1241-1251 W River Dr - Apartments FOR SALE


Margate, FL 33063- Margate Gardens
$2,950,000 USD
954-501-5020
1241-1251 W River Dr, Margate, FL for Sale
$2,950,000 USD
Apartments - FOR SALE
1/49
null | 5.82% Cap Rate

1241-1251 W River Dr
Margate, FL 33063
Margate Gardens


HIGHLIGHTS

  • 1958 Concrete Block Construction and a 2022 Roof
  • Located Just Off Of State Road 441 and Atlantic Boulevard
  • Upgraded Cabinets, Granite Countertops, and Tile Flooring Throughout
  • Clean, Quiet Lakefront Property

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$253 USD /SF

# OF UNITS

16

PRICE/UNIT

$184,375

CAP RATE

5.82%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Tropical View Apartments Margate

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1959

PARKING SPACES

16

LAND DETAILS

LAND ACRES

0.71 AC

LAND SF

30,928 SF

ZONING

R-3

APN/PARCEL ID

48-41-25-04-0140

ASK ABOUT THIS PROPERTY

Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

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Daniel CunninghamMarcus & MillichapMore Info
954-501-5020

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.