Multifamily

Bluewater Gardens

17031 Northeast 21st Avenue, North Miami Beach, FL 33162

Listing Price: $2,320,000

Cap Rate
5.44%
Number of Units
16
GRM
9.56
Occupancy
90.00%
Price/Unit
$145,000
Price/Gross SF
$220.95
Gross SF
10,500

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Bluewater Gardens located at 17031 NE 21st Avenue, a 16-unit multifamily property in North Miami Beach, Florida.

SUBJECT PROPERTY
Bluewater Gardens is a two-story, 16-unit garden-style apartment complex constructed in 1961 of concrete block and stucco. The building totals 10,778 adjusted square feet and, the lot size is 15,000 square-foot lot according to the Miami Dade property appraiser. Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and wall air conditioning units. Common area amenities include a fenced perimeter and laundry room. The unit mix is comprised of (9) one-bedroom | one-bathroom apartments, (3) two-bedroom | one-bathroom apartments, and (4) two-bedroom | two-bathroom apartments. Common area amenities include a gated tropical courtyard, fenced-in pool, and laundry room.

LOCATION
Bluewater Gardens is located north of North Miami Beach Boulevard, between Northeast 19th Avenue and West Dixie Highway, providing easy access to major thoroughfares including Biscayne Boulevard, Interstate 95, the Florida Turnpike and the Palmetto Expressway. Bluewater is within walking distance to the Victory Park Pool, the Julius Littman Performing Arts Theater, as well as Greynolds Golf Course. The neighborhood consists primarily of single-family homes and multifamily properties with a multitude of local and national commercial retailers along Miami Gardens Drive to the north, North Miami Beach Boulevard to the south and Biscayne Boulevard to the east. The area has an average household income of $75,667 within a three-mile radius, according to Experian. Numerous luxury apartment buildings, mixed-use properties, office buildings and condominiums are either currently under construction or have been recently completed in the surrounding area.

Local schools include Fulford Elementary (1.0 miles), Greynolds Park Elementary (1.2 miles), North Beach High School (1.4 miles), and John F. Kennedy Middle School (1.6 miles). Other nearby points of interest and include Judge Arthur Snyder Tennis Center (0.6 miles), Houstons and PF Changs Restaurants (1.1 Miles), Publix Supermarket at Skylake Mall (1.4 Miles), Oleta River State Park (1.9 miles), the Aventura Mall (2.8 miles), and FIU Biscayne Bay Campus (3.3 miles.)

SUMMARY
Bluewater Gardens is being offered for sale free and clear of debt at $2,320,000 or $145,000 per unit.

Investment Highlights

  • Opportunity to Acquire 16 Units in East North Miami Beach
  • Close Proximity to Biscayne Boulevard, Dixie Highway
  • Offered for Sale at 9.6 Gross Rent Multiplier
  • Short Drive to Aventura Mall, Sunny Isles Beach and Miami Beach

Exclusively Listed By

Listing Price: $2,320,000

Cap Rate
5.44%
Number of Units
16
GRM
9.56
Occupancy
90.00%
Price/Unit
$145,000
Price/Gross SF
$220.95
Gross SF
10,500

Investment Highlights

  • Opportunity to Acquire 16 Units in East North Miami Beach
  • Close Proximity to Biscayne Boulevard, Dixie Highway
  • Offered for Sale at 9.6 Gross Rent Multiplier
  • Short Drive to Aventura Mall, Sunny Isles Beach and Miami Beach

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Bluewater Gardens located at 17031 NE 21st Avenue, a 16-unit multifamily property in North Miami Beach, Florida.

SUBJECT PROPERTY
Bluewater Gardens is a two-story, 16-unit garden-style apartment complex constructed in 1961 of concrete block and stucco. The building totals 10,778 adjusted square feet and, the lot size is 15,000 square-foot lot according to the Miami Dade property appraiser. Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and wall air conditioning units. Common area amenities include a fenced perimeter and laundry room. The unit mix is comprised of (9) one-bedroom | one-bathroom apartments, (3) two-bedroom | one-bathroom apartments, and (4) two-bedroom | two-bathroom apartments. Common area amenities include a gated tropical courtyard, fenced-in pool, and laundry room.

LOCATION
Bluewater Gardens is located north of North Miami Beach Boulevard, between Northeast 19th Avenue and West Dixie Highway, providing easy access to major thoroughfares including Biscayne Boulevard, Interstate 95, the Florida Turnpike and the Palmetto Expressway. Bluewater is within walking distance to the Victory Park Pool, the Julius Littman Performing Arts Theater, as well as Greynolds Golf Course. The neighborhood consists primarily of single-family homes and multifamily properties with a multitude of local and national commercial retailers along Miami Gardens Drive to the north, North Miami Beach Boulevard to the south and Biscayne Boulevard to the east. The area has an average household income of $75,667 within a three-mile radius, according to Experian. Numerous luxury apartment buildings, mixed-use properties, office buildings and condominiums are either currently under construction or have been recently completed in the surrounding area.

Local schools include Fulford Elementary (1.0 miles), Greynolds Park Elementary (1.2 miles), North Beach High School (1.4 miles), and John F. Kennedy Middle School (1.6 miles). Other nearby points of interest and include Judge Arthur Snyder Tennis Center (0.6 miles), Houstons and PF Changs Restaurants (1.1 Miles), Publix Supermarket at Skylake Mall (1.4 Miles), Oleta River State Park (1.9 miles), the Aventura Mall (2.8 miles), and FIU Biscayne Bay Campus (3.3 miles.)

SUMMARY
Bluewater Gardens is being offered for sale free and clear of debt at $2,320,000 or $145,000 per unit.

Exclusively Listed By

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