Skip to main content

Multifamily

Platinum Miami Beach Portfolio

770 & 800 83rd Street, 8135 Crespi Boulevard, & 7311 Gary Avenue, Miami Beach, FL 33141

Listing Price: $8,000,000

Cap Rate
4.11%
Number of Units
31
Price/Unit
$258,065
Price/Gross SF
$356.63
Gross SF
22,432

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Platinum North Beach Portfolio located in the high-growth North Beach section of Miami Beach, Florida. SUBJECT PROPERTIES The Platinum North Beach Portfolio consists of 4 buildings totaling 31 units as follows: 7311 Gary Avenue is an 18-unit, two-story apartment building constructed in 1958 of concrete block and painted stucco. The property is comprised of approximately 12,538 square-feet of living area on a 15,000 square-foot lot, according to the Miami Dade Property Appraiser. The unit mix consist of (1) studio with an in-place rent of $1,500, (13) standard size one-bedroom | one-bathroom apartments with in-place rents of $1,200-1,800, (1) oversized one-bedroom | one-bathroom apartment with an in-place rent of $1,250, (2) two-bedroom | two-bathroom apartments with in-place rents of $1,550-1,600 and (1) three-bedroom | two-bathroom apartment (formerly a two-bedroom | two-bathroom) with an in-place rent of $2,200. Property amenities include a gated courtyard, on-site laundry facilities and dedicated parking. 7311 Gary Avenue is located on Park View Island. 8135 Crespi Boulevard is a 5-unit, single-story waterfront property built in 1950 of concrete block and painted stucco. The property is comprised of approximately 3,296 square-feet of living area on a 5,750 square-foot lot, according to the Miami Dade Property Appraiser. The unit mix consist of (1) studio with an in-place rent of $1,200, (1) standard size one-bedroom | one-bathroom apartment with an in-place rent of $1,350, (1) oversized one-bedroom | one-bathroom apartment with an in-place rent of $2,250, (1) one-bedroom | one-bathroom apartment with Den with an in-place rent of $1,600 and (1) one-bedroom | one-bathroom waterfront apartment with an in-place rent of $2,295. 8135 Crespi Boulevard is located on Biscayne Point. 770 & 800 83rd Street are neighboring 4-unit, single-story properties that share a common courtyard. The properties were built in 1953 of concrete block and painted stucco and comprise approximately 6,598 square-feet of living area on a 11,300 square-foot combined lot, according to the Miami Dade Property Appraiser. The unit mix consist of (4) two-bedroom | one-bathroom apartments with in-place rents of $1,500-1,700 and (4) two-bedroom | two-bathroom apartments with in-place rents of $1,400-2,250. 770 and 800 83rd Street are located on Biscayne Point. LOCATIONS 7311 Gary Avenue is located on Park View Island which connects to North Beach via 73rd Street and the Wayne Avenue Pedestrian Bridge. Park View Island is a small, private island community comprised of apartments, condominiums and townhomes, as well as the Parkview Island Park. The 8135 Crespi Boulevard and 770 & 800 83rd Street properties are located on Biscayne Point, a quiet residential section comprised of three separate islands to the west of the barrier island and just north of Normandy Shores. Biscayne Point connects to the mainland via bridges on 77th Street and 85th Street, as well as a pedestrian bridge at 80th Street. North Beach is centrally located between Mid Beach to the South and Surfside to the North and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park where you will find ample picnic tables, grills, and playgrounds. Proximate to both properties, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is known for its consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. Surrounding retailers include Bank of America Financial Center (0.7miles), Walgreens Pharmacy and CVS (0.8 miles), Chase Bank (1.2 miles), Miami Beach Tennis Academy (0.9 miles) and Publix Super Market at Surfside (1.3 miles). Additionally, Publix Supermarket at North Shore (1.4 miles), Bal Harbour Shops (1.7 miles) and Indian Creek Country Club (2.2 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.6 miles), North Beach Elementary (4.4 miles), Miami Beach Nautilus Middle School (4.4 miles), and North Miami Senior High (8.7 miles). Other area points of interest include The Spa at Carillon Miami Wellness Resort, The Strand Bar & Grill at Caillon, Buenos Aires Bakery and Shuckers. *Distances are approximate and were calculated from 8135 Crespi Boulevard. SUMMARY The Platinum North Beach Portfolio is offered for sale at $8,495,000 and a projected stabilized cap rate of 5.29%.

