Ocean Terrace

Description

Set on a 5.29-acre elevated property overlooking the beach and ocean along West Bay Street, The Ocean Terraces present a one-of-a-kind opportunity to acquire a turnkey, 16-unit condominium building. The property is fully furnished with move-in-ready residences and includes ample land for at least two additional similar buildings on the hilltop above the existing structure. The current building is configured as follows: there are four penthousesaEuro two with two bedrooms and two with three bedrooms. All penthouses feature soaring 14-foot ceilings and top-of-the-line appliances, including wine coolers. The three-bedroom units offer spacious master bathrooms with standalone bathtubs and bidets. In addition, there are ten two-bedroom, two-bathroom units, each equipped with Viking appliances and wine coolers, as well as two one-bedroom units with a den. Every residence boasts large ocean-facing terraces and in-unit laundry facilities. All ocean facing french doors have fully automated roll down shutters. The Ocean Terraces offer excellent potential for multiple income streams. The existing units are turnkey and can be rented immediately, either short or long term. Alternatively, the building could be converted into a condominium or co-op, with the units sold individually. With a significant amount of developable land above the existing structure, a developer has the opportunity to construct at least two additional buildings. With recent changes easing height restrictions, the potential for more units per building further increases the overall development yield. The Ocean Terraces are located within a completely gated community featuring a large, recently renovated pool, a gym, and ample parkingaEuro including covered spaces for all units. The walkways and stairs are finished with travertine tiles and enhanced with sleek, contemporary lighting. Altogether, this turnkey development opportunity is unmatched, offering 16 fully furnished units and exceptional future development potential.