Henri’s Apartments

For Sale

1 Tropical Dr, Ocean Ridge, FL 33435

This Ocean Ridge property for sale is located at 1 Tropical Dr. The current listed sale price for Henri’s Apartments is $2,950,000. Henri’s Apartments is situated on a lot that is 0.3 acre in size.

Contacts

broker

Richard Spado

The Keyes Company

Property Details

  • Property Type Multi-Family
  • Property Size 4,320 SF
  • Units 8
  • Lot Size 0.3 Acre
  • Additional Rent Contact for pricing
  • Property Tenancy Multi-Tenant
  • Year Built 1956
  • Date Updated Nov 11, 2024
Located in the exclusive, upscale town of Ocean Ridge, 1 Tropical Drive offers a rare investment opportunity within South Florida’s most coveted coastal settings. Positioned at the corner of N Ocean Blvd and Tropical Drive, this 8-unit multifamily property is nestled east of the Intracoastal Waterway, just a short stroll from a private beach. Ocean Ridge is known for its tranquil, affluent ambiance and limited commercial development, surrounded primarily by luxury single-family homes and select high-value townhomes that can command prices of up to $1,400 per square foot. This prime location attracts tenants seeking privacy, stunning beaches, and direct access to upscale dining, shopping, and convenient transit routes. With limited multifamily options available in Ocean Ridge, this property presents an exceptional redevelopment opportunity for a developer looking to create high-end residences in one of South Florida’s most desirable, secluded coastal communities.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.

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Highlights

  • 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.
  • • Exclusive Beach Access: Offers deeded access to a private beach, a significant value enhancer for both tenant retention and property appreciation.
  • Ideal Unit Mix: A balanced combination of studios and one-bedroom units, catering to a diverse tenant base.
  • Redevelopment Potential: City-approved for transformation into four luxury townhomes, maximizing future value on this prime lot.
  • 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.

Getting around

  • 48/100

    Walk Score ®

  • 55/100

    Bike Score ®

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Location

  • City Ocean Ridge, FL
  • Neighborhood Ocean Ridge
  • Zip Code 33435
  • Market West Palm Beach Boca Raton

Points of Interest

  • FPL EVolution

    1.33 miles

  • Racetrac

    1.54 miles

  • BP

    1.95 miles

  • Sunoco

    2.64 miles

  • Mobil

    3.06 miles

  • Shell

    4.25 miles

  • Chevron

    4.31 miles

  • 7-Eleven

    4.31 miles

  • RaceTrac

    4.31 miles

  • Tesla Supercharger

    9.30 miles

  • Pine Tree Golf Club

    3.62 miles

  • Bryant Park South Parking

    6.97 miles

  • Bryant ParkBoat Parking

    7.16 miles

  • east lot parking

    7.24 miles

  • Rose Lot

    7.27 miles

  • Food Mart Parking

    7.27 miles

  • Lake Ave Parking

    7.29 miles

  • Lake ave Parking

    7.29 miles

  • Lake AveParking

    7.30 miles

  • Golden Sands Inn

    0.45 miles

  • The Inn at Boynton Beach

    1.69 miles

  • Holiday Inn Express & Suites Boynton Beach West

    2.39 miles

  • 344 Palm Trail

    2.94 miles

  • Atlantic Hideaway

    3.13 miles

  • Courtyard

    3.17 miles

  • Building 3

    3.19 miles

  • Hampton Inn Delray Beach

    3.24 miles

  • Hampton Inn & Suites

    3.32 miles

  • Opal Grand Oceanfront Resort & Spa

    3.34 miles

  • Publix

    0.53 miles

  • Walmart Supercenter

    1.38 miles

  • Target

    2.70 miles

  • ALDI

    2.98 miles

  • Boynton Beach Mall

    3.09 miles

  • Kohl's

    3.41 miles

  • Winn-Dixie

    4.31 miles

  • Walmart Neighborhood Market

    4.34 miles

  • Ross

    4.79 miles

  • TJ Maxx

    4.80 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

Contact Listing Broker

broker

Richard Spado

The Keyes Company