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Multifamily

Greene Hill Apartments

8021 Abbott Ave, Miami Beach, FL 33141

Listing Price: $4,500,000

Cap Rate
3.25%
Number of Units
20
GRM
9.87
Occupancy
90.0%
Price/Unit
$225,000
Price/Gross SF
$380.07
Gross SF
11,840

Investment Overview

Greene Hill Apartments is a 20-unit apartment community that is made up of two, two-story buildings on Abbott Avenue between 80th and 81st Streets in the North Beach area of Miami Beach. The properties are in the highly sought after North Beach submarket of Miami Beach, Florida. The buildings have been under current ownership for over 30 years and have two adjacent folios that total a 11,300 SF site. The buildings have an attractive unit mix of four studios and 16 one-bed/one bath units, with two different floorplans. The buildings were constructed in 1947 of concrete block construction. Water, sewer and trash removal are included in the rent.

Several units at the property have been recently updated, while the remaining units are in varying conditions. Currently there is one unit that is not habitable and being used as storage. The Seller is currently in the process of replacing the railings at the property, which should be completed prior to closing. An investor has the opportunity to increase the value at the property by renovating the units and bringing the rents to market levels.

The North Beach market is located in the North section of Miami Beach, just south of Surfside and Bal Harbour. The area is in the process of revitalization and growth with the implementation of the Town Center District which spans from 69th Street, north to 72nd Street and from Collins Avenue to the Indian Creek Waterway as well as the regentrification of Ocean Terrace. The Town Center District has a high-density zoning with increased height restrictions which vary depending on the zone. There are a number of projects in various stages of development with several projects already being developed. There are several other projects in the area that are underway including updating the North Beach Oceanside Park and Ocean Terrace Park.

Investment Highlights

  • Highly sought after North Beach market
  • Under current ownership for over 30 years
  • Upside in rental income
  • Large courtyard surrounded by two buildings
  • Onsite laundry facilities
  • Large spacious floorplans

Exclusively Listed By

Multifamily

Greene Hill Apartments

Listing Price: $4,500,000

Cap Rate
3.25%
Number of Units
20
GRM
9.87
Occupancy
90.0%
Price/Unit
$225,000
Price/Gross SF
$380.07
Gross SF
11,840

Investment Highlights

  • Highly sought after North Beach market
  • Under current ownership for over 30 years
  • Upside in rental income
  • Large courtyard surrounded by two buildings
  • Onsite laundry facilities
  • Large spacious floorplans

Investment Overview

Greene Hill Apartments is a 20-unit apartment community that is made up of two, two-story buildings on Abbott Avenue between 80th and 81st Streets in the North Beach area of Miami Beach. The properties are in the highly sought after North Beach submarket of Miami Beach, Florida. The buildings have been under current ownership for over 30 years and have two adjacent folios that total a 11,300 SF site. The buildings have an attractive unit mix of four studios and 16 one-bed/one bath units, with two different floorplans. The buildings were constructed in 1947 of concrete block construction. Water, sewer and trash removal are included in the rent. Several units at the property have been recently updated, while the remaining units are in varying conditions. Currently there is one unit that is not habitable and being used as storage. The Seller is currently in the process of replacing the railings at the property, which should be completed prior to closing. An investor has the opportunity to increase the value at the property by renovating the units and bringing the rents to market levels. The North Beach market is located in the North section of Miami Beach, just south of Surfside and Bal Harbour. The area is in the process of revitalization and growth with the implementation of the Town Center District which spans from 69th Street, north to 72nd Street and from Collins Avenue to the Indian Creek Waterway as well as the regentrification of Ocean Terrace. The Town Center District has a high-density zoning with increased height restrictions which vary depending on the zone. There are a number of projects in various stages of development with several projects already being developed. There are several other projects in the area that are underway including updating the North Beach Oceanside Park and Ocean Terrace Park.

Exclusively Listed By

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