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Tropical View II Apartments

$2,900,000

1241 West River Drive, Margate, FL 33063

Pending
Last Updated: 10/09/2024

6.57

Cap Rate

7.39

Pro Forma Cap Rate

Details:
Cap Rate:    6.57%
Pro Forma Cap Rate :    7.39%
Cash-on-Cash:    4.31%
NOI:    $195,881
Building Size:    11,671 sqft
Lot Area:    0.71 acres
Occupancy:    85%
Class:    C
Units:    16
GRM:    9.39
Year Built:    1958
Price Per Sqft:    $248.48
Price Per Unit:    $181,250
Average Room Size:    729 sqft
Floors:    2
Roof:    Flat Built Up
HVAC:    Window And Wall Units
Floor:    Tile Flooring
Investment Strategy:    Value Add
Highlights:
  • Strong Margate Rental Market
  • Located Just Off Of State Road 441 and Atlantic Boulevard
  • Tile Flooring Throughout
  • Clean, Quiet Lakefront Property
Description:

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Tropical View Apartments II, a 16-unit boutique apartment community located in the city of Margate, Florida. Situated on 0.71 acres on a quiet, well-kept lake just west of State Road 7, one of the city’s major north/south thoroughfares, Tropical View Apartments II is in a high-density neighborhood predominantly consisting of retail supercenters, restaurants and bars for residents to enjoy.

The two-story residential property was constructed in 1958 of concrete block with painted stucco exterior. The property contains 16 units comprised of four (4) two-bedroom / one-bathroom units with 1,118 rentable square feet and 12 one-bedroom / one-bathroom units with 600 rentable square feet. Some upgrades to the units include wood kitchen cabinets, granite counter tops and ceramic tile flooring throughout the units.

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Tropical_View_Offering_Memorandum.pdf
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