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Multifamily

960 Biarritz Dr

960 Biarritz Dr, Miami Beach, FL 33141

Listing Price: $3,300,000

Cap Rate
4.71%
Number of Units
14
Occupancy
97.0%
Price/Unit
$235,714
Price/Gross SF
$501.98
Gross SF
6,574

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Biarritz Drive Apartments, a 14-unit apartment building located on the east portion of Normandy Isle. Biarritz Drive Apartments was originally constructed in 1977 of concrete block and painted stucco. The property is comprised of approximately 5,529 sqft of living area and sits on a 6,250 sqft lot, according to the tax record. There are 14 studio units of approximately 394 sqft, laundry facility and street parking. Each unit has impact resistant windows and doors, tile floors, renovated kitchen cabinets, updated appliances, renovated bathrooms, tankless water heaters and individual wall air-conditioning units. Normandy Isle is a neighborhood of North Beach in the city of Miami Beach comprised of apartments, condominiums, houses, schools, restaurants, parks and a public golf course. The subject property is within walking distance from public transportation, retail businesses, schools, and a short walk from the Ocean. North Beach is in the process of major gentrification with the addition of the Miami Beach Town Center District that spans from 69th Street to 72nd Street and from Collins Avenue to Dickens Avenue. This area allows for much denser development than the surrounding area, which has attracted major investment in the immediate area and will further enhance the neighborhood. There are several other major developments in the area including Terra Groups Eighty-Seven Park and the Ocean terrace property which has been in planning and approval stages for over a year. The Atlantic Ocean is a short walk to the east as well as the restaurants and shops on Harding and Collins Avenue. Surfside and the Bal Harbour Shops and within a mile to the north and South Beach is just a few minutes’ drive to the south. This is a great opportunity to acquire a property in one of the strongest rental markets in South Florida. The property does not require major capital improvements and offers upside in rental income by raising rents to current market levels.

Investment Highlights

  • Excellent Normandy Isle Location
  • Renovated Units
  • Impact Resistant Windows and Doors
  • Upside in Rental Income
  • Walking Distance from North Beach, Public Transportation, Restaurants, Shops and Grocery Stores

Exclusively Listed By

Financing By

Multifamily

960 Biarritz Dr

Listing Price: $3,300,000

Cap Rate
4.71%
Number of Units
14
Occupancy
97.0%
Price/Unit
$235,714
Price/Gross SF
$501.98
Gross SF
6,574

Investment Highlights

  • Excellent Normandy Isle Location
  • Renovated Units
  • Impact Resistant Windows and Doors
  • Upside in Rental Income
  • Walking Distance from North Beach, Public Transportation, Restaurants, Shops and Grocery Stores

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Biarritz Drive Apartments, a 14-unit apartment building located on the east portion of Normandy Isle. Biarritz Drive Apartments was originally constructed in 1977 of concrete block and painted stucco. The property is comprised of approximately 5,529 sqft of living area and sits on a 6,250 sqft lot, according to the tax record. There are 14 studio units of approximately 394 sqft, laundry facility and street parking. Each unit has impact resistant windows and doors, tile floors, renovated kitchen cabinets, updated appliances, renovated bathrooms, tankless water heaters and individual wall air-conditioning units. Normandy Isle is a neighborhood of North Beach in the city of Miami Beach comprised of apartments, condominiums, houses, schools, restaurants, parks and a public golf course. The subject property is within walking distance from public transportation, retail businesses, schools, and a short walk from the Ocean. North Beach is in the process of major gentrification with the addition of the Miami Beach Town Center District that spans from 69th Street to 72nd Street and from Collins Avenue to Dickens Avenue. This area allows for much denser development than the surrounding area, which has attracted major investment in the immediate area and will further enhance the neighborhood. There are several other major developments in the area including Terra Groups Eighty-Seven Park and the Ocean terrace property which has been in planning and approval stages for over a year. The Atlantic Ocean is a short walk to the east as well as the restaurants and shops on Harding and Collins Avenue. Surfside and the Bal Harbour Shops and within a mile to the north and South Beach is just a few minutes’ drive to the south. This is a great opportunity to acquire a property in one of the strongest rental markets in South Florida. The property does not require major capital improvements and offers upside in rental income by raising rents to current market levels.

Exclusively Listed By

Financing By

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