1 Tropical Dr - Apartments FOR SALE


Ocean Ridge, FL 33435
$2,950,000 USD
305-335-0109
1 Tropical Dr, Ocean Ridge, FL for Sale
$2,950,000 USD
Apartments - FOR SALE
1/13
null | 4.84% Cap Rate

1 Tropical Dr
Ocean Ridge, FL 33435


HIGHLIGHTS

  • Prime Location: Located in Ocean Ridge, a prestigious and highly desirable area in Florida.
  • Deeded Ocean Access: Provides exclusive access to a private beach.
  • Investment Potential: Ideal for investors looking for a stable income property with strong appreciation.
  • Redevelopment Opportunity: Potential for redevelopment into luxury townhomes or condos, given the upscale neighborhood.
  • Outdoor Space: features patios, swimming pool, barbecue, Etc.
  • Community Appeal: Ocean Ridge is known for its community feel, safety, and exclusivity.

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,950,000 USD

PRICE/SF

$689 USD /SF

# OF UNITS

8

PRICE/UNIT

$368,750

CAP RATE

4.84%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1956

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.3 AC

LAND SF

13,201 SF

ZONING

RMM

APN/PARCEL ID

46-43-45-34-05-001-0190

ASK ABOUT THIS PROPERTY

Richard SpadoThe Keyes Company - Commercial Sales & LeasingMore Info
305-335-0109

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Richard SpadoThe Keyes Company - Commercial Sales & LeasingMore Info
305-335-0109

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.