513 S OCEAN BLVD Pompano Beach FL 33062-5834

*Please Do NOT Walk the Property and Disturb Occupants!

Co-Brokers Welcomed!

Offering Memorandum Link - https://property.creop.com/45506

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PROPERTY DESCRIPTION

Paradise Shores is an 8-Unit Multifamily in East Pompano Beach, Florida just steps to the Atlantic Ocean. The property is currently operating as a short term rental property with a strong repeat client list. Paradise Shores is well managed with many future bookings in place for year round activity. The property and operations has been modernized to digital format thereby limiting on site visit requirements in more traditional short term rental models.

The property will convey with all branding, marketing materials, software, future bookings, and more. This opportunity is completely turn key and great for new ownership to continue building the business. Every new development coming online will be high end luxury thereby increasing demand for properties like Paradise Shores as the affordable option. Current ownership takes longer term stays but does also offer shorter stays of one week when requested. This is an opportunity for new ownership to increase revenues by actively engaging shorter term stays at higher rates.

Paradise Shores has seen significant capital improvements including new furnishings, new air conditioning, new electrical service, newly lined sewer pipes, stabilization of operations, and much more. The units themselves are large more in line with private condominiums in the area making the property perfect for short term rentals. Parking is abundant as compared to similar properties in the area.

New ownership could unlock significant value in Paradise Shores by finishing the work associated with Hurricane Impact window improvements. The interior of the units are very clean as they have seen many upgrades over the years. Continued focus on interior renovations over time will continue to position Paradise Shores amongst the best lodging options on the beach!

Paradise Shores is an attractive investment opportunity for those looking for extremely well located property in a rapid growth and redevelopment area on the coast. These opportunities are not easy to find, act now to secure your next property investment in this rapidly changing market here in Pompano Beach!

LOCATION DESCRIPTION

Paradise Shores is located steps from the Atlantic Ocean in the City of Pompano Beach. Pompano Beach is located north of Fort Lauderdale, and South of Boca Raton in Broward County and in the South Florida MSA.

The property enjoys an amazing beachside location, just steps to the pristine white sand beach and warm blue waters of the Atlantic Ocean. This location is known for the vast opportunities for outdoor water activities including snorkeling, scuba diving, shipwreck park, paddleboarding, kayaking, jet skiing, boating, and world class fishing. The first coral reef begins just off the shoreline and is accessible from the sand!

Pompano Beach Park and Pier has seen a renaissance of new construction, thereby executing a new vision for this beachfront enclave by city officials. With one of the only active community redevelopment agencies on the beach, the City of Pompano Beach has tirelessly brought new investment dollars into the area because of their far reaching efforts to re-imagine this precious shoreline!

This new vision, is to become a premier luxury destination, attracting both residents and tourists with high-end accommodations, dining, and cultural attractions. Incoming names include, Ritz-Carlton, Waldorf Astoria, Armani, The W, Salato, Solemar, Casamar, and Ocean 580 to name a few. These international brands will absolutely lift the global profile for this little slice of South Florida heaven!

• Value Add Multifamily or Short Term Rental Building via Continued Renovations

• Prime A+ Beachside Location | Steps to Sand

• ADR $137.78 | October 1, 2024 Through September 30, 2025

• Occupancy 85.32% | October 1, 2024 Through September 30, 2025 | 2,490 of 2,920 Nights Sold

• New Furniture and Furnishings | +/- $150,000.00 Invested

• Operating as Short Term Rental

• Professional Branding and Stabilized Operations to Elevate and Unlock Additional Revenue Sources

• New Exterior Electric Service and Meter Cans

• Newly Lined Sewer Pipes as Renovation

• Partial Hurricane Impact Window Installations

• Desirable Unit Mix | (4) 2-2 (4) 1-1 Large Enclosed Patios

Atlantic Sun Apartments is operating as a hotel with a base of returning tenants year over year with limited advertising spend. Currently self-managed, Atlantic Sun Apartments specializes in seasonal and short term rentals with a focus on extended stay starting with 30-day tenancy.

The unit mix is highly desirable for both the short term rental and annual rental markets. Atlantic Sun Apartments is primed to grow with the area and there is an opportunity to add value through a strategy of renovations and online marketing.