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Multifamily

14th Place Portfolio

7104-7160 NW 14th Pl, Miami, FL 33147

Listing Price: $6,700,000

Cap Rate
5.34%
Number of Units
48
Occupancy
95.0%
Price/Unit
$139,583
Price/Gross SF
$203.73
Gross SF
32,886

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 14TH Place Portfolio, a four-building affordable multifamily portfolio located in Miami, Florida within the Liberty City submarket. The portfolio is comprised of 44 rental apartments within three two-story buildings, two one-story buildings, a vacant lot and a free-standing, two-story commercial building. All the buildings were constructed in 2001 except 7136 and 7146 which were built in 1949. The property offers an excellent unit mix of 28 one-bedroom/one-bathroom units, 12 two-bedroom/two-bathroom units and four three-bedroom/two-bathroom units. Although the commercial building is currently vacant and boarded up, it was previously operated as rental apartments. Each apartment has central heat and air-conditioning, electric appliances, fire sprinklers and installed individual submeters for water. The submeters for water need to be activated. The buildings are surrounded by a wrought iron fence. The portfolio currently has a Rental Regulatory Agreement (RRA) with the Miami-Dade Housing Agency (MDHA) that runs through 2032 and which requires the owner to lease all units to residents with incomes of 60 percent or less of the area median income and at the corresponding rents per the RRA, after the deduction of a utility allowance. In addition, the property is restricted to housing only individuals and families living with HIV/AIDS (Please find the RRA on the following page) Miami-Dade County has indicated that they would modify the HIV/AIDS restriction to a requirement to lease all units to residents with incomes of 80% or less of the area median income, provided the owner pays the County $467,779 (See letter following the RRA). 14th Place Portfolio is located within the Liberty City submarket which is the northwest section of the city of Miami, just west of Interstate 95, spanning from Northwest 56th Street to Northwest 79th Street. The Property is within walking distance from public transportation, schools, public parks and a hospital. The North Shore Medical Center is within three miles north of The Property. The hospital has 357 beds and over 700 employees. Moreover, 14th Place Portfolio is four blocks north of the first and largest mixed income project in Miami-Dade called New Liberty Square Apartments. The $300 million project incorporates public, affordable, workforce and market-rate units. This 1,455-unit project will be completed in 2023 and will include a Publix supermarket and retail stores. The first phase with 204 units was delivered in 2019.

Investment Highlights

  • Opportunity to Acquire an Entire City Block
  • Excellent Unit Mix
  • Opportunity to Add an Additional 11 Unit by Bringing the Empty Building Up-to-Code
  • Upside in Rental Income by Increasing Occupancy
  • Close to Major Development, Hospital, School and Public Transportation

Exclusively Listed By

Financing By

Multifamily

14th Place Portfolio

Listing Price: $6,700,000

Cap Rate
5.34%
Number of Units
48
Occupancy
95.0%
Price/Unit
$139,583
Price/Gross SF
$203.73
Gross SF
32,886

Investment Highlights

  • Opportunity to Acquire an Entire City Block
  • Excellent Unit Mix
  • Opportunity to Add an Additional 11 Unit by Bringing the Empty Building Up-to-Code
  • Upside in Rental Income by Increasing Occupancy
  • Close to Major Development, Hospital, School and Public Transportation

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale 14TH Place Portfolio, a four-building affordable multifamily portfolio located in Miami, Florida within the Liberty City submarket. The portfolio is comprised of 44 rental apartments within three two-story buildings, two one-story buildings, a vacant lot and a free-standing, two-story commercial building. All the buildings were constructed in 2001 except 7136 and 7146 which were built in 1949. The property offers an excellent unit mix of 28 one-bedroom/one-bathroom units, 12 two-bedroom/two-bathroom units and four three-bedroom/two-bathroom units. Although the commercial building is currently vacant and boarded up, it was previously operated as rental apartments. Each apartment has central heat and air-conditioning, electric appliances, fire sprinklers and installed individual submeters for water. The submeters for water need to be activated. The buildings are surrounded by a wrought iron fence. The portfolio currently has a Rental Regulatory Agreement (RRA) with the Miami-Dade Housing Agency (MDHA) that runs through 2032 and which requires the owner to lease all units to residents with incomes of 60 percent or less of the area median income and at the corresponding rents per the RRA, after the deduction of a utility allowance. In addition, the property is restricted to housing only individuals and families living with HIV/AIDS (Please find the RRA on the following page) Miami-Dade County has indicated that they would modify the HIV/AIDS restriction to a requirement to lease all units to residents with incomes of 80% or less of the area median income, provided the owner pays the County $467,779 (See letter following the RRA). 14th Place Portfolio is located within the Liberty City submarket which is the northwest section of the city of Miami, just west of Interstate 95, spanning from Northwest 56th Street to Northwest 79th Street. The Property is within walking distance from public transportation, schools, public parks and a hospital. The North Shore Medical Center is within three miles north of The Property. The hospital has 357 beds and over 700 employees. Moreover, 14th Place Portfolio is four blocks north of the first and largest mixed income project in Miami-Dade called New Liberty Square Apartments. The $300 million project incorporates public, affordable, workforce and market-rate units. This 1,455-unit project will be completed in 2023 and will include a Publix supermarket and retail stores. The first phase with 204 units was delivered in 2019.

Exclusively Listed By

Financing By

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