This property is a two story building containing 14 studio apartments. There is a pool and laundry room for the building. The property has been recently renovated with all units having been painted and new appliances having been installed. Electrical and sewer systems all updated and in good repair. The building has been sealed and repainted. Can be used for current use or redeveloped. The zoning is RM-20.
The building is on the corner of Ocean Blvd. (A1A) and Sixth St. It is across A1A from the beach and has DEEDED BEACH ACCESS. There is approximately 76 feet of frontage on A1A and 128 feet on Sixth St.
Omicrom Development, LLC principal, Dan Statlander, identified this acquisition as an "Add Value" opportunity. Mr. Statlander assembled an equity partnership, negotiated the purchase transaction, and subsequently leased the property with a 10 year NNN lease resulting in a 11.67% cash-on-cash return for the ownership group.