1241 W River Drive 116, Margate, FL 33063

$2,626,000

Virtual Tour

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

Property Type: Commercial Sale Square Footage: 11,671 Status: Closed

Current Price: $2,626,000 List Date: 5/02/2026 Last Modified: 7/13/2026

Overview

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 ... (Read more)

Listing Details MLS# A12001683

General Property Information

Number Of Buildings: 2
Property Sub Type: Multi Family
Number Of Units Total: 2
Occupant Type: Call Listing Agent
Building Area Main: 11671
Year Built: 1958
Lot Size Area: 31089
Lot Size Acres: 0.71

Property Features

Flooring: Tile; Vinyl; Other Location of Property: In Residential Area Parking Features: Shared Possession: Negotiable Tenant Pays: Electricity; Interior Electric; Other Construction Materials: Block Listing Terms: Cash; Conventional; Other Road Frontage Type: City Street Roof: Built-Up Sewer: Public Sewer Water Source: Public Showing Requirements: Call Listing Agent Contingencies: Other Acreage Description: 1/2 To Less Than 1 Acre Lot

Contract Information

Comp Sale YN: No
Original List Price: 2800000

Location and Legal

Country: United States
County Or Parish: Broward
County Parish Name: Broward
Street Number: 1241
Street Direction Prefix: W
Street Name: River
Street Suffix: Drive
Unit Number: 116
City Name: Margate
State Or Province: FL
Postal Code: 33063
Postal Code +4: 3544
Area: 3632
Geographic Area: Other
Parcel Number: 484125040140
Subdivision Number: 4
Multiple Offers Accepted: Yes
Zoning: R-3
Flood Zone: AE,X

Financial Information

Tax Annual Amount: 46709
Tax Year: 2025
Tax Legal Description: MARGATE 3RD ADD-RESUB OF POR 47-25 B LOT 1,2 BLK Y

Status Change Information

Major Change Timestamp: 2026-07-13T04:00:00Z
Major Change Type: Status Change
Status Change Date: 2026-07-13
Under Contract Date: 2026-06-14
Close Date: 2026-07-13
Close Price: 2626000
Buyer Financing: Cash

More Information

Description of Unit Type 1

Unit Type: 1 Bedroom
Units Total: 12

Description of Unit Type 2

Unit Type: 2 Bedroom
Units Total: 4

Buyer Details

Country of Origin: United States
Intended Use: Investment
Buyer State: Florida
Zip Code: 33063

Concessions

Seller Concessions: No

Price Calculations

Current Price To SqFt: 225

Section Details

Parcel Number MLX: 0140

Originating Details

Originating System Key: 455075142
Originating System ID: M00000151

Office/Member Information

DXORIGMLSID: SEF

Flooring

Tile: Yes
Vinyl: Yes
Other: Yes

Parking Features

Shared: Yes

Tenant Pays

Electricity: Yes
Interior Electric: Yes
Other: Yes

Location of Property

In Residential Area: Yes

Possession

Negotiable: Yes

Sewer

Public Sewer: Yes

Construction Materials

Block: Yes

Listing Terms

Cash: Yes
Conventional: Yes
Other: Yes

Road Frontage Type

City Street: Yes

Roof

Built-Up: Yes

Water Source

Public: Yes

Showing Requirements

Call Listing Agent: Yes

Contingencies

Other: Yes

Acreage Description

1/2 To Less Than 1 Acre Lot: Yes

Listing Office: Fausto Commercial Realty Consultants Inc

Last Updated: July - 13 - 2026

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