Tropical View II Apartments

1241 West River Drive, Margate, FL

$2,900,000

Price

6.57%

Cap Rate

7.39%

Pro Forma Cap Rate

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Street
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Overview
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
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.

Highlights
  • Strong Margate Rental Market
  • Located Just Off Of State Road 441 and Atlantic Boulevard
  • Tile Flooring Throughout
  • Clean, Quiet Lakefront Property
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Location
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