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Multifamily

Ocean King Apartments

14500 Northeast 6th Avenue, North Miami, FL 33161

Listing Price: $13,500,000

Cap Rate
5.15%
Number of Units
83
GRM
10.12
Occupancy
95.0%
Price/Unit
$162,651
Price/Gross SF
$173.21
Gross SF
77,939

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Ocean King, a mixed-use property located in North Miami, Florida consisting of an 81-unit apartment building and a 15,300 square foot commercial building containing two tenants.

SUBJECT PROPERTY
Ocean King is comprised of two buildings: a four-story, 81-unit multifamily building and a single-story, 15,218 square foot commercial property on a single folio. The commercial property includes two suites and is currently occupied by the Haitian Youth & Community Center (http://hyccf.org) and Good Shepard Academy (http://gsaacademyschool.com/). The properties were originally constructed in 1970 and 1971 of concrete block and encompass an 87,025 square-foot lot, according to the Miami Dade Property Appraiser. There are 132 standard parking spaces and 2 handicapped parking spaces per the 2015 ALTA Survey.

The four-story, 81-unit multifamily building consists of (63) one-bedroom | one-bathroom apartments and (18) two-bedroom | two-bathroom apartments, as well as a dedicated leasing office. The multifamily building comprises 67,992 square feet per the 2015 ALTA Survey. Units feature central air conditioning, electric appliances, ceramic tile or vinyl plank flooring and individual hot water heaters. Community amenities include an elevator, laundry room and covered parking spaces located on the first floor.

LOCATION
Ocean King is positioned on the northwest corner of Northeast 6th Avenue and Northeast 145th Street at a signalized intersection. The location allows for convenient access to Downtown North Miami, as well as major thoroughfares including North Miami Beach Boulevard, Interstate 95, Floridas Turnpike, the Palmetto Expressway, Dixie Highway and Biscayne Boulevard (US-1). The surrounding neighborhood consists primarily of commercial properties, multifamily properties and single-family homes with an average household income $71,337 within five miles, according to Experian.

SUMMARY
Ocean King Apartments is being offered for sale at $13,500,000 or $173 per square foot. The allocation is $10,500,000 for the multifamily property and $3,000,000 for the commercial building.


Investment Highlights

  • 81 Apartments + 15,218 SF Commercial Building (School & Daycare)
  • Offered For Sale at 10.15 GRM with Levered IRRs From 16-20%
  • Central Air Conditioning, Laundry Room, Elevator and Covered Parking
  • Proximate to I-95, Turnpike, Palmetto, North Miami Beach & Aventura
  • Value Add Opportunity Priced at $173 Per Square Foot

Exclusively Listed By

Listing Price: $13,500,000

Cap Rate
5.15%
Number of Units
83
GRM
10.12
Occupancy
95.0%
Price/Unit
$162,651
Price/Gross SF
$173.21
Gross SF
77,939

Investment Highlights

  • 81 Apartments + 15,218 SF Commercial Building (School & Daycare)
  • Offered For Sale at 10.15 GRM with Levered IRRs From 16-20%
  • Central Air Conditioning, Laundry Room, Elevator and Covered Parking
  • Proximate to I-95, Turnpike, Palmetto, North Miami Beach & Aventura
  • Value Add Opportunity Priced at $173 Per Square Foot

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Ocean King, a mixed-use property located in North Miami, Florida consisting of an 81-unit apartment building and a 15,300 square foot commercial building containing two tenants.

SUBJECT PROPERTY
Ocean King is comprised of two buildings: a four-story, 81-unit multifamily building and a single-story, 15,218 square foot commercial property on a single folio. The commercial property includes two suites and is currently occupied by the Haitian Youth & Community Center (http://hyccf.org) and Good Shepard Academy (http://gsaacademyschool.com/). The properties were originally constructed in 1970 and 1971 of concrete block and encompass an 87,025 square-foot lot, according to the Miami Dade Property Appraiser. There are 132 standard parking spaces and 2 handicapped parking spaces per the 2015 ALTA Survey.

The four-story, 81-unit multifamily building consists of (63) one-bedroom | one-bathroom apartments and (18) two-bedroom | two-bathroom apartments, as well as a dedicated leasing office. The multifamily building comprises 67,992 square feet per the 2015 ALTA Survey. Units feature central air conditioning, electric appliances, ceramic tile or vinyl plank flooring and individual hot water heaters. Community amenities include an elevator, laundry room and covered parking spaces located on the first floor.

LOCATION
Ocean King is positioned on the northwest corner of Northeast 6th Avenue and Northeast 145th Street at a signalized intersection. The location allows for convenient access to Downtown North Miami, as well as major thoroughfares including North Miami Beach Boulevard, Interstate 95, Floridas Turnpike, the Palmetto Expressway, Dixie Highway and Biscayne Boulevard (US-1). The surrounding neighborhood consists primarily of commercial properties, multifamily properties and single-family homes with an average household income $71,337 within five miles, according to Experian.

SUMMARY
Ocean King Apartments is being offered for sale at $13,500,000 or $173 per square foot. The allocation is $10,500,000 for the multifamily property and $3,000,000 for the commercial building.


Exclusively Listed By

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