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Tropical View Apartments Margate 1241-1251 W River Dr 16 Unit Apartment Building $2,950,000 ($184,375/Unit) 5.82% Cap Rate Margate, FL 33063
INVESTMENT HIGHLIGHTS
- 1958 Concrete Block Construction and a 2022 Roof
- Upgraded Cabinets, Granite Countertops, and Tile Flooring Throughout
- Located Just Off Of State Road 441 and Atlantic Boulevard
- Clean, Quiet Lakefront Property
EXECUTIVE SUMMARY
Marcus & Millichap, as exclusive listing agent, is pleased to present Tropical View Apartments, a 16-unit boutique multifamily community located at 1241–1251 W River Dr in Margate, Florida. Ideally positioned on 0.71 acres along a quiet, well-kept lake just west of State Road 7, one of Margate’s primary north–south thoroughfares, the property offers residents a peaceful living environment with convenient access to major retail centers, restaurants, and entertainment options.
Constructed in 1958, Tropical View Apartments features two concrete block, two-story buildings with a painted stucco exterior. The property is comprised of four two bedroom/ one-bathroom units averaging 1,118 square feet and twelve one-bedroom/one-bathroom units averaging 600 square feet. Select units have been upgraded with wood kitchen cabinetry, granite countertops, and ceramic tile flooring throughout, providing a blend of classic construction quality and modern interior finishes.
With its desirable waterfront setting, durable construction, and proximity to key retail and employment corridors, River Drive Apartments represents an attractive opportunity to acquire a stable, well-located asset in the growing Broward County submarket of Margate.
Constructed in 1958, Tropical View Apartments features two concrete block, two-story buildings with a painted stucco exterior. The property is comprised of four two bedroom/ one-bathroom units averaging 1,118 square feet and twelve one-bedroom/one-bathroom units averaging 600 square feet. Select units have been upgraded with wood kitchen cabinetry, granite countertops, and ceramic tile flooring throughout, providing a blend of classic construction quality and modern interior finishes.
With its desirable waterfront setting, durable construction, and proximity to key retail and employment corridors, River Drive Apartments represents an attractive opportunity to acquire a stable, well-located asset in the growing Broward County submarket of Margate.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $2,950,000 | Apartment Style | Garden |
| Price Per Unit | $184,375 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.71 AC |
| Cap Rate | 5.82% | Building Size | 11,671 SF |
| Gross Rent Multiplier | 9.44 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 1.37/1,000 SF |
| Zoning | R-3 - Residential | ||
| Price | $2,950,000 |
| Price Per Unit | $184,375 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| Gross Rent Multiplier | 9.44 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.71 AC |
| Building Size | 11,671 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | R-3 - Residential |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 600 |
| 2+1 | 4 | - | 1,118 |
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PROPERTY TAXES
| Parcel Number | 48-41-25-04-0140 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,707,910 |
PROPERTY TAXES
Parcel Number
48-41-25-04-0140
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,707,910
CONTACTS
-
Daniel Cunningham -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Cory Sanchez -
Jason Nowik -
Marcus & Millichap
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Tropical View Apartments Margate | 1241-1251 W River Dr
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