3401 NE 10th St # 12, Pompano Beach FL 33062

For sale Days on market 3

Atlantic Terrace 3401 [ Hotel/Motel ]

$2,500,000

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Overview

Year Built

1980

7400 sqft

Property Type

Hotel/Motel

Property Description

7 apartments of the 11 total are available for purchase in this beautiful 4 story condominium located directly on the sand. The 7 (full kitchens and fully furnished) were purchased as a family retreat 16 years ago. You must come and experience the tranquility of the property to appreciate what it has to offer – Spectacular views, heated pool, private beach area, convenient parking, elevator, 2 laundry rooms… Per the recently completed Structural Integrity Reserve Study the property is well maintained plus it has a new roof, pool heater / pump and standpipe fire system. The condo association monthly fee is only $650 per apartment, and there is $20,000 in the reserve fund. The other 4 owners are out of state and seldom use their apartment. Per the Association’s condo attorney, owning 51% of the apartments provides the opportunity to replace board members and thereby have partial control of the Association. And when an owner decides to sell, you have the first right of refusal to purchase their apartment. In addition to being a family retreat, the apartments have tremendous potential to be positioned as an upscale boutique hotel. The asking price per apartment for this direct oceanfront gem is less than many dry lot properties located on the west side of A1A! Ok to drive by but listing agent must schedule and accompany site visits.

Property Details

MLS#

A11937788

Total Floor in Bldg

Building

Atlantic Terrace 3401

Address

3401 10th St NE

City

Pompano Beach

State/county

Zip/Postal Code

33062

Area

Country

United States

HOA

Assoc Fee

$650

Assoc Fee Pd

Monthly

Tax Amount

$--

Maint Fee

$--

Tax Year

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