Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to bring to market Parkview Apartments, a 24-unit, apartment building located in the city of North Miami, Florida, which is in northeast Miami-Dade County. The property is comprised of a four-story, elevator-served building with gated, covered parking. The building was constructed in 1969 of concrete block with painted stucco and rock facade exterior and sits on a 15,000 square foot site. There is a very desirable unit mix of 24 two-bedroom and one-bathroom apartments with an average of 792 SF. Each unit has central air-conditioning, a separate electric hot-water heater, and select apartments have balconies. Property amenities include a laundry facility, secured entrances with telephone entry, recently renovated elevator, and 30 covered parking spaces. Water, sewer, and trash removal are included in the rent, while residents pay for electricity, telephone, and cable. The current owners implemented a $500,000 capex program over the past two years which included a new roof in 2023, renovation of 22 of the 24 units and additional common element upgrades. Most units have received updated kitchens, bathrooms, flooring, light fixtures, baseboards, doors, electric sockets and switches throughout the units. The kitchens have new cabinets, stainless steel appliances, stone countertops, and faucets. The bathrooms received vanities, bath tubs and tub surrounds. The hallways were also updated with new flooring, painted, new light fixtures and signage. North Miami is located between downtown Miami and Fort-Lauderdale along the Biscayne corridor. It is strategically located within the path of continued development between the two business centers. North Miami is also home to several universities including Florida International University’s Biscayne Bay campus and Barry University which is several blocks southwest of the subject. Parkview Apartments fronts on West Dixie Highway, just a few blocks southwest of downtown North Miami and the intersection of NE 125th Street, Dixie Highway, and NE 6th Avenue, which has an average daily traffic count of over 70,000 vehicles. NE 125th Street is a main east-west corridor through the northern section of Miami-Dade County. The immediate neighborhood is comprised of multifamily and commercial buildings, with single-family homes to the South in the Biscayne Park neighborhood. There are also numerous parks in the immediate area, including Griffing Park which is located directly across the street from the subject property. Parkview Apartments is also conveniently located to most of the employment drivers in the area which run along NE 125th Street and Biscayne Boulevard and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles. Parkview Apartments offers an investor, a turn-key asset with a very attractive cash flow. The units have been renovated and additional lines of income have been implemented to increase revenue.