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831 N Ocean Blvd
Pompano Beach, FL 33062
The Palms On Ocean & Foodmart · Hospitality Property For Sale
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16 Rooms
Investment Highlights
- 16-room stabilized motel and food mart
- .28-acre lot offering redevelopment potential
- Strong local demand for short-term rentals
- Prime location with appreciating land value
- Less than 100 yards from public beach access
Executive Summary
Cushman & Wakefield is proud to present for sale The Palms on Ocean, a 16-room hotel and food mart located steps away from the Atlantic Ocean on North Ocean Blvd. This is a unique investment opportunity offering multiple income streams and an excellent location in the heart of the developing submarket of Pompano Beach. The hotel offers a relaxing getaway with the convenience of on-site parking, a food mart, and a pool for its guests all within a minute’s walk from the beach.
The Palms on Ocean has been owner-operated for over three decades and provides investors with strong earning potential and appreciating land value. The property is situated on a .28-acre lot offering potential future redevelopment and renovation. Recent upgrades include but are not limited to a new roof completed in 2018, a resurfaced parking lot, impact windows, a well-maintained pool, and each room equipped with a kitchenette.
Strategically located within a few yards of the shoreline, this hospitality asset capitalizes on South Florida’s established tourism industry. Furthermore, the submarket of Pompano Beach has been experiencing an influx of new development drawing new dining, shopping, and entertainment experiences within a few miles of the subject property. New developments include the luxury condos (CasaMar, Waldorf Astoria, The W, and Rosewood Residences) which offer new retail and F+B locations. Notable attractions in the area include a wide array of recreational and shopping opportunities like the Pompano Beach Pier, Pompano Golf Course, and the Citi Centre. This is an ideal investment opportunity to capitalize on a stabilized hospitality asset situated in a prime location with long-term upside.
The Palms on Ocean has been owner-operated for over three decades and provides investors with strong earning potential and appreciating land value. The property is situated on a .28-acre lot offering potential future redevelopment and renovation. Recent upgrades include but are not limited to a new roof completed in 2018, a resurfaced parking lot, impact windows, a well-maintained pool, and each room equipped with a kitchenette.
Strategically located within a few yards of the shoreline, this hospitality asset capitalizes on South Florida’s established tourism industry. Furthermore, the submarket of Pompano Beach has been experiencing an influx of new development drawing new dining, shopping, and entertainment experiences within a few miles of the subject property. New developments include the luxury condos (CasaMar, Waldorf Astoria, The W, and Rosewood Residences) which offer new retail and F+B locations. Notable attractions in the area include a wide array of recreational and shopping opportunities like the Pompano Beach Pier, Pompano Golf Course, and the Citi Centre. This is an ideal investment opportunity to capitalize on a stabilized hospitality asset situated in a prime location with long-term upside.
Property Facts
| Sale Type | Investment | Building Size | 5,734 SF |
| Sale Condition | Redevelopment Project | No. Rooms | 16 |
| Property Type | Hospitality | No. Stories | 2 |
| Property Subtype | Hotel | Year Built/Renovated | 1954/2018 |
| Building Class | C | Parking Ratio | 3/1,000 SF |
| Lot Size | 0.28 AC | Corridor | Exterior |
| Zoning | RM-20 - District for moderate-density multifamily; permits single/two-family, townhomes, limited nonresidential. | ||
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 5,734 SF |
| No. Rooms | 16 |
| No. Stories | 2 |
| Year Built/Renovated | 1954/2018 |
| Parking Ratio | 3/1,000 SF |
| Corridor | Exterior |
| Zoning | RM-20 - District for moderate-density multifamily; permits single/two-family, townhomes, limited nonresidential. |
Amenities
- Pool
- On-Site Retail
- Patio
- Public Access Wifi
- Fully-Equipped Kitchen
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 2 | $230.99 CAD | - |
| Guest Room | 14 | $148.98 CAD | - |
Property Taxes
| Parcel Number | 48-43-31-10-0140 | Improvements Assessment | $3,447,088 CAD |
| Land Assessment | $336,244 CAD | Total Assessment | $3,783,332 CAD |
Property Taxes
Parcel Number
48-43-31-10-0140
Land Assessment
$336,244 CAD
Improvements Assessment
$3,447,088 CAD
Total Assessment
$3,783,332 CAD
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