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Multifamily

Glady's Apartments

2031 NE 139th Street, North Miami Beach, FL 33181

Listing Price: $9,000,000

Cap Rate
5.55%
Number of Units
39
GRM
9.24
Occupancy
97.0%
Price/Unit
$230,769
Price/Gross SF
$293.31
Gross SF
30,684

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Glady’s Apartments (the “Property”), a 39-unit, garden-style rental community located in North Miami Beach, Florida. The Property offers an excellent value-add opportunity through interior and exterior renovations, as well as significant redevelopment potential.
Glady’s Apartments consists of a two- and three-story, concrete block building that was constructed in 1970, with a concrete deck roof which was replaced in 2023 and comes with a 20-year warranty. Apartments are accessed by multiple stairwells and exterior hallways. The property offers a good unit mix of 22 one-bedroom and 17 two-bedroom apartments. There are 45 open parking spaces, and the entire property sits on a .87-acre site zoned RM-23. Furthermore, the property is within the four block Arch Creek Mixed-Use Corridor District which allows for up to 15-story/195 feet mixed-use development.
Each apartment has ceramic tile flooring throughout, a separate galley kitchen with a gas stove and a refrigerator. Each also has a patio or balcony, central heating and air-conditioning and a separate electric hot-water heater. Electricity, telephone, and cable are individually metered and paid for by the residents, while water, sewer, trash, and gas are paid for by the owner. The seller recently replaced the entire roof with a Thermoplastic Roof System, plus the addition of 17 scuppers, at a total cost of $300,000. It has a 20-year, transferable warranty. Furthermore, one-half of the gas lines have recently been replaced and the other half by the previous owner.
Glady’s Apartments is in a superior location, just one parcel east of Biscayne Boulevard (US-1) and a few blocks north of NE 135th Street, which directly connects US-1 with Interstate 95. Biscayne Boulevard has an average daily car count of 42,000 cars passing by the property each day. NE 135th Street at the corner has an additional 24,500 cars. The City of Aventura, one of the most desirable submarkets of South Florida, is located less than five minutes north of the property. The desirable Arch Creek and Sans Souci submarkets are just to the south.
There is an endless amount of retail, commercial, entertainment and employment centers surrounding the area. Publix Supermarket, Costco, Target, a US Post Office, Total Wine, and ABC Fine Wine & Spirits are all within just two blocks. These provide residents with easy access to their daily essentials. Florida International University (Biscayne Bay Campus), David Lawrence Jr. K-8 School, and the Alonzo and Tracy Mouring High School are also within just a few blocks, which not only provide quick access to education, but also significant employment for the residents. SoLe´ Mia, a $4 billion dollar, 183-acre master-planned community, is just up the street. This “city within a city” will house 4,390 residences, 1,000,000 square feet of retail space, a 150-key hotel, a dine-in cinema and gourmet grocery, a 7-acre clear water tropical lagoon, 37-acres of passive and active green parks, 8-miles of biking and running paths, kids’ playgrounds, and a 363,000 square foot, 10-acre, UHealth medical center, their largest ambulatory facility. All of these will provide endless employment opportunities for the residents of Glady’s Apartments, as well as access to any medical needs. Nexo Residences, a brand new, 15-story, 254-unit luxury condominium community is being developed directly across the street to the south and has pricing starting in the $800’s per square foot. As a testament to the desirability and demand for the location, the project is already 75% sold out.
Glady’s Apartments provides investors with the opportunity to acquire one of only a handful of apartment buildings located east of US-1 in this area. Priced at $9,000,000, the property is being offered at less than the replacement cost. By implementing a value-add program, current rents may be increased by upwards of $400 per unit per month. Furthermore, the opportunity to acquire close to an acre of land in the high-density Arch Creek Mixed-Use Corridor District is very rare and offers significant redevelopment potential.

