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1 Tropical Dr 8 Unit Apartment Building $2,795,000 ($349,375/Unit) 4.46% Cap Rate Ocean Ridge, FL 33435
INVESTMENT HIGHLIGHTS
- 1 block to the beach
- Close proximity to restaurants, shopping, and parks.
- 2 miles to I-95
EXECUTIVE SUMMARY
Prime Location: Located one block from the beach in Ocean Ridge, a prestigious and highly desirable area in Florida.
8 units comprised of 3 studios and five 1 bed, 1 bath. All on separate elec. meters. Shared coin laundry. 100% occupied, annual leases. Some rents are lower than market due to the lease length of time.
Investment Potential: Ideal for investors looking for a stable income property with strong appreciation. Outdoor Space: features patios, swimming pool, barbecue, Etc.
Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood. Community Appeal: Ocean Ridge is known for its community feel, and exclusivity.
8 units comprised of 3 studios and five 1 bed, 1 bath. All on separate elec. meters. Shared coin laundry. 100% occupied, annual leases. Some rents are lower than market due to the lease length of time.
Investment Potential: Ideal for investors looking for a stable income property with strong appreciation. Outdoor Space: features patios, swimming pool, barbecue, Etc.
Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood. Community Appeal: Ocean Ridge is known for its community feel, and exclusivity.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$184,200
|
$43.01
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$184,200
|
$43.01
|
| Taxes |
$20,799
|
$4.86
|
| Operating Expenses |
$38,670
|
$9.03
|
| Total Expenses |
$59,469
|
$13.88
|
| Net Operating Income |
$124,731
|
$29.12
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $184,200 |
| Annual Per SF | $43.01 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $184,200 |
| Annual Per SF | $43.01 |
| Taxes | |
|---|---|
| Annual | $20,799 |
| Annual Per SF | $4.86 |
| Operating Expenses | |
|---|---|
| Annual | $38,670 |
| Annual Per SF | $9.03 |
| Total Expenses | |
|---|---|
| Annual | $59,469 |
| Annual Per SF | $13.88 |
| Net Operating Income | |
|---|---|
| Annual | $124,731 |
| Annual Per SF | $29.12 |
PROPERTY FACTS
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Dining Room
- Garden
- Patio
SITE AMENITIES
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Gated
- Grill
- Lounge
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | - |
| 1+1 | 5 | - | - |
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