1 Tropical Dr
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1 Tropical Dr
8 Unit Apartment Building $2,950,000 ($368,750/Unit) 4.84% Cap Rate Ocean Ridge, FL 33435
Investment Highlights
- Prime Location: Located in Ocean Ridge, a prestigious and highly desirable area in Florida.
- Investment Potential: Ideal for investors looking for a stable income property with strong appreciation.
- Outdoor Space: features patios, swimming pool, barbecue, Etc.
- Deeded Ocean Access: Provides exclusive access to a private beach.
- Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood.
- Community Appeal: Ocean Ridge is known for its community feel, safety, and exclusivity.
Executive Summary
Ocean Ridge is a hidden gem in South Florida, offering a rare combination of coastal charm, luxury, and strong investment potential. This 8-unit multi-family property not only provides immediate rental income but also offers significant redevelopment opportunities. With Ocean Ridge's limited land availability, pristine beaches, and upscale residential atmosphere, real estate values have steadily appreciated, making it a prime location for investors seeking long-term growth. Whether you're looking to capitalize on the demand for high-end living or pursue redevelopment opportunities, Ocean Ridge stands out as an excellent place to invest in real estate.
The residential real estate market in Ocean Ridge, Florida, is defined by its exclusivity, coastal luxury, and high property values. As a small, upscale community nestled between Boynton Beach and Delray Beach, Ocean Ridge is known for its pristine beachfront properties and serene, laid-back atmosphere. Demand for homes in this sought-after enclave remains strong due to its limited supply of available properties, privacy, and proximity to the ocean.
Home prices in Ocean Ridge have consistently trended upward, with oceanfront properties and those with direct beach access commanding premium prices. Properties typically range from high-end single-family homes to luxury townhomes and condos, with some redevelopment potential for investors looking to capitalize on the growing market. Many homes feature high-end amenities and expansive views, appealing to affluent buyers seeking second homes, vacation properties, or primary residences in an exclusive coastal setting.
Deeded beach access provides several valuable advantages for property owners in Ocean Ridge, Florida:
Exclusive Private Access: Property owners with deeded beach access enjoy a private entry point to the beach, offering a more serene and uncrowded experience compared to public access areas. This exclusivity is highly desirable in a prestigious community like Ocean Ridge.
Increased Property Value: Homes with deeded beach access typically command higher market values. This feature adds a premium to properties, making them more attractive to buyers looking for luxury and convenience.
Enhanced Lifestyle: Owners can enjoy the beach at their leisure without worrying about parking, public restrictions, or crowds. This enhances the coastal living experience and offers a sense of privacy and tranquility.
The residential real estate market in Ocean Ridge, Florida, is defined by its exclusivity, coastal luxury, and high property values. As a small, upscale community nestled between Boynton Beach and Delray Beach, Ocean Ridge is known for its pristine beachfront properties and serene, laid-back atmosphere. Demand for homes in this sought-after enclave remains strong due to its limited supply of available properties, privacy, and proximity to the ocean.
Home prices in Ocean Ridge have consistently trended upward, with oceanfront properties and those with direct beach access commanding premium prices. Properties typically range from high-end single-family homes to luxury townhomes and condos, with some redevelopment potential for investors looking to capitalize on the growing market. Many homes feature high-end amenities and expansive views, appealing to affluent buyers seeking second homes, vacation properties, or primary residences in an exclusive coastal setting.
Deeded beach access provides several valuable advantages for property owners in Ocean Ridge, Florida:
Exclusive Private Access: Property owners with deeded beach access enjoy a private entry point to the beach, offering a more serene and uncrowded experience compared to public access areas. This exclusivity is highly desirable in a prestigious community like Ocean Ridge.
Increased Property Value: Homes with deeded beach access typically command higher market values. This feature adds a premium to properties, making them more attractive to buyers looking for luxury and convenience.
Enhanced Lifestyle: Owners can enjoy the beach at their leisure without worrying about parking, public restrictions, or crowds. This enhances the coastal living experience and offers a sense of privacy and tranquility.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro forma - 2024) Click Here to Access |
Annual | Annual Per SF |
---|---|---|
Gross Rental Income | $99,999 | $9.99 |
Other Income | $99,999 | $9.99 |
Vacancy Loss | $99,999 | $9.99 |
Effective Gross Income | $99,999 | $9.99 |
Taxes | $99,999 | $9.99 |
Operating Expenses | $99,999 | $9.99 |
Total Expenses | $99,999 | $9.99 |
Net Operating Income | $99,999 | $9.99 |
Financial Summary (Pro forma - 2024) Click Here to Access
Gross Rental Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Other Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Vacancy Loss | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Effective Gross Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Taxes | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Operating Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Total Expenses | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Net Operating Income | |
---|---|
Annual | $99,999 |
Annual Per SF | $9.99 |
Property Facts
Price | $2,950,000 | Apartment Style | Low Rise |
Price Per Unit | $368,750 | Building Class | C |
Sale Type | Investment | Lot Size | 0.30 AC |
Cap Rate | 4.84% | Building Size | 4,283 SF |
Gross Rent Multiplier | 16 | Average Occupancy | 100% |
No. Units | 8 | No. Stories | 1 |
Property Type | Multifamily | Year Built/Renovated | 1956/2017 |
Property Subtype | Apartment | Parking Ratio | 2.33/1,000 SF |
Price | $2,950,000 |
Price Per Unit | $368,750 |
Sale Type | Investment |
Cap Rate | 4.84% |
Gross Rent Multiplier | 16 |
No. Units | 8 |
Property Type | Multifamily |
Property Subtype | Apartment |
Apartment Style | Low Rise |
Building Class | C |
Lot Size | 0.30 AC |
Building Size | 4,283 SF |
Average Occupancy | 100% |
No. Stories | 1 |
Year Built/Renovated | 1956/2017 |
Parking Ratio | 2.33/1,000 SF |
Unit Amenities
- Air Conditioning
- Ceiling Fans
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Dining Room
- Garden
- Patio
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Pool
- Gated
- Grill
- Lounge
Unit Mix Information
Description | No. Units | Avg. Rent/Mo | SF |
---|---|---|---|
Studios | 3 | - | - |
1+1 | 5 | - | - |
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zoning
Zoning Code | RMM (Zoning: RMM –Medium density multifamily) |
RMM (Zoning: RMM –Medium density multifamily) |
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1 Tropical Dr
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