Margate River Apartments

1241-1251 W River Dr. Margate FL

The Offering

Nathan Holdings is pleased to present the opportunity to invest in well-maintained property in the booming Florida market of Margate. 16 units, Margate Riverside Apartments was built in 1958 and offers desirable qualities such as large units, low-density site plans, and walk-up construction. Current rents at the properties are below new construction in the area, signaling room to raise rents with value-add upgrades by renovations.

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 a 4% increase compared to the previous year, a testament to the strength of the market.

*Update: Investment Closed

Investment Highlights

Highly Desirable Asset Profiles with Value-Add Upside
Great unit mix, walk-up construction are traits that have performed best through the pandemic, a trend which is expected to continue
The 2 assets are similar age, located within a 1-mile radius, making it easier to operate as a portfolio
Very strong rental market
Very little new development in the immediate area
Excellent Location with Proximity to Retail, Employment, Recreation
Florida Positioned as Long-Term Winner Post-COVID

16

Units

icon used to state Sqr fit of the property

9,000

Sqr Ft

1958

Year Built

2019

Year Renovated

Property Details

Community Amenities

Lake Front Property
Barbecue and picnic area
On-site laundry facility

Unit Amenities

Newley Renovated Units
Air conditioning
Fully Equipped Kitchens
Ceramic Tiled Kitchens and Foyer*
Additional storage available

*In select units

Market

Margate Overview

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.