Investment Overview

Holly House Apartments is a 57-unit apartment community located in North Miami, Florida at 11950 NE 2nd Avenue. This is a three-story, U-shaped building located on the corner of NE 119th Street and 2nd Avenue. The building surrounds a central amenity area with a beautiful pool, sundeck and large laundry facility. The building has an excellent unit mix of nine studios, 29 one-bedroom and one-bathroom units and 19 two-bedroom and two-bathroom units. The property is also gated and only residents can access the property with private remote and telephone entry system. The building was built in 1968 and renovated in the 90’s and has been very well maintained, making it one of the premier rental communities in the area. Water, sewer and trash removal are included in the rent. Holly House is located in the southernmost part of North Miami which is in the northeast section of Miami-Dade County. The property is located just north of Miami Shores which is a very desirable residential community. At one time the property was student housing for Barry University which is located several blocks south of the building. Barry is the largest Catholic university in the Southeast United States with over 7,400 full time students. Holly House has a unique location with very little competition in the immediate area. The property is located east of Interstate-95 and access to anywhere in South Florida is very convenient because of the Golden Glades Expressway. NE 125th Street is also several blocks north of the subject property which runs from the beach to west Miami-Dade County. North Miami and Miami Shores are very strong rental markets due to very little new inventory being developed in last 30 years. Holly House Apartments is an excellent opportunity for an investor to add value through bringing rental rates to market levels possibly renovating units. This offering is priced at $10,300,000 which comes to $180,702 per unit and $226.89 per square feet which is well below replacement cost.