$2,626,000
Sold · July 13, 2026
1241 W River Drive 116
Explore the area: Margate homes for sale · Broward County real estate
Sale Summary
What this home sold for
- Sold price
- $2,626,000
- Vs. list price
- 6.2% under
- Days on market
- 43
- Price per sq ft
- N/A
This commercial property in ZIP 33063 sold for $2,626,000 on July 13, 2026. That was 6.2% below its final list price of $2,800,000. It spent 43 days on the market.
Listing Snapshot
- Sold Price
- $2,626,000
- Sold On
- July 13, 2026
- Days on Site
- 43 Days
- Bedrooms
- 0
- Total Baths
- 0
- Total Sq Ft
- 11,671 sqft
- Lot Size
- 0.71 Acres
- Year Built
- 1958
- Property Type
- Commercial
- MLS #
- A12001683
- Property Tax
- $46,709 (2025)
- County
- Broward
- Status
- Sold
About This Property
Tropical View Apartments is a beautiful 16-unit multifamily asset located in Margate at 1241–1251 W River Dr, set on a generous 0.71-acre lakefront parcel. The property is comprised of two two-story buildings constructed of concrete block with a stucco finish, featuring four oversized 2-bedroom/1-bath units averaging approximately 1,118 SF and twelve 1-bedroom/1-bath units averaging approximately 600 SF. Originally built in 1958, the asset has been well maintained and includes a newer 2022 concrete roof, with a portion of the units renovated with wood kitchen cabinetry, granite countertops, and ceramic tile flooring, offering a mix of classic structure and updated interiors. The property is 100% occupied and provides a strong 7.19% going-in cap rate, generating immediate and stable cash flow. Conveniently located just west of State Road 7, tenants benefit from quick access to nearby retail and dining such as Coral Square Mall, along with connectivity to the Florida Turnpike and major employment corridors. The combination of full occupancy, recent capital improvements, and a large waterfront lot positions the property well for continued performance with the ability to further enhance returns over time.
MLS media linkGeneral Features
- Property Type
- Commercial
- Status
- Sold
- Year Built
- 1958
- Parking
- Common
- Lot Size (Acres)
- 0.71
- Total Sq Ft
- 11,671
- Sewer
- Public Sewer
- Water Source
- Public
- Zoning
- R-3
Interior Features
- Flooring
- Other / Tile / Vinyl
Exterior Features
- Construction
- Block
- Roof
- Built Up
- Lot Features
- Residential Lot
Community & HOA
- Financing Terms
- Cash / Conventional / Other
- MLS Area
- 3632
About the Area
Browse Margate homes for sale across every neighborhood and price point in Broward. Available homes span single-family, townhome, and condo segments throughout the city. Margate includes gated golf communities, 55+ active adult neighborhoods, waterfront estates, and newer master-planned subdivisions. HOA fees vary by community type, from modest maintenance fees in non-gated subdivisions to higher dues in full-amenity country clubs. The city sits within Broward, offering access to South Florida beaches, major employment centers, and healthcare hubs. For current Broward market data, see Florida Realtors' monthly statistics. Browse the latest Margate listings below. Then connect with a Pure Equity agent to schedule a private showing.
- Homes for Sale
- 495
- Under Contract
- 108
- Median List Price
- $158,000
- Median Sale Price (September)
- $321,000
- Median $/Sq Ft
- $165
- Avg Days on Market
- 132
Frequently Asked Questions
- How do I schedule a tour of 1241 W River Drive 116, Margate, FL 33063?
- Use the Tour button on this listing to request a showing of 1241 W River Drive 116, Margate, FL 33063. Pick a day and time and choose an in-person or video-chat tour, and a Pure Equity agent will confirm your visit, often the same day.
- Is 1241 W River Drive 116, Margate, FL 33063 still available?
- 1241 W River Drive 116, Margate, FL 33063 is currently listed as Sold, and has been on the market 43 days. Status updates directly from the MLS as homes go under contract, so ask us to confirm availability before you plan a visit.
- How much is the monthly payment for 1241 W River Drive 116, Margate, FL 33063?
- With 20% down ($560,000) on the $2,800,000 list price and a 30-year fixed loan at an illustrative 6.875% rate, the estimated principal & interest for 1241 W River Drive 116, Margate, FL 33063 is about $14,715/mo, before property taxes, insurance. Use the payment estimate on this page to adjust the down payment and rate.
- How do I get pre-approved to buy 1241 W River Drive 116, Margate, FL 33063?
- Getting pre-approved shows sellers you're a serious buyer and clarifies your true budget before you offer on 1241 W River Drive 116, Margate, FL 33063. Contact Pure Equity and we'll connect you with a trusted local lender to review your financing options, no obligation.
- Can I negotiate the price of 1241 W River Drive 116, Margate, FL 33063?
- Often, yes. The right offer on 1241 W River Drive 116, Margate, FL 33063 depends on how it's priced against comparable commercial sales in Margate, how long it's been listed, and how motivated the seller is. Pure Equity will run the comps and help you craft a competitive, well-supported offer.
Listing courtesy of Fausto Commercial Realty Consultants Inc
Listing information is provided by BeachesMLS, Inc.and is deemed reliable but not guaranteed accurate by the MLS or Pure Equity. Information is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties. © 2026 BeachesMLS, Inc. Last updated July 1, 2026.
$2,626,000
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Listed by Elior Levi, Fausto Commercial Realty Consultants Inc
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Recent Sales
Recently sold homes in ZIP 33063
These are the last 6 recorded closings in ZIP 33063, with the price each home actually sold for rather than what it was listed at. They closed at a median of $244 per square foot. The most recent closed on October 15, 2026. Closed sales are what an appraiser and a buyer's agent will look at, so they are the starting point for pricing a home here.
Sold$475,000
Sold · October 15, 2026
2000 NW 70th Lane
3 bed · 2 bath · 1,804 sqft · $263/sqft
$25,000 under the asking price
Sold$69,000
Sold · October 15, 2026
3180 Holiday Springs Boulevard 5-309
2 bed · 2 bath · 958 sqft · $72/sqft
Sold$67,500
Sold · October 14, 2026
1045 Country Club Drive 307
2 bed · 2 bath · 930 sqft · $73/sqft
$6,500 under the asking price
Sold$575,000
Sold · October 14, 2026
3071 Dogwood Lane
3 bed · 2 bath · 1,725 sqft · $333/sqft
$24,500 under the asking price
Sold$145,000
Sold · October 14, 2026
1650 NW 80th Avenue
2 bed · 2 bath · 1,000 sqft · $145/sqft
$4,000 under the asking price
Sold$340,000
Sold · October 14, 2026
450 E Lakewood Circle E B
3 bed · 2 bath · 1,396 sqft · $244/sqft
$10,000 under the asking price
See every recorded sale in ZIP 33063 or find out what your ZIP 33063 home is worth.
