$4,250,000 = 8 Unit Condo Portfolio on Beach!
320 - 592 SF Flex Condo Units Offered at $500,000 - $750,000 Per Unit in Pompano Beach, FL 33062
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 2 days
- Property Type
-
Hospitality
Listing Contacts
Ricky Kallabat
Verified Profile
- Property Info
Property Overview
Price of $4,250,000 is for an 8 Unit Condo Portfolio right on the Beach / Ocean!!
DEVELOPER / HOTELIER / INVESTORS! Prime opportunity to buy land on the sand for a steal!! Included in this sale are 8 of the 11 units in the entire building, which means you have 100% control of the association and voting. You only need to buy out the other 3 units (2 owners), bring your new development vision to life. Pompano Beach is exploding with a development resurgence & this is still the ground floor. Billions are being poured in, including the Ritz Carlton, Waldorf Astoria, Solemar, Salato, Casamar, Ocean Six, Sky beach & more coming. Generate income through rents while you get your plans approved. Contact listing agent for most accurate info. RM-45 allows a height of 105' and requires side yard setbacks of 10'. Since lot width is 50' a developer only has floor plan width of 30'.
Check attachments for Offering Memorandum.
A. Purpose of Zoning = 45 High-Rise (RM-45 HR)
The purpose of the Multiple-Family Residence 45 High-Rise (RM-45 HR) Overlay district is to accommodate and make conforming the approximately 21 condominium developments that were constructed at heights exceeding the current highest height limit of 105 feet before that limit was established in 1974. By doing so, the RM-45 HR Overlay district is intended to reduce the number of nonconforming structures and allow compatible densities and building heights in areas with concentrations of taller buildings, while preserving physical and visual access to the beach.
B. Minimum Standards for Designation of an RM-45 HR Overlay District
The City Commission may approve an application for designation of a Multiple-Family Residence 45 High-Rise (RM-45 HR) Overlay district only if the land proposed for RM-45 HR overlay zoning:
1. Has an underlying zoning of Multiple-Family Residence 45 (RM-45);
2. Is classified as High Density Residential by the Future Land Use Plan Map of the Future Land Use Element of the Pompano Beach Comprehensive Plan;
3. Contains or abuts an existing multifamily residential building whose height exceeds 105 feet; and
4. Would make up part of a single contiguous area zoned RM-45 HR that is located at least 500 feet from any other such area zoned RM-45 HR, unless the intervening land is all located within a commercial, industrial, special, or nonresidential planned development zoning district.
C. Development Standards for RM-45 HR Overlay Districts
Development with a RM-45 HR Overlay district shall be subject to all of the use, intensity, dimensional, and development standards applicable to the underlying RM-45 zoning district except maximum height standards. No maximum height standards shall apply in the RM-45 HR Overlay district.
DEVELOPER / HOTELIER / INVESTORS! Prime opportunity to buy land on the sand for a steal!! Included in this sale are 8 of the 11 units in the entire building, which means you have 100% control of the association and voting. You only need to buy out the other 3 units (2 owners), bring your new development vision to life. Pompano Beach is exploding with a development resurgence & this is still the ground floor. Billions are being poured in, including the Ritz Carlton, Waldorf Astoria, Solemar, Salato, Casamar, Ocean Six, Sky beach & more coming. Generate income through rents while you get your plans approved. Contact listing agent for most accurate info. RM-45 allows a height of 105' and requires side yard setbacks of 10'. Since lot width is 50' a developer only has floor plan width of 30'.
Check attachments for Offering Memorandum.
A. Purpose of Zoning = 45 High-Rise (RM-45 HR)
The purpose of the Multiple-Family Residence 45 High-Rise (RM-45 HR) Overlay district is to accommodate and make conforming the approximately 21 condominium developments that were constructed at heights exceeding the current highest height limit of 105 feet before that limit was established in 1974. By doing so, the RM-45 HR Overlay district is intended to reduce the number of nonconforming structures and allow compatible densities and building heights in areas with concentrations of taller buildings, while preserving physical and visual access to the beach.
B. Minimum Standards for Designation of an RM-45 HR Overlay District
The City Commission may approve an application for designation of a Multiple-Family Residence 45 High-Rise (RM-45 HR) Overlay district only if the land proposed for RM-45 HR overlay zoning:
1. Has an underlying zoning of Multiple-Family Residence 45 (RM-45);
2. Is classified as High Density Residential by the Future Land Use Plan Map of the Future Land Use Element of the Pompano Beach Comprehensive Plan;
3. Contains or abuts an existing multifamily residential building whose height exceeds 105 feet; and
4. Would make up part of a single contiguous area zoned RM-45 HR that is located at least 500 feet from any other such area zoned RM-45 HR, unless the intervening land is all located within a commercial, industrial, special, or nonresidential planned development zoning district.
C. Development Standards for RM-45 HR Overlay Districts
Development with a RM-45 HR Overlay district shall be subject to all of the use, intensity, dimensional, and development standards applicable to the underlying RM-45 zoning district except maximum height standards. No maximum height standards shall apply in the RM-45 HR Overlay district.
Property Details
- Class
- B
- Year Built
- 1979
- Property Subtype
- Hotel
- Lot Size (sq. ft)
- 14,375 SF
- Units
- 8
Highlights
- Price of $4,250,000 is for an 8 Unit Condo Portfolio right on the Beach / Ocean!!
- Once you purchase these 8 units, you have control of the HOA and decisions.
- Pompano Beach is home to the new Ritz Carlton and all the smart new money is pouring into the area.
- Units for sale are 1, 3, 4, 7, 8, 9, 11, 12.
- You only have to buy out the other 3 owners and then you can tear down and build your dream development.
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