Building Description
Executive Summary
The Malibu Apartments is a 14-unit apartment building located in Pompano Beach on SE 12th Street, east of A1A and about a block from the beach and Atlantic Ocean. The property has been very well maintained and consists of 12 one-bedroom/one-bathroom units with about 655 SF and two two-bedroom/one-bathroom units with about 830 SF. The units have central air-conditioning and heat, many of which have been changed recently. Water, sewer and trash removal are included in the rent. The property was built in 1971 and sits on a .31 acre site.
The property is in an excellent location on the barrier island in Pompano Beach walking distance to the beach and between Atlantic Boulevard and Lauderdale by the Sea, east of the Intracoastal Waterway. The area is made up of low-density residential buildings, low rise condominiums and single-family homes with hotels, resorts and high-rise condominiums along A1A. The neighborhood is a very sought after area, attracting a wide range of residents who are drawn to the area because of its close proximity to the Atlantic Ocean.
An investor has the opportunity to acquire a very well-maintained apartment building with the ability to increase the rental income. The Malibu Apartments is priced at $3,200,000 which comes to $228,571 a unit and $336 a SF.
Approved Uses by Zoning — Multiple-Family Residence 20 (RM-20)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
Dwelling, Multifamily, Dwelling, Single-Family, Dwelling, Two-Family, Family Community Residence, Transitional Community Residence, Recovery Community, Continuing Care Retirement Community, Nursing Home Facility, Arboretum or Botanical Garden, Community Garden, Park or Plaza, Utility Use, Minor
With special approval
Dwelling, Single-Family (Zero Lot Line), Rooming or boarding house, Community Center, Library, Museum, Senior Center, Youth Center, Adult Day Care Center, Child Care Facility, School, Elementary, Fire or EMS Station, Police Station, Post Office, Place of Worship, Professional Office, Bank or Financial Institution, Condo Hotel, Bed and Breakfast Inn, Hotel or Motel, Eating and Drinking Establishment as accessory use to a hotel/condo hotel (special exception; hotel or condo hotel must have 50+ rooms), Golf Course
Read the full RM-20 zoning guide ›
