Margate Tropical View Apartments is a quiet, 31-unit garden-style apartment community located in a desirable location. The property is situated just north of W Atlantic Boulevard & west of N state Rd 7, giving quick access to the region’s major employers and top retail destinations. Residents enjoy the convenient location with easy access to Florida Turnpike Freeway. Built-in 1973 and renovated in 2019, the property is 2-story level. With Margate multifamily vacancy rate is less than 5%, the property is positioned for strong occupancy.
The city of Margate has experienced growth in the past 10 years and shows no signs of slowing. Apartment fundamentals in the submarket have been incredibly resilient in the past year despite COVID, with 4% increase compared to the previous year, a testament to the strength of the market.
*UPDATE: SOLD APRIL 2021 With exceptional returns.
Extensively Renovated and Repositioned in 2019
Highly Desirable Location with Value-Add Upside
Property is operating with strong historical occupancy
Very strong rental market
Very little new development in the immediate area
Excellent Location with Proximity to Retail, Employment, Recreation
Barbecue and picnic area
On-site laundry facility
Newley Renovated Units
Fully Equipped Kitchens
Ceramic Tiled Kitchens and Foyer*
Additional storage available
*In select units
Margate, a city with a population of around 60,000, is part of the Miami metropolitan area, located approximately 35 miles north of Miami. One of the nation’s most attractive real estate markets, the Miami metropolitan area is the most populous in Florida and second largest in the southeastern United States. Between 2017 and 2018, the Margate median property value increased from $157,400 to $172,900, a 9.85% increase.
Margate has a diverse economic base and is expanding at a rapid pace. From 2017 to 2018, employment in Margate, FL grew at a rate of 3.33%, from 29.1k employees to 30.1k employees. The city economy is balanced Office & Administrative, sales, and management occupations. The most common employment sectors for those who live in Margate, FL, are Retail Trade, Health Care & Social Assistance, and Accommodation & Food Services.
The region boasts a lower-than-average commute time, low cost of living, lack of state income taxes, skilled and stable blue-collar workforce, year-round sunshine– making Margate a tremendous real estate investment market.