Multifamily

Devonshire House Apartments

401 Crescent Dr, Miami Springs, FL 33166

Listing Price: $5,940,000

Cap Rate
4.42%
Number of Units
36
GRM
12.92
Occupancy
95.0%
Price/Unit
$165,000
Price/Gross SF
$228.11
Gross SF
26,040

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for Sale Devonshire House Apartments, a 36-unit property located in Miami Springs, Florida. The current owner has operated the property for nearly 30 years and has taken great pride in maintaining this asset. This is the first time this property has been offered for sale.

Devonshire House Apartments is comprised of six two-story buildings totaling 36 units. The properties were constructed between 1964 and 1981 of concrete block. Community amenities include off-street parking, gated swimming pool, laundry facility, off-street parking and central green area. The property has undergone several upgrades including installation of central air-conditioning units, a new roof in 2021 and upkeep of the interior of every unit.

Devonshire House Apartments offers a desirable mix of floor plans including 16 one-bedroom apartment units and 20 two-bedroom / one-bathroom apartment units. The one bedroom units range between 540 and 800 square feet and the two bedroom units are approximately 714 square feet. Residents are responsible for electricity and cable while water, sewer and trash removal is included in the rent.

Devonshire House Apartments is located in the city of Miami Springs in Miami-Dade County. The city is surrounded by Miami International Airport, the city of Hialeah, the Village of Virginia Gardens and the Town of Medley. Mostly comprised of single family dwellings, limited apartment rentals and a total of 14,000 residents, the city of Miami Springs offers the perfect location to live. It also offers family oriented amenities including parks, racquetball and tennis courts, gold course, municipal pool, historic landmarks, museums and new community center and theater. The city offers shuttle services on weekdays to all its residents.

Investment Highlights

  • Unique Submarket with Minimal Transaction Velocity
  • 55 Percent Two-Bedroom / One-Bathroom Units
  • Central Air-Conditioning Units
  • Large Floor Plans
  • Meticulously Maintained Property
  • Brand New Roof on One of the Buildings

Exclusively Listed By

Multifamily

Devonshire House Apartments

Listing Price: $5,940,000

Cap Rate
4.42%
Number of Units
36
GRM
12.92
Occupancy
95.0%
Price/Unit
$165,000
Price/Gross SF
$228.11
Gross SF
26,040

Investment Highlights

  • Unique Submarket with Minimal Transaction Velocity
  • 55 Percent Two-Bedroom / One-Bathroom Units
  • Central Air-Conditioning Units
  • Large Floor Plans
  • Meticulously Maintained Property
  • Brand New Roof on One of the Buildings

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for Sale Devonshire House Apartments, a 36-unit property located in Miami Springs, Florida. The current owner has operated the property for nearly 30 years and has taken great pride in maintaining this asset. This is the first time this property has been offered for sale.

Devonshire House Apartments is comprised of six two-story buildings totaling 36 units. The properties were constructed between 1964 and 1981 of concrete block. Community amenities include off-street parking, gated swimming pool, laundry facility, off-street parking and central green area. The property has undergone several upgrades including installation of central air-conditioning units, a new roof in 2021 and upkeep of the interior of every unit.

Devonshire House Apartments offers a desirable mix of floor plans including 16 one-bedroom apartment units and 20 two-bedroom / one-bathroom apartment units. The one bedroom units range between 540 and 800 square feet and the two bedroom units are approximately 714 square feet. Residents are responsible for electricity and cable while water, sewer and trash removal is included in the rent.

Devonshire House Apartments is located in the city of Miami Springs in Miami-Dade County. The city is surrounded by Miami International Airport, the city of Hialeah, the Village of Virginia Gardens and the Town of Medley. Mostly comprised of single family dwellings, limited apartment rentals and a total of 14,000 residents, the city of Miami Springs offers the perfect location to live. It also offers family oriented amenities including parks, racquetball and tennis courts, gold course, municipal pool, historic landmarks, museums and new community center and theater. The city offers shuttle services on weekdays to all its residents.

Exclusively Listed By

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