Investment Highlights

  • A Location with Extremely High Barriers to Entry, Two Blocks from Publix, Costco, and Target, Florida International University is within Walking Distance
  • One of Only a Handful of Rental Buildings East of US-1
  • Close to One-Acre of Land for Redevelopment
  • 1970 Concrete Block Construction
  • Good Unit Mix of One- and Two-Bedroom Floor Plans
  • 787 Square Foot Average Apartment Size, Recent Renovations Include a New Roof with 20-Year Warranty
  • Central Air-Conditioning and Individual Hot-Water Heaters
  • Offered for Sale Below Replacement Cost

Exclusively Listed By

Multifamily

Glady's Apartments

Listing Price: $9,000,000

Cap Rate
5.55%
Number of Units
39
GRM
9.24
Occupancy
97.0%
Price/Unit
$230,769
Price/Gross SF
$293.31
Gross SF
30,684

Investment Highlights

  • A Location with Extremely High Barriers to Entry, Two Blocks from Publix, Costco, and Target, Florida International University is within Walking Distance
  • One of Only a Handful of Rental Buildings East of US-1
  • Close to One-Acre of Land for Redevelopment
  • 1970 Concrete Block Construction
  • Good Unit Mix of One- and Two-Bedroom Floor Plans
  • 787 Square Foot Average Apartment Size, Recent Renovations Include a New Roof with 20-Year Warranty
  • Central Air-Conditioning and Individual Hot-Water Heaters
  • Offered for Sale Below Replacement Cost

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Glady’s Apartments (the “Property”), a 39-unit, garden-style rental community located in North Miami Beach, Florida. The Property offers an excellent value-add opportunity through interior and exterior renovations, as well as significant redevelopment potential. Glady’s Apartments consists of a two- and three-story, concrete block building that was constructed in 1970, with a concrete deck roof which was replaced in 2023 and comes with a 20-year warranty. Apartments are accessed by multiple stairwells and exterior hallways. The property offers a good unit mix of 22 one-bedroom and 17 two-bedroom apartments. There are 45 open parking spaces, and the entire property sits on a .87-acre site zoned RM-23. Furthermore, the property is within the four block Arch Creek Mixed-Use Corridor District which allows for up to 15-story/195 feet mixed-use development. Each apartment has ceramic tile flooring throughout, a separate galley kitchen with a gas stove and a refrigerator. Each also has a patio or balcony, central heating and air-conditioning and a separate electric hot-water heater. Electricity, telephone, and cable are individually metered and paid for by the residents, while water, sewer, trash, and gas are paid for by the owner. The seller recently replaced the entire roof with a Thermoplastic Roof System, plus the addition of 17 scuppers, at a total cost of $300,000. It has a 20-year, transferable warranty. Furthermore, one-half of the gas lines have recently been replaced and the other half by the previous owner. Glady’s Apartments is in a superior location, just one parcel east of Biscayne Boulevard (US-1) and a few blocks north of NE 135th Street, which directly connects US-1 with Interstate 95. Biscayne Boulevard has an average daily car count of 42,000 cars passing by the property each day. NE 135th Street at the corner has an additional 24,500 cars. The City of Aventura, one of the most desirable submarkets of South Florida, is located less than five minutes north of the property. The desirable Arch Creek and Sans Souci submarkets are just to the south. There is an endless amount of retail, commercial, entertainment and employment centers surrounding the area. Publix Supermarket, Costco, Target, a US Post Office, Total Wine, and ABC Fine Wine & Spirits are all within just two blocks. These provide residents with easy access to their daily essentials. Florida International University (Biscayne Bay Campus), David Lawrence Jr. K-8 School, and the Alonzo and Tracy Mouring High School are also within just a few blocks, which not only provide quick access to education, but also significant employment for the residents. SoLe´ Mia, a $4 billion dollar, 183-acre master-planned community, is just up the street. This “city within a city” will house 4,390 residences, 1,000,000 square feet of retail space, a 150-key hotel, a dine-in cinema and gourmet grocery, a 7-acre clear water tropical lagoon, 37-acres of passive and active green parks, 8-miles of biking and running paths, kids’ playgrounds, and a 363,000 square foot, 10-acre, UHealth medical center, their largest ambulatory facility. All of these will provide endless employment opportunities for the residents of Glady’s Apartments, as well as access to any medical needs. Nexo Residences, a brand new, 15-story, 254-unit luxury condominium community is being developed directly across the street to the south and has pricing starting in the $800’s per square foot. As a testament to the desirability and demand for the location, the project is already 75% sold out. Glady’s Apartments provides investors with the opportunity to acquire one of only a handful of apartment buildings located east of US-1 in this area. Priced at $9,000,000, the property is being offered at less than the replacement cost. By implementing a value-add program, current rents may be increased by upwards of $400 per unit per month. Furthermore, the opportunity to acquire close to an acre of land in the high-density Arch Creek Mixed-Use Corridor District is very rare and offers significant redevelopment potential.

Exclusively Listed By

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