Investment Overview

Imperial Gardens is a 48-unit, two-story apartment community located in a very desirable area of North Miami Beach, which is in the northeast section of Miami-Dade County, Florida. The community is made up of two ‘U” shaped buildings that surround a central courtyard. The property is located on NE 169th Street, just west of NE 19th Avenue, and adjacent to the North Miami Beach municipal buildings. The property was constructed in 1961 of concrete block and painted stucco exterior and is situated on a .91-acre site. The unit mix is comprised of 37 one-bedroom and 11 two-bedroom and one-bathroom apartments. Water, sewer, trash removal, and gas are included in the rent. Select units have balconies or patios. The building has received a number of capital improvements over the last couple of years including new impact windows and doors, the replacement of approximately one-half of the central air-conditioning units, new kitchen and bathroom cabinets, and a new roof on the south building. The 40/10-year recertifications have been completed within the last two years. The monthly rents are still well below market and an investor has the opportunity to add value by increasing the rents to market levels, as well as making some updates to the central courtyard and exteriors of the buildings. The property is located at 1875 NE 169th Street which is just west of NE 19th Street and adjacent to the City of North Miami Beach municipal buildings. Across NE 19th Street from the Imperial Gardens is city hall, police station, Performing Arts Theater, and Victory Park. At Victory Park residents and families can enjoy the pool and aquatic center, basketball courts, athletic fields, and playgrounds. The property’s neighborhood is located north of NE 163rd Street which is the main east/west thoroughfare running from the Golden Glades Interchange to Sunny Isles and the beach. There are several new residential and commercial developments in the process as well as in the pipeline in the immediate area. The city has implemented an overlay in the area that drastically increased the density and height restrictions for properties located south of the subject property. There are a number of retail and commercial uses along North Miami Beach Boulevard (NE 163rd Street) as well as Biscayne Boulevard (US-1). Residents can get anywhere in South Florida easily via the Golden Glades Interchange where residents can access Interstate 95, Florida’s Turnpike, 441 and the Palmetto Expressway. The subject property’s neighborhood sits to the west of Biscayne Boulevard and is very popular because of the easy access to Biscayne Boulevard and Aventura which is just northeast of the area. Imperial Gardens is being marketed for $9,100,000 which breaks down to $189,583 a unit and $269 a square foot. 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.