1241 W River DR #116, Margate, FL 33063
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1241 W River DR #116, Margate, FL 33063
1241 W River DR #116, Margate, FL 33063
1241 W River DR #116, Margate, FL 33063
1241 W River DR #116, Margate, FL 33063
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Susan Larkin

Susan Larkin

+1(781) 801-5885
$ 2,800,000
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Pending

1241 W River DR #116 Margate, FL 33063

11,671 SqFt

UPDATED:

Key Details

Property Type Commercial

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

Square Footage 11,671 sqft

Price per Sqft $239

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

Zoning R-3

Interior

Interior Features InteriorFeatures

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

Structure Type Block

Others

Tax ID 484125040140

Acceptable Financing Cash, Conventional, Other

Listing Terms Cash, Conventional, Other

Virtual Tour https://www.propertypanorama.com/instaview/mia/A12001683

BeachesMLS, Inc. (FLR) IDX
Listed by Elior Levi Fausto Commercial Realty Consultants Inc

NEARBY SCHOOLS & PROPERTIES

Susan Larkin

Susan Larkin

Advisor | License ID: SL3570527

+1(781) 801-5885

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1241 W River DR #116