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Oceanfront Repositioning and/or Redevelopment Opportunity

Oceanfront Multifamily

SOLD: Oceanfront Multifamily + Intracoastal Development Site

Castle Reef | 1205 Hillsboro Mile
Hillsboro Beach, Broward County, Florida

CapasGroup Realty Advisors, as exclusive marketing agent, presents Castle Reef, an exciting, oceanfront multifamily investment opportunity consisting of a 12-unit oceanfront building plus 1.085 acres of vacant, multifamily land fronting the Intracoastal Waterway.  The property extends from the Atlantic Ocean to the Intracoastal Waterway along Hillsboro Mile (aka Millionaire’s Mile) in the affluent barrier island community of Hillsboro Beach.

PROPERTY DETAILS

  • Three-story, 12-unit oceanfront building constructed in 1985
  • Extraordinary views of the Ocean to the east and the Intracoastal Waterway to the west
  • Average unit size is approximately 1,500 square feet
  • Basement parking for 18 cars plus exterior surface parking lot (10 cars)
  • Offering includes 1.085 acres of multifamily land fronting the Intracoastal Waterway zoned to permit 16 units per acre

INVESTMENT DRIVERS

  • Rare, oceanfront multifamily offering on the affluent barrier island of Hillsboro Beach
  • Unobstructed ocean views to the north and east
  • Existing building is an ideal candidate for re-positioning or redevelopment
  • Nearby, oceanfront condominiums are priced over $1,000 psf
  • Existing condominium documents will facilitate condo sellout
  • Intracoastal development site is one of the last vacant sites remaining on the island

ABOUT HILLSBORO BEACH

  • Exclusive, barrier island in northern Broward County just 1.5 miles south of Boca Raton
  • All beaches on Hillsboro Beach are private.  Public access is very limited.
  • A highly affluent community, Hillsboro Beach is home to some of South Florida’s wealthiest residents

USEFUL LINKS

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