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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.

Data Room Click Here to Access

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
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 - -

zoning

Zoning Code RMM (Zoning: RMM –Medium density multifamily)
RMM (Zoning: RMM –Medium density multifamily)
  • Listing ID: 32057194

  • Date on Market: 6/7/2024

  • Last Updated:

  • Address: 1 Tropical Dr, Ocean Ridge, FL 33435

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