1020 N Riverside Drive

Property Description

Incredible opportunity to acquire a 28-unit multifamily property located just steps from the beach in booming Pompano Beach. The property is approximately 75% leased and in the process of being fully stabilized, offering immediate upside for investors. At full occupancy, the asset is projected to gross $50,000 per month in rental income (long term rents), with an NOI approaching $425,000 annually making this a high-yielding cash-flow investment. Located less than 300 yards from Pompano's pristine public beaches! Views of both the intracoastal and the ocean! Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. The unit mix consists of approximately 23 "studios" with each one having its own kitchenette and full bathroom. The remaining five(5) units consist of four (4) oversized studios and the largest unit is a full 1 BD, 1 BA unit. The studio units are rented on long term (annual) leases with an average price of approximately $1,800/month. The larger studios and the 1 BD, 1 BA are averaging closer to $2,000/month. Ideally positioned east of the intracoastal and one block from the Intracoastal, the property is walkable to the beach, Pompano Pier, and the newly revitalized Fishing Village. This area has become a destination with major public and private investment pouring in, including high-end residential towers, hotel-branded residences, and infrastructure upgrades, including marquee projects like the Waldorf Astoria Residences (70% pre-sold), Ritz-Carlton and Armani/Casa towers, Salato condos, and Mayla multifamily communities  underscoring strong investor confidence. Pompano Beach's transformation into a premier coastal hotspot makes this an attractive long-term hold. With strong fundamentals, a desirable location, and significant income potential, this is a rare opportunity to invest in one of South Florida's most exciting and fast-growing beachfront markets. Property is projected at a cap rare of 7.25% once property is fully leased out and stabilized.

Overview

At a glance

Property Type

Commercial Sale

Property Sub-Type

Multi Family

Address

1020 N Riverside Drive, Pompano Beach, FL 33062

Zoning

RM-20

MLS ID

R11140438

Listing Date

2025-11-13

Last Updated

4/15/2026, 1:10:38 AM

Days on Market

164

Stories

2

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