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Multifamily

Parkview Apartments

12215 W Dixie Hwy, North Miami, FL 33161

Listing Price: $4,440,000

Cap Rate
5.27%
Number of Units
24
Occupancy
95.0%
Price/Unit
$185,000
Price/Gross SF
$233.68
Gross SF
19,000

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Parkview Apartments, a 24-unit, apartment building located in the city of North Miami, Florida, which is in northeast Miami-Dade County. The property is comprised of a four-story, elevator-served building with gated covered parking. The building was constructed in 1969 of concrete block with painted stucco and rock façade exterior and sits on a 15,000 square foot site. There is a very desirable unit mix of two one-bedroom and 22 two-bedroom apartments. Each has central heating and air-conditioning, a separate electric hot-water heater, and select apartments have balconies. Property amenities include a laundry facility, secured entrances with telephone entry, and recently renovated elevator, and 30 covered parking spaces. Water, sewer, and trash removal are included in the rent, while residents pay for electricity, telephone, and cable. Parkview Apartments fronts on West Dixie Highway, just a few blocks southwest of downtown North Miami and the intersection of NE 125th Street, Dixie Highway, and NE 6th Avenue, which has an average daily traffic count of over 70,000 vehicles. NE 125th Street is a main east-west corridor through the northern section of Miami-Dade County. The immediate neighborhood is comprised of multifamily and commercial buildings, with single-family homes to the South in the Biscayne Park neighborhood. There are also numerous parks in the immediate area, including Griffing Park which is located directly across the street from the subject property. North Miami is home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several blocks southwest of the subject. Parkview Apartments is also conveniently located to most of the employment drivers in the area which run along NE 125th Street and Biscayne Boulevard and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles. 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.

Investment Highlights

  • - Attractive Unit Mix of One-Bedroom and Two-Bedroom Apartments - Most Units Have Central Air-Conditioning and Heat - Gated and Covered Off-Street Parking and On-Site Laundry Facilities
  • - Elevator Served Building - Ability to Increase Value by Bringing Rents to Market Levels
  • - Highly Desirable North Miami Location Near Biscayne Park - Close Proximity to Schools and Universities

Exclusively Listed By

Financing By

Multifamily

Parkview Apartments

Listing Price: $4,440,000

Cap Rate
5.27%
Number of Units
24
Occupancy
95.0%
Price/Unit
$185,000
Price/Gross SF
$233.68
Gross SF
19,000

Investment Highlights

  • - Attractive Unit Mix of One-Bedroom and Two-Bedroom Apartments - Most Units Have Central Air-Conditioning and Heat - Gated and Covered Off-Street Parking and On-Site Laundry Facilities
  • - Elevator Served Building - Ability to Increase Value by Bringing Rents to Market Levels
  • - Highly Desirable North Miami Location Near Biscayne Park - Close Proximity to Schools and Universities

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Parkview Apartments, a 24-unit, apartment building located in the city of North Miami, Florida, which is in northeast Miami-Dade County. The property is comprised of a four-story, elevator-served building with gated covered parking. The building was constructed in 1969 of concrete block with painted stucco and rock façade exterior and sits on a 15,000 square foot site. There is a very desirable unit mix of two one-bedroom and 22 two-bedroom apartments. Each has central heating and air-conditioning, a separate electric hot-water heater, and select apartments have balconies. Property amenities include a laundry facility, secured entrances with telephone entry, and recently renovated elevator, and 30 covered parking spaces. Water, sewer, and trash removal are included in the rent, while residents pay for electricity, telephone, and cable. Parkview Apartments fronts on West Dixie Highway, just a few blocks southwest of downtown North Miami and the intersection of NE 125th Street, Dixie Highway, and NE 6th Avenue, which has an average daily traffic count of over 70,000 vehicles. NE 125th Street is a main east-west corridor through the northern section of Miami-Dade County. The immediate neighborhood is comprised of multifamily and commercial buildings, with single-family homes to the South in the Biscayne Park neighborhood. There are also numerous parks in the immediate area, including Griffing Park which is located directly across the street from the subject property. North Miami is home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several blocks southwest of the subject. Parkview Apartments is also conveniently located to most of the employment drivers in the area which run along NE 125th Street and Biscayne Boulevard and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles. 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.

Exclusively Listed By

Financing By

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