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Est. payment /mo
11,671 SqFt
Pending
1241 W River DR #116 Margate, FL 33063
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Pending
Purchase Type For Sale
Square Footage 11,671 sqft
MLS Listing ID A12001683
HOA Y/N No
Year Built 1958
Annual Tax Amount $46,709
Tax Year 2025
Contingent Other
Lot Size 0.710 Acres
Acres 0.71
Property Sub-Type Multi Family
Property Description
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.
Location
State FL
County Broward
Area 3632
Region Margate
City Region Margate
Interior
Flooring Other, Tile, Vinyl
Fireplace No
Exterior
Parking Features Common
Water Access Desc Public
Roof Type Built-Up
Road Frontage City Street
Building
Lot Description Residential Lot
Sewer Public Sewer
Water Public
Others
Pets Allowed No
Tax ID 484125040140
Acceptable Financing Cash, Conventional, Other
Listing Terms Cash, Conventional, Other
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12001683
Listed by Elior Levi Fausto Commercial Realty Consultants Inc