1241 Riv Dr Margate, FL 33063

This fee-simple, 16-unit apartment building presents a compelling value-add opportunity in Margate, Florida. Located on a 0.71-acre lakefront lot, this two-story, 11,671 square foot property boasts a strong rental market. Built in 1958, the complex comprises two buildings and features a mix of unit sizes: four two-bedroom/one-bathroom units (1,118 sq ft each) and twelve one-bedroom/one-bathroom units (600 sq ft each). Many units include upgraded wood cabinets, granite countertops, and ceramic tile flooring. The property currently enjoys an 81% occupancy rate, generating a Net Operating Income (NOI) of $195,881, with a pro-forma NOI of $214,354 and a pro-forma cap rate of 7.39%. The asking price is $2,900,000, representing a price per unit of $181,250 and a price per square foot of $248.48. The property's convenient location near State Road 7 provides easy access to major thoroughfares, and its proximity to retail, restaurants, and bars enhances its appeal to renters. This Class C multifamily investment offers significant potential for increased profitability through further value-add improvements. The property is situated in a high-density neighborhood, offering a strong foundation for future growth and returns. This is a rare opportunity to acquire a well-located, multifamily property in a thriving market.