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Tropical View Apartments 1241-1251 W River Dr 16 Unit Apartment Building $2,770,000 ($173,125/Unit) 7.27% Cap Rate Margate, FL 33063
Investment Highlights
- Fully Occupied Asset: 100% leased 16-unit property providing immediate and stable cash flow.
- Recent Capital Improvements: New concrete roof installed in 2022, minimizing near-term capital needs.
- Compelling Value-Add Opportunity: Renovated units with additional upside through continued interior upgrades and rent growth.
- Attractive In-Place Returns: Strong 7.19% going-in cap rate with reliable income performance.
- Expansive Lakefront Setting: Situated on a 0.71-acre waterfront parcel with long-term appreciation potential.
Executive Summary
Tropical View Apartments is a beautiful 16-unit multifamily asset located in Margate at 1241–1251 W River Dr, set on a generous 0.71-acre lakefront parcel. The property is comprised of two two-story buildings constructed of concrete block with a stucco finish, featuring four oversized 2-bedroom/1-bath units averaging approximately 1,118 SF and twelve 1-bedroom/1-bath units averaging approximately 600 SF. Originally built in 1958, the asset has been well maintained and includes a newer 2022 concrete roof, with a portion of the units renovated with wood kitchen cabinetry, granite countertops, and ceramic tile flooring, offering a mix of classic structure and updated interiors. The property is 100% occupied and provides a strong 7.19% going-in cap rate, generating immediate and stable cash flow. Conveniently located just west of State Road 7, tenants benefit from quick access to nearby retail and dining such as Coral Square Mall, along with connectivity to the Florida Turnpike and major employment corridors. The combination of full occupancy, recent capital improvements, and a large waterfront lot positions the property well for continued performance with the ability to further enhance returns over time.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$292,620
|
$25.07
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$292,620
|
$25.07
|
| Taxes |
$41,909
|
$3.59
|
| Operating Expenses |
$49,400
|
$4.23
|
| Total Expenses |
$91,309
|
$7.82
|
| Net Operating Income |
$201,311
|
$17.25
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $292,620 |
| Annual Per SF | $25.07 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $292,620 |
| Annual Per SF | $25.07 |
| Taxes | |
|---|---|
| Annual | $41,909 |
| Annual Per SF | $3.59 |
| Operating Expenses | |
|---|---|
| Annual | $49,400 |
| Annual Per SF | $4.23 |
| Total Expenses | |
|---|---|
| Annual | $91,309 |
| Annual Per SF | $7.82 |
| Net Operating Income | |
|---|---|
| Annual | $201,311 |
| Annual Per SF | $17.25 |
Property Facts
| Price | $2,770,000 | Apartment Style | Garden |
| Price Per Unit | $173,125 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.71 AC |
| Cap Rate | 7.27% | Building Size | 11,671 SF |
| Gross Rent Multiplier | 9.15 | 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 | $2,770,000 |
| Price Per Unit | $173,125 |
| Sale Type | Investment |
| Cap Rate | 7.27% |
| Gross Rent Multiplier | 9.15 |
| 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 - 700 |
| 2+1 | 4 | - | 892 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 48-41-25-04-0140 | Total Assessment | $2,472,770 (2026) |
| Land Assessment | $217,620 (2026) | Annual Taxes | $41,909 ($3.59/SF) |
| Improvements Assessment | $2,255,150 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
48-41-25-04-0140
Land Assessment
$217,620 (2026)
Improvements Assessment
$2,255,150 (2026)
Total Assessment
$2,472,770 (2026)
Annual Taxes
$41,909 ($3.59/SF)
Tax Year
2025
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Tropical View Apartments | 1241-1251 W River Dr
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