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Multifamily

Memorial Highway Apartments

15201 Memorial Hwy, Miami, FL 33169

Listing Price: $9,400,000

Cap Rate
4.76%
Number of Units
57
Occupancy
95.0%
Price/Unit
$164,912
Price/Gross SF
$260.75
Gross SF
36,050

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Memorial Highway Apartments, a 57-unit, apartment building located in Unincorporated Miami-Dade County, Florida which is in the northeast portion of the county. The property is comprised of a two-story building that surrounds a large, landscaped courtyard with a pool and sundeck. The building was constructed in 1971 of concrete block with painted stucco and extensively renovated in 2006 and sits on a 1.89-acre site. There is a very desirable unit mix of six studio units with about 400 rentable square feet, 31 one-bedroom units with approximately 589 rentable square feet, and 20 two-bedroom and one-bathroom units with approximately 770 rentable square feet. Each unit has central heating and air-conditioning, walk-in closets, and a separate electric hot-water heater. Property amenities include an on-site laundry facility, off-street parking that has the possibility of being gated. Water, sewer, and trash removal are included in the rent, while residents pay for electricity, telephone, and cable. Memorial Highway Apartments is situated between North Miami and North Miami Beach. North Miami is home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several miles southwest of the subject. Jackson North Medical Center is also located about one mile north of the subject property which is a 382-bed full-service hospital. Memorial Highway Apartments fronts on Memorial Highway and sits about a mile south of North Miami Beach Boulevard (NE 167th Street) in the Biscayne Gardens neighborhood. Memorial Highway is a two-lane road that starts in North Miami near NE 125th Street and runs north. It becomes NW 2nd Avenue and runs onto Interstate 95 just north of North Miami Beach Boulevard. North Miami Beach Boulevard is a major east/west thoroughfare from Interstate-95 to Sunny Isles Beach lined with commercial uses including retail, office, and hospitality. The property sits just southeast of the Golden Glades Interchange which provides access to anywhere in South Florida very easily. The neighborhood is made up of single-family homes with some multifamily buildings. The property offers an investor, attractive cash-on-cash returns as well as the ability to increase the rental income by continuing to bring rents to market levels. Memorial Highway Apartments is priced at $9,400,000 which comes to just under $165,000 a unit.

Investment Highlights

  • Attractive Unit Mix of Studio, One-Bedroom, and Two-Bedroom Apartments
  • Close Proximity to Schools, Universities, and Medical Centers
  • Units Have Central Air-Conditioning and Heat
  • Ample Off-Street Parking and On-Site Laundry Facilities
  • Pool and Sundeck in a Large Landscaped Courtyard
  • Ability to Increase Value by Bringing Rents to Market Levels
  • Highly Desirable North Miami Location in Biscayne Garden

Exclusively Listed By

Multifamily

Memorial Highway Apartments

Listing Price: $9,400,000

Cap Rate
4.76%
Number of Units
57
Occupancy
95.0%
Price/Unit
$164,912
Price/Gross SF
$260.75
Gross SF
36,050

Investment Highlights

  • Attractive Unit Mix of Studio, One-Bedroom, and Two-Bedroom Apartments
  • Close Proximity to Schools, Universities, and Medical Centers
  • Units Have Central Air-Conditioning and Heat
  • Ample Off-Street Parking and On-Site Laundry Facilities
  • Pool and Sundeck in a Large Landscaped Courtyard
  • Ability to Increase Value by Bringing Rents to Market Levels
  • Highly Desirable North Miami Location in Biscayne Garden

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Memorial Highway Apartments, a 57-unit, apartment building located in Unincorporated Miami-Dade County, Florida which is in the northeast portion of the county. The property is comprised of a two-story building that surrounds a large, landscaped courtyard with a pool and sundeck. The building was constructed in 1971 of concrete block with painted stucco and extensively renovated in 2006 and sits on a 1.89-acre site. There is a very desirable unit mix of six studio units with about 400 rentable square feet, 31 one-bedroom units with approximately 589 rentable square feet, and 20 two-bedroom and one-bathroom units with approximately 770 rentable square feet. Each unit has central heating and air-conditioning, walk-in closets, and a separate electric hot-water heater. Property amenities include an on-site laundry facility, off-street parking that has the possibility of being gated. Water, sewer, and trash removal are included in the rent, while residents pay for electricity, telephone, and cable. Memorial Highway Apartments is situated between North Miami and North Miami Beach. North Miami is home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several miles southwest of the subject. Jackson North Medical Center is also located about one mile north of the subject property which is a 382-bed full-service hospital. Memorial Highway Apartments fronts on Memorial Highway and sits about a mile south of North Miami Beach Boulevard (NE 167th Street) in the Biscayne Gardens neighborhood. Memorial Highway is a two-lane road that starts in North Miami near NE 125th Street and runs north. It becomes NW 2nd Avenue and runs onto Interstate 95 just north of North Miami Beach Boulevard. North Miami Beach Boulevard is a major east/west thoroughfare from Interstate-95 to Sunny Isles Beach lined with commercial uses including retail, office, and hospitality. The property sits just southeast of the Golden Glades Interchange which provides access to anywhere in South Florida very easily. The neighborhood is made up of single-family homes with some multifamily buildings. The property offers an investor, attractive cash-on-cash returns as well as the ability to increase the rental income by continuing to bring rents to market levels. Memorial Highway Apartments is priced at $9,400,000 which comes to just under $165,000 a unit.

Exclusively Listed By

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