1 Tropical Dr

Property feature image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Property gallery image
Address: 1 Tropical Dr, Ocean Ridge, FL 33435, USA
Created date: November 8, 2024
Date last updated: February 4, 2025
  • Redevelopment Potential: City-approved for transformation into four luxury townhomes, maximizing future value on this prime lot.
  • Exclusive Beach Access: Offers deeded access to a private beach, a significant value enhancer for both tenant retention and property appreciation.
  • Prime Investment Opportunity: Situated in Ocean Ridge, one of South Florida’s most exclusive coastal communities, this property offers rare access to a limited multifamily market, ensuring minimal competition.
  • Strong Cash Flow: Fully leased with a stable tenant base, delivering consistent income and positioned for rental rate growth.
  • Ideal Unit Mix: A balanced combination of studios and one-bedroom units, catering to a diverse tenant base.
  • Resort-Style Amenities: Features a large pool, adding premium appeal in a market known for luxury living.
  • High-Growth Market: Located in a rapidly appreciating area with one of the highest property growth rates in South Florida, supporting long-term value.
  • Immediate Upside: Rental rates have room to increase, providing immediate value-add potential for new ownership.

Property Description

Henri’s Apartments at 1 Tropical Drive is an 8-unit, fully-leased multifamily property in the exclusive coastal town of Ocean Ridge. Spanning 4,310 square feet across three buildings on a 0.3-acre corner lot, it includes three studios and five one-bedroom units, with deeded private beach access and a commercial-sized pool. Currently generating cash flow with potential for rental growth, the property also has city-approved redevelopment potential for four luxury townhomes, offering a unique opportunity for both steady income and long-term appreciation in a prime South Florida market.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
Price: $2,800,000
No. of Units: 8
Year Built: 1956
Lot Size: 0.30 Sq ft
Opportunity Zone: No
Price per unit: $350,000
Property Website Click Here
Address: 1 Tropical Dr, Ocean Ridge, FL 33435, USA
Provided by:

Similar Properties in the Area

414 S 56TH AVENUE

HOLLYWOOD, Florida
Florida & Gulf Coast + Apartment Buildings
Units: 1
Price: $660,000

2821 N MORGAN STREET

TAMPA, Florida
Florida & Gulf Coast + Apartment Buildings
Units: 1
Price: $599,000

1225 Bailey Ave

Jackson, Mississippi
Florida & Gulf Coast + Apartment Buildings
Units: 64
popup background image