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Multifamily

River Del Mar Apartments

1949 NE 172nd St, North Miami Beach, FL 33162

Listing Price: $4,320,000

Cap Rate
3.72%
Number of Units
24
Occupancy
100.0%
Price/Unit
$180,000
Price/Gross SF
$255.74
Gross SF
16,892

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale River Del Mar, a three-story rental community located in the City of North Miami Beach. The property is located two blocks north of City Hall which is home to the various municipal offices, the Police Station, the Julius Littman Performing Arts Center, and Victory Park Pool. The property sits just off NE 19th Avenue, which is the main thoroughfare for the city and is on NE 172nd Street less than a mile west of Biscayne Boulevard. River Del Mar offers a new buyer the opportunity to purchase a sizable property in the coveted North Miami Beach submarket where properties rarely trade. Constructed in 1964 the property is comprised of 24 units which include 21 one-bedroom apartments which average 693 square feet and three two-bedroom and two-bathroom apartments which average 775 square feet. The property also sits on a .34 acres site and is 16,892 adjusted square feet. Some amenities include secured entrances, video surveillance, and onsite laundry facilities. Between 2007-2009 the units were extensively renovated, including new cabinets, new appliances, breaker boxes, and flooring as well as other upgrades as needed. River Del Mar presents a new owner with the benefit of purchasing an extremely well-located asset with a large number of units all under one roof. Additionally, there is an upside of approximately 20 percent rental growth relative to the current market for units in this condition. The property is being offered for sale at $4,320,000 or $180,000 a unit. North Miami Beach Economy Home to 44,000 residents, the City of North Miami Beach is located midway between Miami and Ft. Lauderdale and adjacent to the Golden Glades Interchange where Interstate-95, Florida’s Turnpike, and the Palmetto Expressway meet, North Miami Beach is truly at the “Crossroads of South Florida.” The central location and easy access have made North Miami Beach one of South Florida’s best-known regional shopping areas and one of its most popular sites for office users. Shoppers and commuters find they can reach North Miami Beach from virtually all of South Florida in less than 30 minutes. However, North Miami Beach isn’t all business. Prospective homeowners can find everything from cozy starter homes to elegant waterfront properties. Condominiums and rental apartments in an array of convenient and attractive locations are also available. Parks are plentiful, and residents and visitors can enjoy a wide variety of recreational, cultural, and dining opportunities.

Investment Highlights

  • Rare 24-Unit North Miami Beach Building
  • Upside in Rental Income
  • Excellent Location in a Growing Submarket
  • One Mile West of Biscayne Boulevard and Aventura
  • Two Blocks from City Hall, Police Station, and Victory Park Pool

Exclusively Listed By

Financing By

Multifamily

River Del Mar Apartments

Listing Price: $4,320,000

Cap Rate
3.72%
Number of Units
24
Occupancy
100.0%
Price/Unit
$180,000
Price/Gross SF
$255.74
Gross SF
16,892

Investment Highlights

  • Rare 24-Unit North Miami Beach Building
  • Upside in Rental Income
  • Excellent Location in a Growing Submarket
  • One Mile West of Biscayne Boulevard and Aventura
  • Two Blocks from City Hall, Police Station, and Victory Park Pool

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to offer for sale River Del Mar, a three-story rental community located in the City of North Miami Beach. The property is located two blocks north of City Hall which is home to the various municipal offices, the Police Station, the Julius Littman Performing Arts Center, and Victory Park Pool. The property sits just off NE 19th Avenue, which is the main thoroughfare for the city and is on NE 172nd Street less than a mile west of Biscayne Boulevard. River Del Mar offers a new buyer the opportunity to purchase a sizable property in the coveted North Miami Beach submarket where properties rarely trade. Constructed in 1964 the property is comprised of 24 units which include 21 one-bedroom apartments which average 693 square feet and three two-bedroom and two-bathroom apartments which average 775 square feet. The property also sits on a .34 acres site and is 16,892 adjusted square feet. Some amenities include secured entrances, video surveillance, and onsite laundry facilities. Between 2007-2009 the units were extensively renovated, including new cabinets, new appliances, breaker boxes, and flooring as well as other upgrades as needed. River Del Mar presents a new owner with the benefit of purchasing an extremely well-located asset with a large number of units all under one roof. Additionally, there is an upside of approximately 20 percent rental growth relative to the current market for units in this condition. The property is being offered for sale at $4,320,000 or $180,000 a unit. North Miami Beach Economy Home to 44,000 residents, the City of North Miami Beach is located midway between Miami and Ft. Lauderdale and adjacent to the Golden Glades Interchange where Interstate-95, Florida’s Turnpike, and the Palmetto Expressway meet, North Miami Beach is truly at the “Crossroads of South Florida.” The central location and easy access have made North Miami Beach one of South Florida’s best-known regional shopping areas and one of its most popular sites for office users. Shoppers and commuters find they can reach North Miami Beach from virtually all of South Florida in less than 30 minutes. However, North Miami Beach isn’t all business. Prospective homeowners can find everything from cozy starter homes to elegant waterfront properties. Condominiums and rental apartments in an array of convenient and attractive locations are also available. Parks are plentiful, and residents and visitors can enjoy a wide variety of recreational, cultural, and dining opportunities.

Exclusively Listed By

Financing By

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