Multifamily

River Edge Apartments

400-420 NW S River Dr, Miami, FL 33128

Listing Price: $1,925,000

Cap Rate
6.00%
Number of Units
11
GRM
10.09
Occupancy
95.0%
Price/Unit
$175,000
Price/Gross SF
$277.14
Gross SF
6,946

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale River Edge Apartments, an 11-unit apartment building located at 400-420 Northwest South River Drive in Miami, Florida. River Edge Apartments are two, two-story apartment buildings constructed of concrete block and wood frame. The property has 10 two-bedroom / one-bathroom units and one three-bedroom / two bathroom unit. The 420 building has been completely remodeled. The renovations included new electrical system, new PVC plumbing, structural improvements such as new trusses, subflooring, ceilings and floors. The 400 building is undergoing the same type of renovations.

River Edge Apartments is located within the highly sought-after Little Havana neighborhood. This rental market has become the epicenter for rental properties in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the property. Little Havana is centrally located with Jackson Memorial Hospital and The Hospital District to the north, PortMiami, Brickell and downtown Miami to the east, Coral Gables and Coconut Grove to the south and The Miami International Airport to the west. The proximity to major employers in South Florida, convenient access to major thoroughfares ad public transportation are a few of the reasons Little Havana has become one of the most desirable locations to live. Due to the demand for rental units, there has been an upward pressure in rental rates; therefore; the supply of rental units is scarce. Over the last five years, there have been several new commercial and residential developments in the immediate area which enhances the quality of life for residents and visitors of Little Havana. Moreover, River Edge Apartments is situated by the Miami River which has undergone a complete renovation and gentrification in the last decade. Several luxury apartment buildings have been delivered and are in the pipeline and also new high-end restaurants are situated along the Miami River and within close proximity of the subject property.

Investment Highlights

  • Building 400 in Process of a Full Renovation
  • Great Unit Mix of Two Bedroom and Three Bedroom Units
  • Easy To Manage Property
  • Excellent Location within Little Havana

Exclusively Listed By

Listing Price: $1,925,000

Cap Rate
6.00%
Number of Units
11
GRM
10.09
Occupancy
95.0%
Price/Unit
$175,000
Price/Gross SF
$277.14
Gross SF
6,946

Investment Highlights

  • Building 400 in Process of a Full Renovation
  • Great Unit Mix of Two Bedroom and Three Bedroom Units
  • Easy To Manage Property
  • Excellent Location within Little Havana

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale River Edge Apartments, an 11-unit apartment building located at 400-420 Northwest South River Drive in Miami, Florida. River Edge Apartments are two, two-story apartment buildings constructed of concrete block and wood frame. The property has 10 two-bedroom / one-bathroom units and one three-bedroom / two bathroom unit. The 420 building has been completely remodeled. The renovations included new electrical system, new PVC plumbing, structural improvements such as new trusses, subflooring, ceilings and floors. The 400 building is undergoing the same type of renovations.

River Edge Apartments is located within the highly sought-after Little Havana neighborhood. This rental market has become the epicenter for rental properties in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the property. Little Havana is centrally located with Jackson Memorial Hospital and The Hospital District to the north, PortMiami, Brickell and downtown Miami to the east, Coral Gables and Coconut Grove to the south and The Miami International Airport to the west. The proximity to major employers in South Florida, convenient access to major thoroughfares ad public transportation are a few of the reasons Little Havana has become one of the most desirable locations to live. Due to the demand for rental units, there has been an upward pressure in rental rates; therefore; the supply of rental units is scarce. Over the last five years, there have been several new commercial and residential developments in the immediate area which enhances the quality of life for residents and visitors of Little Havana. Moreover, River Edge Apartments is situated by the Miami River which has undergone a complete renovation and gentrification in the last decade. Several luxury apartment buildings have been delivered and are in the pipeline and also new high-end restaurants are situated along the Miami River and within close proximity of the subject property.

Exclusively Listed By

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