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Multifamily

The Villas at Normandy Isle

1971-1985 Bay Drive, Miami Beach, FL 33141

Listing Price: $6,840,000

Cap Rate
4.71%
Number of Units
24
Price/Unit
$285,000
Price/Gross SF
$368.30
Gross SF
18,572

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Villas at Normandy Isles, a 24-unit apartment complex in the Normandy Isles neighborhood of Miami Beach, FL. SUBJECT PROPERTY The Villas at Normandy Isles is comprised of (2) two-story apartment buildings totaling 24 units. The property consists of 16,365 square-feet and comprises a 21,790 square-foot lot (according to the Miami Dade Property Appraiser). The properties were originally built in 1938, but current ownership completely gut-renovated the buildings from 2020-2021 with hurricane resistant impact windows & doors, new roofs, new air conditioning units, new electric, new plumbing, as well as new interiors featuring custom cabinets, quartz countertops, porcelain floors, stainless steel appliances, stackable washer/dryers and luxurious finishes. The unit mix is comprised of (4) one-bedroom | one-bathroom apartments measuring approximately 460 square feet and (20) two-bedroom | one-bathroom apartments measuring approximately 640 square feet (front) and approximately 780 square feet (rear). Residents are responsible for their own electricity and a reimbursement for water & sewer. LOCATION The Villas at Normandy Isles is located along Bay Drive, just south of the John F Kennedy Causeway/71st Street. The surrounding neighborhood consists primarily of multifamily properties, condominiums and single-family homes, with commercial properties located along 71st Street/Normandy Drive. The average household income is reportedly $100,445 within three miles, according to Experian. Nearby points of interest and local retailers include Walgreens Pharmacy (0.2 miles), Normandy Isle Park & Pool (0.4 miles), Normandy Shores Golf Course (0.6 miles), North Beach Bandshell (1.6 miles), the Pelican Harbor Marina (1.7 miles), Publix Supermarket at North Shore (1.7 miles) and North Beach Oceanside Park (2.4 miles). Additionally, Allison Park (2.3 miles), Bal Harbour Shops (3.9 miles), and Haulover Inlet and Beach Park (4.6 miles) are just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.8 miles), Treasure Island Elementary (1.6 miles), North Miami Senior High (4.3 miles), Miami Beach Nautilus Middle School (4.7 miles), and North Miami Senior High (5.7 miles). The Villas at Normandy Isles is situated on Normandy Isles, just east of North Bay Village, west of North Beach and south/southwest of Surfside, Bal Harbour, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park, with picnic tables, grills and playgrounds. The North Beach Bandshell, a historic open-air amphitheater built in 1961, is also proximate to The Villas at Normandy Isles and famous for its consistent lineup of both local and international musicians. The Town Center District in North Beach extends from 69th Street to 73rd Street and from the ocean to Normandy Isle and is intended to be the center of activity for North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. SUMMARY The Villas at Normandy Isles offers investors the opportunity to acquire a “best-in-class” multifamily asset in the Miami Beach market and is being offered for sale unpriced, to be determined by the market.

Investment Highlights

  • Best-in-Class Asset in AAA Location on Normandy Isles (Miami Beach)
  • 2-Building, 24-Unit Apartment Complex, Gut Renovated in 2020-2021
  • Certificate of Use Issued 5/13/21, 100% Leased as of 6/15/21
  • Stainless Appliances, Washers/Dryers, Tank-less Water Heaters, Luxury Finishes
  • New Roofs, Central A/C's & Hurricane Resistant Impact Windows & Doors

Exclusively Listed By

Financing By

Multifamily

The Villas at Normandy Isle

Listing Price: $6,840,000

Cap Rate
4.71%
Number of Units
24
Price/Unit
$285,000
Price/Gross SF
$368.30
Gross SF
18,572

