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Multifamily

The Oaks in North Miami

13770-13820 Northeast 3rd Court, North Miami, FL 33161

Listing Price: $20,800,000

Cap Rate
6.72%
Number of Units
80
GRM
8.36
Price/Unit
$260,000
Price/Gross SF
$250.50
Gross SF
83,033

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Oaks in North Miami, a portfolio consisting of 80 (out of 96 total) condominiums located in North Miami, Florida.

SUBJECT PROPERTY
This offering includes 80 condominiums out of 96 units within The Oaks in North Miami, offering an 83% ownership interest. The Oaks were constructed from 2007-2008 and comprise (4) three-story buildings on a 5.17-acre lot, according to the Miami Dade County Property Appraiser. The buildings feature concrete block and stucco exterior walls with shingle roofs and central air conditioning. This portfolio totals 83,033 square feet with a unit mix consisting of (19) two-bedroom | two-bathrooms measuring 906 square feet with an average in-place rent of $2,168 per month and (61) three-bedroom | two-bathrooms measuring 1,079 square feet with an average in-place rent of $2,693 per month (76% three-bedrooms). Units feature ceramic tile flooring, electric appliances, in-unit washer and dryer, individual hot-water heaters, formica countertops and balconies or patios. Community amenities including a security gate, children’s playground, ample green space for residents and pets and 219 total parking spaces.

* The Oaks in North Miami community current has a vacant pad that was not developed at the time the other four buildings within the community were constructed. A recent zoning letter included in the property due diligence materials supports the potential development of a fifth building totaling between 18-31 additional units.

LOCATION
The Oaks in North Miami are located at 13770-13820 Northeast 3rd Court in North Miami, Florida, a few minutes east of Interstate 95 and just north of Northeast 135th Street. Nearby points of interest include Publix Supermarket at North Miami (1.3 miles), Walgreens Pharmacy (1.4 miles), Museum of Contemporary Art (1.6 miles), Planet Fitness (1.9 miles), Bravo Supermarket (2.1 miles), Dezerland Action Park (2.6 miles), Lost City Brewing (2.6 miles), Biscayne Commons (2.7 miles), Total Wine & More (2.8 miles), Target (2.8 miles), LA Fitness (3.0 miles) and Costco (3.3 miles)

Nearby educational facilities include Linda Lentin K-8 Center (0.5 miles), North Miami Middle School (0.7 miles), North Miami Senior High School (1.2 miles), Barry University (1.7 miles), Johnson & Wales University North Miami Campus (2.6 miles) and Florida International University Biscayne Bay Campus (4.0 miles).

SUMMARY
The Oaks in North Miami are being offered for sale at $20,800,000 or $260,000 per unit.

Investment Highlights

  • Bulk Condominium Portfolio of 80 Units (out of 96 total - 83% Ownership)
  • Offered at Current 6.70% Cap Rate and 8.38 Gross Rent Multiplier
  • 76% Three Bedroom/Two Bathrooms Measuring 1,079 Square Feet
  • Unit Mix Consists of (19) 2 Bedroom | 2 Bathrooms and (61) 3 Bedroom | 2 Bathrooms
  • Recent Zoning Letter Supports Building an Additional 18 - 31 Units
  • Unit Features Include, Tile Flooring, Electric Appliances and In-Unit Washer/Dryer
  • Proximate to I-95, NE 135th Street, Walgreens Pharmacy, Publix Supermarket (North Miami), Museum of Contemporary Art and Dezerland Action Park

Exclusively Listed By

Multifamily

The Oaks in North Miami

Listing Price: $20,800,000

Cap Rate
6.72%
Number of Units
80
GRM
8.36
Price/Unit
$260,000
Price/Gross SF
$250.50
Gross SF
83,033

Investment Highlights

  • Bulk Condominium Portfolio of 80 Units (out of 96 total - 83% Ownership)
  • Offered at Current 6.70% Cap Rate and 8.38 Gross Rent Multiplier
  • 76% Three Bedroom/Two Bathrooms Measuring 1,079 Square Feet
  • Unit Mix Consists of (19) 2 Bedroom | 2 Bathrooms and (61) 3 Bedroom | 2 Bathrooms
  • Recent Zoning Letter Supports Building an Additional 18 - 31 Units
  • Unit Features Include, Tile Flooring, Electric Appliances and In-Unit Washer/Dryer
  • Proximate to I-95, NE 135th Street, Walgreens Pharmacy, Publix Supermarket (North Miami), Museum of Contemporary Art and Dezerland Action Park

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Oaks in North Miami, a portfolio consisting of 80 (out of 96 total) condominiums located in North Miami, Florida. SUBJECT PROPERTY This offering includes 80 condominiums out of 96 units within The Oaks in North Miami, offering an 83% ownership interest. The Oaks were constructed from 2007-2008 and comprise (4) three-story buildings on a 5.17-acre lot, according to the Miami Dade County Property Appraiser. The buildings feature concrete block and stucco exterior walls with shingle roofs and central air conditioning. This portfolio totals 83,033 square feet with a unit mix consisting of (19) two-bedroom | two-bathrooms measuring 906 square feet with an average in-place rent of $2,168 per month and (61) three-bedroom | two-bathrooms measuring 1,079 square feet with an average in-place rent of $2,693 per month (76% three-bedrooms). Units feature ceramic tile flooring, electric appliances, in-unit washer and dryer, individual hot-water heaters, formica countertops and balconies or patios. Community amenities including a security gate, children’s playground, ample green space for residents and pets and 219 total parking spaces. * The Oaks in North Miami community current has a vacant pad that was not developed at the time the other four buildings within the community were constructed. A recent zoning letter included in the property due diligence materials supports the potential development of a fifth building totaling between 18-31 additional units. LOCATION The Oaks in North Miami are located at 13770-13820 Northeast 3rd Court in North Miami, Florida, a few minutes east of Interstate 95 and just north of Northeast 135th Street. Nearby points of interest include Publix Supermarket at North Miami (1.3 miles), Walgreens Pharmacy (1.4 miles), Museum of Contemporary Art (1.6 miles), Planet Fitness (1.9 miles), Bravo Supermarket (2.1 miles), Dezerland Action Park (2.6 miles), Lost City Brewing (2.6 miles), Biscayne Commons (2.7 miles), Total Wine & More (2.8 miles), Target (2.8 miles), LA Fitness (3.0 miles) and Costco (3.3 miles) Nearby educational facilities include Linda Lentin K-8 Center (0.5 miles), North Miami Middle School (0.7 miles), North Miami Senior High School (1.2 miles), Barry University (1.7 miles), Johnson & Wales University North Miami Campus (2.6 miles) and Florida International University Biscayne Bay Campus (4.0 miles). SUMMARY The Oaks in North Miami are being offered for sale at $20,800,000 or $260,000 per unit.

Exclusively Listed By

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