Investment Highlights

  • Excellent Rental Locations in North Beach Section of Miami Beach
  • Unique Opportunity to Acquire a 4-Property, 31-Unit Portfolio
  • Portfolio Includes One Waterfront Property (8135 Crespi Boulevard - 5 Units)
  • Mix of (2) Studios, (18) One Bedrooms, (10) Two Bedrooms and (1) Three Bedroom
  • All Locations Walking Distances to Beaches, Parks & Popular Local Destinations

Exclusively Listed By

Financing By

Listing Price: $8,000,000

Cap Rate
4.11%
Number of Units
31
Price/Unit
$258,065
Price/Gross SF
$356.63
Gross SF
22,432

Investment Highlights

  • Excellent Rental Locations in North Beach Section of Miami Beach
  • Unique Opportunity to Acquire a 4-Property, 31-Unit Portfolio
  • Portfolio Includes One Waterfront Property (8135 Crespi Boulevard - 5 Units)
  • Mix of (2) Studios, (18) One Bedrooms, (10) Two Bedrooms and (1) Three Bedroom
  • All Locations Walking Distances to Beaches, Parks & Popular Local Destinations

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Platinum North Beach Portfolio located in the high-growth North Beach section of Miami Beach, Florida. SUBJECT PROPERTIES The Platinum North Beach Portfolio consists of 4 buildings totaling 31 units as follows: 7311 Gary Avenue is an 18-unit, two-story apartment building constructed in 1958 of concrete block and painted stucco. The property is comprised of approximately 12,538 square-feet of living area on a 15,000 square-foot lot, according to the Miami Dade Property Appraiser. The unit mix consist of (1) studio with an in-place rent of $1,500, (13) standard size one-bedroom | one-bathroom apartments with in-place rents of $1,200-1,800, (1) oversized one-bedroom | one-bathroom apartment with an in-place rent of $1,250, (2) two-bedroom | two-bathroom apartments with in-place rents of $1,550-1,600 and (1) three-bedroom | two-bathroom apartment (formerly a two-bedroom | two-bathroom) with an in-place rent of $2,200. Property amenities include a gated courtyard, on-site laundry facilities and dedicated parking. 7311 Gary Avenue is located on Park View Island. 8135 Crespi Boulevard is a 5-unit, single-story waterfront property built in 1950 of concrete block and painted stucco. The property is comprised of approximately 3,296 square-feet of living area on a 5,750 square-foot lot, according to the Miami Dade Property Appraiser. The unit mix consist of (1) studio with an in-place rent of $1,200, (1) standard size one-bedroom | one-bathroom apartment with an in-place rent of $1,350, (1) oversized one-bedroom | one-bathroom apartment with an in-place rent of $2,250, (1) one-bedroom | one-bathroom apartment with Den with an in-place rent of $1,600 and (1) one-bedroom | one-bathroom waterfront apartment with an in-place rent of $2,295. 8135 Crespi Boulevard is located on Biscayne Point. 770 & 800 83rd Street are neighboring 4-unit, single-story properties that share a common courtyard. The properties were built in 1953 of concrete block and painted stucco and comprise approximately 6,598 square-feet of living area on a 11,300 square-foot combined lot, according to the Miami Dade Property Appraiser. The unit mix consist of (4) two-bedroom | one-bathroom apartments with in-place rents of $1,500-1,700 and (4) two-bedroom | two-bathroom apartments with in-place rents of $1,400-2,250. 770 and 800 83rd Street are located on Biscayne Point. LOCATIONS 7311 Gary Avenue is located on Park View Island which connects to North Beach via 73rd Street and the Wayne Avenue Pedestrian Bridge. Park View Island is a small, private island community comprised of apartments, condominiums and townhomes, as well as the Parkview Island Park. The 8135 Crespi Boulevard and 770 & 800 83rd Street properties are located on Biscayne Point, a quiet residential section comprised of three separate islands to the west of the barrier island and just north of Normandy Shores. Biscayne Point connects to the mainland via bridges on 77th Street and 85th Street, as well as a pedestrian bridge at 80th Street. North Beach is centrally located between Mid Beach to the South and Surfside to the North and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park where you will find ample picnic tables, grills, and playgrounds. Proximate to both properties, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is known for its consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. Surrounding retailers include Bank of America Financial Center (0.7miles), Walgreens Pharmacy and CVS (0.8 miles), Chase Bank (1.2 miles), Miami Beach Tennis Academy (0.9 miles) and Publix Super Market at Surfside (1.3 miles). Additionally, Publix Supermarket at North Shore (1.4 miles), Bal Harbour Shops (1.7 miles) and Indian Creek Country Club (2.2 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.6 miles), North Beach Elementary (4.4 miles), Miami Beach Nautilus Middle School (4.4 miles), and North Miami Senior High (8.7 miles). Other area points of interest include The Spa at Carillon Miami Wellness Resort, The Strand Bar & Grill at Caillon, Buenos Aires Bakery and Shuckers. *Distances are approximate and were calculated from 8135 Crespi Boulevard. SUMMARY The Platinum North Beach Portfolio is offered for sale at $8,495,000 and a projected stabilized cap rate of 5.29%.

Exclusively Listed By

Financing By

MM Texture Background
MM Textured Background Lower