Investment Highlights

  • Best-in-Class Asset in AAA Location on Normandy Isles (Miami Beach)
  • 2-Building, 24-Unit Apartment Complex, Gut Renovated in 2020-2021
  • Certificate of Use Issued 5/13/21, 100% Leased as of 6/15/21
  • Stainless Appliances, Washers/Dryers, Tank-less Water Heaters, Luxury Finishes
  • New Roofs, Central A/C's & Hurricane Resistant Impact Windows & Doors

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Villas at Normandy Isles, a 24-unit apartment complex in the Normandy Isles neighborhood of Miami Beach, FL. SUBJECT PROPERTY The Villas at Normandy Isles is comprised of (2) two-story apartment buildings totaling 24 units. The property consists of 16,365 square-feet and comprises a 21,790 square-foot lot (according to the Miami Dade Property Appraiser). The properties were originally built in 1938, but current ownership completely gut-renovated the buildings from 2020-2021 with hurricane resistant impact windows & doors, new roofs, new air conditioning units, new electric, new plumbing, as well as new interiors featuring custom cabinets, quartz countertops, porcelain floors, stainless steel appliances, stackable washer/dryers and luxurious finishes. The unit mix is comprised of (4) one-bedroom | one-bathroom apartments measuring approximately 460 square feet and (20) two-bedroom | one-bathroom apartments measuring approximately 640 square feet (front) and approximately 780 square feet (rear). Residents are responsible for their own electricity and a reimbursement for water & sewer. LOCATION The Villas at Normandy Isles is located along Bay Drive, just south of the John F Kennedy Causeway/71st Street. The surrounding neighborhood consists primarily of multifamily properties, condominiums and single-family homes, with commercial properties located along 71st Street/Normandy Drive. The average household income is reportedly $100,445 within three miles, according to Experian. Nearby points of interest and local retailers include Walgreens Pharmacy (0.2 miles), Normandy Isle Park & Pool (0.4 miles), Normandy Shores Golf Course (0.6 miles), North Beach Bandshell (1.6 miles), the Pelican Harbor Marina (1.7 miles), Publix Supermarket at North Shore (1.7 miles) and North Beach Oceanside Park (2.4 miles). Additionally, Allison Park (2.3 miles), Bal Harbour Shops (3.9 miles), and Haulover Inlet and Beach Park (4.6 miles) are just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.8 miles), Treasure Island Elementary (1.6 miles), North Miami Senior High (4.3 miles), Miami Beach Nautilus Middle School (4.7 miles), and North Miami Senior High (5.7 miles). The Villas at Normandy Isles is situated on Normandy Isles, just east of North Bay Village, west of North Beach and south/southwest of Surfside, Bal Harbour, Bay Harbor Islands and Sunny Isles. The beach includes a boardwalk that becomes a flat trail and leads to the city of Surfside. This is a popular path for runners, bikers, and walkers. North Beach is also home to the North Beach Oceanside Park, with picnic tables, grills and playgrounds. The North Beach Bandshell, a historic open-air amphitheater built in 1961, is also proximate to The Villas at Normandy Isles and famous for its consistent lineup of both local and international musicians. The Town Center District in North Beach extends from 69th Street to 73rd Street and from the ocean to Normandy Isle and is intended to be the center of activity for North Beach. Proposed improvements include revitalized street sections, buildings, and public spaces. Multiple new projects are currently in the development pipeline, including The Gateway on 71st Street, expected to have 110 rental apartments, 8,100 square feet of retail, a 4,900 square foot rooftop restaurant, and two floors of parking, a proposed mixed-use project with ground level commercial space and 232 residential units bordering 71st and 72nd Street on the South and North and Abbott and Byron Avenues on the East and West, and a proposed project between 73rd and 75th Street on Ocean Terrace which is expected to have a 58-unit luxury residential building, a 110-room hotel, a 200-car parking garage, and 18,000 square feet of retail. SUMMARY The Villas at Normandy Isles offers investors the opportunity to acquire a “best-in-class” multifamily asset in the Miami Beach market and is being offered for sale unpriced, to be determined by the market.

Exclusively Listed By

Financing By

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