Investment Overview

Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the The Flats at Miami Court, an 8-unit apartment complex located at 5541 NW Miami Court, Miami, Florida 33127. SUBJECT PROPERTY The Flats at Miami Court is a two-story, garden apartment complex built in 1947 of concrete block and painted stucco with 2,753 square feet of living area and a 9,680 square-foot lot, according to the Miami Dade Property Appraiser. The property consists of (8) studio apartments with an average in-place rent of $1,784 per month. The property was extensively renovated by current ownership in 2022-2023 with a variety of upgrades including new mini-split air conditioning units, new exterior paint, new landscaping, hurricane-resistant impact windows, new tile flooring, new kitchen cabinetry and countertops, new stainless-steel appliances, new bathroom vanities, toilets and showers. The Flats at Miami Court also offers ample parking, on-site laundry facilities, which are owned by the Seller, and a separate storage building in the back of the property (which generates additional income). The Flats at Miami Court is located in the T4-R zoning district in Miami. As such, short-term rentals are a permitted use. Research of vacation rental properties in the area shows an average daily rate of approximately $90-100 per night, which could offer an alternative investment strategy in addition to traditional annual rentals. LOCATION The Flats at Miami Court Apartments is situated just north of Northeast 54th Street and just west of North Miami Avenue, just under one mile west of Biscayne Boulevard in Miami, Florida. The surrounding area consists of small multifamily properties and single-family homes, with a variety of commercial properties and hotels. The location provides easy access to Interstate 95 (1.5 miles), Wynwood (1.7 miles), Downtown Miami (4.8 miles) and Miami Beach (4.8 miles). The Flats at Miami Court is located just a short walk or drive from Douglas Gardens Hospital (0.7 miles), ZOI Restaurant & Lounge (0.9 miles), Lemon City Branch Library (1.0 miles), Publix Supermarket at Baypoint (1.1 miles), the Miami Design District (1.1 miles), Europa Coffee House (1.2 miles), CVS (1.4 miles), Starbucks (1.6 miles) and the Wynwood Arts District (1.7 miles). The Miami Design District is a popular and exciting neighborhood and shopping destination known for innovative fashion, design, art, architecture and dining. The Miami Design District is also home to the Institute of Contemporary Art. Wynwood is home to a variety of local shops, art galleries and craft breweries, along with an influx of new residential and hotel development. Local education centers near The Flats at Miami Court Apartments include the Toussaint Louverture Elementary School (0.4 miles), Shadowlawn Elementary School (0.5 miles), Cushman High School (1.2 miles) and Miami Springs Senior High School (6.3 miles). Nearby colleges and universities include Florida National College (10.6 miles) and Miami Dade College – Hialeah Campus (10.9 miles). Nearby medical centers include Douglas Gardens Hospital (0.7 miles), Hialeah Hospital (6.0 miles) and Palmetto General Hospital (13.8 miles). SUMMARY The Flats at Miami Court Apartments is being offered for sale at $1,680,000 or capitalization rates of 6.01% current (adjusted) and 6.62% stabilized.