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    1 Tropical Drive Ocean Ridge, FL 33435

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    Claim this Listing
    For Sale
    $2,795,000

    MULTI_FAMILY - Ocean Ridge, FL

    Property size:
    3,397 SF
    Lot size:
    0.30 Acres
    Added:
    Jan 4, 2026
    Days on Market:
    103
    Last Refresh:
    Apr 17 at 11:06 pm

    Property Features for 1 Tropical Drive

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RMM(ci
    Bathrooms
    2
    Rooms
    Bathroom 2, Bathroom 1
    Patio and Porch features
    Patio
    Pool private
    1
    Standard status
    Active
    APN
    46434534050010190
    Size
    3,397 SF
    Lot size
    0.30 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PALM BEACH SHORE ACRES BLKS A~ B & Z E 126.05 FT OF W 144.05 FT OF LT 16 BLK A
    Tax Annual Amount
    21714

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Cooling system
    Ceiling Fan(s), Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1956
    Floors in Building
    1
    Number of units
    3
    Flooring type
    Terrazzo, Tile
    Building materials
    CBS
    Roof type
    Concrete

    We can help!

    Listing Contact
    Joshua McDonald
    Joshua McDonald

    Listing agent Joshua McDonald License #3402661

    Listing office Compass Florida LLC 5370 Donald Ross Road, Miami Beach, FL

    Listing date Jan 4, 2026

    MLS# R11151426 Listing URL

    Copyright © 2026 BeachesMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Ocean Ridge Multifamily Investment Opportunity

    Located one block from the beach in Ocean Ridge, Florida, this multifamily property features eight units, including three studios and five one-bedroom, one-bathroom apartments. Each unit has a separate electric meter. The property includes a shared coin laundry and complete accordion shutters. Currently 100% occupied with annual leases, some rents are below market value. The property features patios, a swimming pool, and a barbecue area. Situated in a prestigious and highly desirable area, this property is ideal for investors seeking a stable income property with strong appreciation potential. The RMM(ci) zoning and upscale neighborhood also present a potential redevelopment opportunity for luxury townhomes or condos. Ocean Ridge is known for its community feel and exclusivity, with proximity to downtown Delray Beach, shopping, restaurants, and nightlife. The property size is 3397 square feet on a 0.3-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Ocean Ridge
    County
    Palm Beach
    State
    Florida
    Longitude
    -80.053163
    Latitude
    26.5104439

    Nearby Similar for Sale

    • $1,050,000
      2,220 SF

      Ocean View Second Floor Unit

      Second floor unit with direct ocean views and updated interiors.
      5505 N Ocean Boulevard, Ocean Ridge, FL 33435
      View Details
    • $2,795,000
      4,310 SF

      Ocean Ridge Multifamily Investment Opportunity

      Multifamily property one block from the beach in Ocean Ridge.
      1 Tropical Drive, Ocean Ridge, FL 33435
      View Details

    FAQs

    What type of property is this?
    Apartment building - Multifamily property near the beach with redevelopment potential.
    Where is this apartment building located?
    The property is located at 1 Tropical Drive Ocean Ridge, FL.
    What is the asking price?
    The asking price for this property is $2,795,000.
    What are key features of this property?
    This property features: Prime location: One block from the beach in the prestigious Ocean Ridge area of Florida.; Strong investment potential: 100% occupied with annual leases and below‑market rents, offering stable income and appreciation opportunities.; Redevelopment opportunity: Potential for redevelopment into luxury townhomes or condos.
    (561) 633-6345
    We can help!
    Listing Contact
    Joshua McDonald
    Joshua McDonald
    Real Estate License ID: 3402661
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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