5000 N Ocean Dr Riviera Beach FL 33404 Sold 10/12/2012

Overview of 5000 N Ocean Drive 401, Singer Island, Fl 33404

Don't miss this condo for sale in 5000 North Ocean! Lovely ne corner condominium with incredible direct ocean view. 2 balconies & 2 mstr suites. Possible future profit from land sale. This building is in poor condition and this would be an investment if a buyer were to purchase this unit. This condominium is one of 36 units that sit on a 4.75 acre site that has 385 feet of direct ocean frontage. The condominium associaition board at this property have listed the whole property for sale and have invested a significant amount to get it rezoned to a 57 unit complex and they are at an advanced stage in this process. 75% of the association voting interest would have to agree to any sale of the whole property. Hence purchasing unit #401 represents an opportunity to take part in the upside if this whole proper... (See supplement for full remarks) lovely ne corner condominium with incredible direct ocean view. 2 balconies & 2 mstr suites. Possible future profit from land sale.this building is in poor condition and this would be an investment if a buyer were to purchase this unit. This condominium is one of 36 units that sit on a 4.75 acre site that has 385 feet of direct ocean frontage. The condominium associaition board at this property have listed the whole property for sale and have invested a significant amount to get it rezoned to a 57 unit complex and they are at an advanced stage in this process. 75% of the association voting interest would have to agree to any sale of the whole property. Hence purchasing unit #401 represents an opportunity to take part in the upside if this whole property were to sell and be converted into a luxury ocenfront condominium development. A recent appraisal valued this property at $18 million. #401 owns 5.5% of the overall property, hence this unit's list price of 224,995 reflects a total property value of less than $8 million. If the complete property sold for the appraised value the owner of #401 would receive far in excess of 224,995.

This lovely condo was built in 1964 and features 2 bedrooms, and 2 full bathrooms plus 1 half bath. This condo for sale is 2,500 square feet, with 1,805 sq ft being air conditioned living space. The condo does not have a private swimming pool.

Directions to this property are as follows: Pga East To Ocean Drive.

Please contact your ZFC agent for more information about MLS# RX-3209290 or any other condos for sale in Singer Island or elsewhere in the Palm Beach County area.