Multifamily in 1241 W River Dr 1-16 Margate for sale with MLS# A12001683
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.
1241 W River Dr 1-16, Margate, FL 33063
- Price:
- $2,800,000.00
- Original List Price:
- $2,800,000.00
- Tenant Pays:
- Electricity, Other
- Listing Type:
- For Sale
- Status:
- Active
- Listing Category:
- Commercial Sale
- Property Type:
- Multifamily
- MLS Number:
- A12001683
- Description of Last Important Update:
- New Listing
- Last Major Update on:
- May 2, 2026 11:25 pm
- Built-Up Area:
- 11,671 Sqft
- Lot Area:
- 31,089 Sqft
- Lot Size Unit:
- Square Feet
- Lot Size Acres:
- 0.71
- Waterfront:
- No
- Waterfront Features:
- Lake Front
- Year Built:
- 1958
- Roof:
- Built-up
- Number of Buildings:
- 2
- Number of Units Total:
- 16
- Levels:
- Two
- Construction Materials:
- Block
- Flooring:
- Tile, Other, Vinyl
- Structure Type:
- Apartment
- Stories:
- 2
- Road Frontage Type:
- City Street
- Tax Annual Amount:
- $46,709.00
- Tax Year:
- 2025
- Covered Spaces:
- 0
- Parking Features:
- Common
- Sewer:
- Public Sewer
- Water Source:
- Public
- Senior Community:
- No
- Listing Terms Considered by Seller:
- Cash, Conventional, Other
- Occupant Type:
- Call Agent
- Buyer Possession:
- Closing And Funding
- Tax Legal Description:
- MARGATE 3RD ADD-RESUB OF POR 47-25 B LOT 1,2 BLK Y
- Real Estate Folio Number (Parcel Number):
- 484125040140
- Zoning Description:
- R-3
- Originally published on:
- May 2, 2026 11:25 pm
- Active on the market since:
- May 2, 2026
- Price change occurred on:
- April 15, 2026 2:19 pm
- Listing Status Last Changed On:
- May 2, 2026 11:25 pm
- Photos updated on:
- May 3, 2026 3:30 am
- Last Modified:
- May 3, 2026 8:10 am
- Flood Zone:
- AE, X
- Subdivision Number:
- 4
- Courtesy of:
- Fausto Commercial Realty Consultants Inc
- Attribution:
- Not provided
- Street Name:
- River Dr
- Street Number:
- 1241
- Unit Number:
- 1-16
- City:
- Margate
- State:
- Florida
- Zip Code:
- 33063
- County:
- Broward
- Latitude:
- N26° 14' 37.2''
- Longitude:
- W81° 47' 27.6''
- Street Direction Prefix:
- W
Neighborhood Stats
Source: U.S. Census Bureau, ACS 5-Year Estimates
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