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Multifamily

The Residences at Park View Island

7291 Gary Avenue, Miami Beach, FL 33141

Listing Price: $4,600,000

Cap Rate
5.08%
Number of Units
18
Price/Unit
$255,556
Price/Gross SF
$366.88
Gross SF
12,538

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Residences at Park View Island, located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Residences at Park View Island is an 18-unit, two-story apartment building constructed in 1959 of concrete block and painted stucco and comprises 12,538 square-feet of living area on a 15,000 square-foot lot, according to the Miami Dade Property Appraiser. Current ownership has completely transformed the property by implementing many significant renovations, including the installation of hurricane-resistant impact windows and exterior doors, new metal gates at the front and side entrances and numerous unit upgrades. However, additional upside still exists for an incoming investor to raise and stabilize rents at current market levels. The unit mix consist of (1) studio, which is currently vacant and projecting a rent of $1,700, (13) standard size one-bedroom | one-bathroom apartments with in-place rents of $1,400-$1,900, (1) oversized one-bedroom | one-bathroom apartment, which is currently vacant and projecting a rent of $2,000 and (3) two-bedroom | two-bathroom apartments with in-place rents of $1,600-$1,900 and (1). Property amenities include a gated courtyard, on-site laundry facilities and 18 parking spaces (9 of which are tandem). LOCATION The Residences at Park View Island are located at 7291 Gary Avenue, which connects to barrier island in 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. 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 points of interest include North Beach Park & Youth Center (0.3 miles), Miami Beach Tennis Academy (0.4 miles), North Beach Bandshell (0.5 miles), Walgreens Pharmacy and CVS (0.5 miles), Chase Bank (0.7 miles) and Publix Super Market at North Shore (1.0 miles). Additionally, Publix Supermarket at Surfside (2.0 miles), Bal Harbour Shops (2.5 miles) and Indian Creek Country Club (3.0 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.3 miles), North Beach Elementary (3.9 miles), Miami Beach Nautilus Middle School (3.9 miles), and North Miami Senior High (8.2 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. SUMMARY The Residences at Park View Island is offered for sale at $4,860,000 and a projected stabilized capitalization rate of approximately 5.76%.

Investment Highlights

  • Excellent Location on Park View Island in North Beach Section of Miami Beach
  • Extensively Renovated with Hurricane Resistant Impact Windows & Doors
  • Current Ownership Converted Property to Central Air Conditioning
  • Many Unit Renovations Underway - Upside in Stabilizing Rents at Market Levels
  • 18 Parking Spaces (9 of which are tandem), Gated Courtyard, On-Site Laundry

Exclusively Listed By

Financing By

Multifamily

The Residences at Park View Island

Listing Price: $4,600,000

Cap Rate
5.08%
Number of Units
18
Price/Unit
$255,556
Price/Gross SF
$366.88
Gross SF
12,538

Investment Highlights

  • Excellent Location on Park View Island in North Beach Section of Miami Beach
  • Extensively Renovated with Hurricane Resistant Impact Windows & Doors
  • Current Ownership Converted Property to Central Air Conditioning
  • Many Unit Renovations Underway - Upside in Stabilizing Rents at Market Levels
  • 18 Parking Spaces (9 of which are tandem), Gated Courtyard, On-Site Laundry

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Residences at Park View Island, located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Residences at Park View Island is an 18-unit, two-story apartment building constructed in 1959 of concrete block and painted stucco and comprises 12,538 square-feet of living area on a 15,000 square-foot lot, according to the Miami Dade Property Appraiser. Current ownership has completely transformed the property by implementing many significant renovations, including the installation of hurricane-resistant impact windows and exterior doors, new metal gates at the front and side entrances and numerous unit upgrades. However, additional upside still exists for an incoming investor to raise and stabilize rents at current market levels. The unit mix consist of (1) studio, which is currently vacant and projecting a rent of $1,700, (13) standard size one-bedroom | one-bathroom apartments with in-place rents of $1,400-$1,900, (1) oversized one-bedroom | one-bathroom apartment, which is currently vacant and projecting a rent of $2,000 and (3) two-bedroom | two-bathroom apartments with in-place rents of $1,600-$1,900 and (1). Property amenities include a gated courtyard, on-site laundry facilities and 18 parking spaces (9 of which are tandem). LOCATION The Residences at Park View Island are located at 7291 Gary Avenue, which connects to barrier island in 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. 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 points of interest include North Beach Park & Youth Center (0.3 miles), Miami Beach Tennis Academy (0.4 miles), North Beach Bandshell (0.5 miles), Walgreens Pharmacy and CVS (0.5 miles), Chase Bank (0.7 miles) and Publix Super Market at North Shore (1.0 miles). Additionally, Publix Supermarket at Surfside (2.0 miles), Bal Harbour Shops (2.5 miles) and Indian Creek Country Club (3.0 miles) are all just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.3 miles), North Beach Elementary (3.9 miles), Miami Beach Nautilus Middle School (3.9 miles), and North Miami Senior High (8.2 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. SUMMARY The Residences at Park View Island is offered for sale at $4,860,000 and a projected stabilized capitalization rate of approximately 5.76%.

Exclusively Listed By

Financing By

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