Multifamily

580 NoMi Apartments

580 NE 127th St, North Miami, FL 33161

Listing Price: $4,200,000

Cap Rate
5.15%
Number of Units
30
GRM
10.29
Occupancy
95.0%
Price/Unit
$140,000
Price/Gross SF
$218.65
Gross SF
19,209

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 580 NoMi Apartments, a rental community which sits within the Historic Griffing Park Estates neighborhood in North Miami. The property benefits from being situated in a quaint residential neighborhood yet offers easy access to Northeast 6th Avenue and Northeast 125th Street both of which are main thoroughfares a block away. The property also benefits from being walking distance to local retailers like Publix, CVS, Walgreens, and McDonalds, multiple Dollar Stores, as well as many other retailers and downtown North Miami.
580 NoMi Apartments was originally developed as a condominium building and was just recently converted back to an apartment building. The property offers tenants a variety of luxuries including gated covered parking, secured entrances, laundry facilities, central air-conditioning, and elevator service. Current ownership has renovated approximately 70 percent of the units with high-end finishes including smart locks, new countertops, stainless steel appliances and fixtures throughout, as well as other quality finishes. The community is made up of 30 units in a four-story building with ground floor parking. The building was built in 1970 consisting of 19,209 rentable square feet and sits on a .38 acre site. 580 NoMi Apartments offers an attractive mix of 19 one-bedroom and one-bathroom units with 558 square feet, five two-bedroom / one-bathroom units with 705 square feet and six two-bedroom/ two-bathroom units with 846 square feet. 580 NoMi Apartments provides an investor the opportunity to continue to add value through renovating the remaining units, replacing the exterior windows, and brining the rest of the units to market rates obtaining over an eight percent levered cash-on-cash return.
580 NoMi Apartments is located strategically in the center of the City of North Miami which was incorporated in 1953 and is home to over 60,000 residents. North Miami is the sixth largest city in Miami-Dade County. It is home to one of the youngest and most ethnically diverse communities in the entire state. North Miami is uniquely positioned to tap into the workforce of both Miami-Dade and Broward Counties. It is situated between Interstate 95 and Biscayne Bay and from Biscayne Park and Miami Shores to North Miami Beach and Aventura. The city is home to Johnson Wales University and the Biscayne Bay campus of Florida International University. Barry University is also a short distance away in Miami Shores. There are approximately 2,900 businesses in the City of North Miami and nearly 10 percent of those businesses are related to entertainment. Additionally, there are many projects approved and underway in North Miami not limited to ELEVEN55 NoMi a 384 unit work force housing community breaking ground in 2021, Taubcos Causeway Village a mixed use Class A community with 297 units and 15,000 square feet of retail and othe

Investment Highlights

  • Located in Historic Griffing Park Estates Neighborhood in North Miami
  • Former Condo Recently Converted to Apartment Building
  • Gated Covered Parking, Secured Entrances, Central Air-Conditioning
  • Approximately 70 Percent of the Units Have Been Renovated
  • Value-Add Program Through Renovating Remaining Units and Exterior Windows
  • 40-Year Certificate Recently Completed

Exclusively Listed By

Listing Price: $4,200,000

Cap Rate
5.15%
Number of Units
30
GRM
10.29
Occupancy
95.0%
Price/Unit
$140,000
Price/Gross SF
$218.65
Gross SF
19,209

Investment Highlights

  • Located in Historic Griffing Park Estates Neighborhood in North Miami
  • Former Condo Recently Converted to Apartment Building
  • Gated Covered Parking, Secured Entrances, Central Air-Conditioning
  • Approximately 70 Percent of the Units Have Been Renovated
  • Value-Add Program Through Renovating Remaining Units and Exterior Windows
  • 40-Year Certificate Recently Completed

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 580 NoMi Apartments, a rental community which sits within the Historic Griffing Park Estates neighborhood in North Miami. The property benefits from being situated in a quaint residential neighborhood yet offers easy access to Northeast 6th Avenue and Northeast 125th Street both of which are main thoroughfares a block away. The property also benefits from being walking distance to local retailers like Publix, CVS, Walgreens, and McDonalds, multiple Dollar Stores, as well as many other retailers and downtown North Miami.
580 NoMi Apartments was originally developed as a condominium building and was just recently converted back to an apartment building. The property offers tenants a variety of luxuries including gated covered parking, secured entrances, laundry facilities, central air-conditioning, and elevator service. Current ownership has renovated approximately 70 percent of the units with high-end finishes including smart locks, new countertops, stainless steel appliances and fixtures throughout, as well as other quality finishes. The community is made up of 30 units in a four-story building with ground floor parking. The building was built in 1970 consisting of 19,209 rentable square feet and sits on a .38 acre site. 580 NoMi Apartments offers an attractive mix of 19 one-bedroom and one-bathroom units with 558 square feet, five two-bedroom / one-bathroom units with 705 square feet and six two-bedroom/ two-bathroom units with 846 square feet. 580 NoMi Apartments provides an investor the opportunity to continue to add value through renovating the remaining units, replacing the exterior windows, and brining the rest of the units to market rates obtaining over an eight percent levered cash-on-cash return.
580 NoMi Apartments is located strategically in the center of the City of North Miami which was incorporated in 1953 and is home to over 60,000 residents. North Miami is the sixth largest city in Miami-Dade County. It is home to one of the youngest and most ethnically diverse communities in the entire state. North Miami is uniquely positioned to tap into the workforce of both Miami-Dade and Broward Counties. It is situated between Interstate 95 and Biscayne Bay and from Biscayne Park and Miami Shores to North Miami Beach and Aventura. The city is home to Johnson Wales University and the Biscayne Bay campus of Florida International University. Barry University is also a short distance away in Miami Shores. There are approximately 2,900 businesses in the City of North Miami and nearly 10 percent of those businesses are related to entertainment. Additionally, there are many projects approved and underway in North Miami not limited to ELEVEN55 NoMi a 384 unit work force housing community breaking ground in 2021, Taubcos Causeway Village a mixed use Class A community with 297 units and 15,000 square feet of retail and othe

Exclusively Listed By

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