Multifamily

1951 Northeast 167th Street & 16890 Northeast 21st Avenue

1951 Northeast 167th Street & 16890 Northeast 21st Avenue, North Miami Beach, FL 33162

Listing Price: $4,200,000

Cap Rate
5.40%
Number of Units
30
GRM
9.41
Occupancy
90.00%
Price/Unit
$140,000
Price/Gross SF
$244.19
Gross SF
17,200

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale 1951 NE 167th Street & 16890 NE 21st Avenue, a two-property multifamily portfolio totaling 30 units, in North Miami Beach, Florida.

SUBJECT PROPERTY
1951 NE 167th Street is a 20-unit, two-story apartment building constructed in 1960 of concrete block and painted stucco. The building totals 12,536 adjusted square feet and, the lot size is 19,050 square-foot lot according to the Miami Dade property appraiser. Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and central air conditioning. Common area amenities include a fenced courtyard, swimming pool and laundry room. The unit mix is comprised of (16) one-bedroom | one-bathroom apartments and (4) two-bedroom | two-bathroom apartments.

16890 NE 21st Avenue is also two-story apartment building constructed in 1964 of concrete block and painted stucco. The building totals 6,627 adjusted square feet and, the lot size is 10,000 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 (8) one-bedroom | one-bathroom apartments and (2) two-bedroom | two-bathroom apartments.

LOCATION
Both properties are 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. Each location 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 $74,404 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 (0.6 miles), Greynolds Park Elementary (1.2 miles), North Beach High School (1.4 miles), and John F. Kennedy Middle School (1.5 miles). Other nearby points of interest include Judge Arthur Snyder Tennis Center (0.5 miles), Houstons and PF Changs Restaurants (1.1 Miles), Publix Supermarket at Skylake Mall (1.4 Miles), Oleta River State Park (2.0 miles) FIU Biscayne Bay Campus (3.0 miles), and the Aventura Mall (3.0miles).

SUMMARY
1951 NE 167th Street & 16890 NE 21st Avenue are being offered for sale subject to assumption of the existing mortgage at $4,200,000.

Investment Highlights

  • Opportunity to Acquire Two Buildings, 30 Units in North Miami Beach
  • Close Proximity to Biscayne Boulevard, Dixie Highway
  • Offered for Sale at 9.4 Gross Rent Multiplier
  • Short Drive to Aventura Mall, Sunny Isles Beach and Miami Beach

Exclusively Listed By

Multifamily

1951 Northeast 167th Street & 16890 Northeast 21st Avenue

Listing Price: $4,200,000

Cap Rate
5.40%
Number of Units
30
GRM
9.41
Occupancy
90.00%
Price/Unit
$140,000
Price/Gross SF
$244.19
Gross SF
17,200

Investment Highlights

  • Opportunity to Acquire Two Buildings, 30 Units in North Miami Beach
  • Close Proximity to Biscayne Boulevard, Dixie Highway
  • Offered for Sale at 9.4 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 1951 NE 167th Street & 16890 NE 21st Avenue, a two-property multifamily portfolio totaling 30 units, in North Miami Beach, Florida.

SUBJECT PROPERTY
1951 NE 167th Street is a 20-unit, two-story apartment building constructed in 1960 of concrete block and painted stucco. The building totals 12,536 adjusted square feet and, the lot size is 19,050 square-foot lot according to the Miami Dade property appraiser. Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and central air conditioning. Common area amenities include a fenced courtyard, swimming pool and laundry room. The unit mix is comprised of (16) one-bedroom | one-bathroom apartments and (4) two-bedroom | two-bathroom apartments.

16890 NE 21st Avenue is also two-story apartment building constructed in 1964 of concrete block and painted stucco. The building totals 6,627 adjusted square feet and, the lot size is 10,000 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 (8) one-bedroom | one-bathroom apartments and (2) two-bedroom | two-bathroom apartments.

LOCATION
Both properties are 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. Each location 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 $74,404 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 (0.6 miles), Greynolds Park Elementary (1.2 miles), North Beach High School (1.4 miles), and John F. Kennedy Middle School (1.5 miles). Other nearby points of interest include Judge Arthur Snyder Tennis Center (0.5 miles), Houstons and PF Changs Restaurants (1.1 Miles), Publix Supermarket at Skylake Mall (1.4 Miles), Oleta River State Park (2.0 miles) FIU Biscayne Bay Campus (3.0 miles), and the Aventura Mall (3.0miles).

SUMMARY
1951 NE 167th Street & 16890 NE 21st Avenue are being offered for sale subject to assumption of the existing mortgage at $4,200,000.

Exclusively Listed By

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