated less than

one block from the world-famous Pompano Beach.

REA BY THE SEA LLC -1301 N OCEAN BLVD POMPANO BEACH FL 33062

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T H E O F F E R I N G

• Property Name REA BY THE SEA

• Property Address 1301 North Ocean Blvd Pompano Beach, FL 33062

• Assessor’s Parcel # 4843-30-01-0040

• Zoning RM-20 – hotel/motel Approved License

S I T E D E S C R I P T I O N

• Number of Units 10

• Number of Buildings 3

• Number of Stories 2

• Year Built 1963

• Rentable Square Feet 8,247 Square Feet

• Lot Size 15,697 Square Feet

• Type of Ownership Fee Simple

• Landscaping Tropical

• Topography Level

U T I L I T I E S

• Water City of Pompano Beach - Paid by Owner

• Electric FPL - Paid by Owner

C O N S T R U C T I O N

• Foundation Concrete Slab

• Framing Concrete Block

• Exterior Painted Stucco

• Parking Surface Paved Asphalt

• Roof Flat

M E C H A N I C A L

• HVAC Central Air Conditioning

• Fire Protection Smoke Detectors & Fire Extinguishers

INVESTMENT SUMMARY


- Neil Armstrong

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EXECUTIVE SUMMARY

Sale price : $3,600,000

Price/ SF: $436.52

Price / unit : $360,000

OFFERING SUMMARY

• Number of units: 10

• Vacation rental cap rate: 11.43%

• NOI: $411,401

• Lot size: 0.36 Acre

• Year Built: 1963

• Building Size (SF): 8,247

• Renovated: 2019

PROPERTY HIGHLIGHTS :

• AAA Location One Block from the beach

• All Units and Exterior Recently Renovated in 2020

• Vacation Rental Approved license .

• Down the Street from the pompano beach high hand

Hotels and Fishing pier .

• All units are furnished for short rentals from A to z.



VACATION RENTAL FINANCIALS:

FINANCIAL SUMMARY :

INVESTMENT OVERVIEW

Price : $3,600,000

Price per unit : $360,000

Price per SF : $436

GRM : 5.54

CAP Rate : 7.44%-11.43%

Cash-on-cash return(1y) 09.54%-19.11%

OPERATING DATA

Gross Potential Income: $433,440 - $619,200

Other income : $8,050 - $11,500

Total Gross potential Income: $441,490 - $630,700

Gross Expenses: $173,536 - $219,298

Net operating Income: $267,953 - $411,401

FINANCING DATA

Down Payment : $1,500,000

Percent Down(%): 41.66%

Mortgage: $2,100,000

Interest Rate(%): 4.25%

Amortization(monthly): 360

Debt service Monthly: $10,395


UNIT MIX SUMMARY

UNITS UNIT TYPE SF Feet

3 1 Bed 1.5 Bath (Town house) 794

3 2 Bed 1 Bath 728

1 1 Bed 1.5 Bath 975

1 2 Bed 1.5 Bath 729

1 1 Bed 1 Bath 560

1 3 Bed 2 Bath (Town house) 1417

10 8247

ADDITIONAL PHOTOS UNIT 1

7REA BY THE SEA LLC -1301 N OCEAN BLVD POMPANO BEACH FL 33062

ADDITIONAL PHOTO UNIT 4


ADDITIONAL PHOTOS OUTDOOR


REA BY THE SEA - LoopNet · 2020. 8. 25. · REA BY THE SEA Rami Levi P.A TEL –(786) 201-2413...

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