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Multifamily

Riviera Terrace

888 NE 132nd St, North Miami, FL 33161

Listing Price: $4,250,000

Cap Rate
2.26%
Number of Units
24
Occupancy
95.0%
Price/Unit
$177,083
Price/Gross SF
$129.42
Gross SF
32,840

Investment Overview

Riviera Terrace is a 24-unit, four-story, elevator served apartment building located in the city of North Miami, Florida. The building was constructed in 1974 as condos, but the units were never sold individually, and the building has been under current ownership for approximately 18 years. The building is constructed of concrete block and painted stucco exterior with a concrete roof and covered parking. The unit mix consists of six one-bedroom/one-bathroom units, 12 two-bedroom/one-bathroom units and six two-bedroom/one and a half-bathroom units. The property is located on the corner of West Dixie Highway and NE 132nd Street. The units have central air-conditioning and heat, and water, sewer and trash removal are included in the rent. The property has 40 off-street parking spaces, most of which are covered and three laundry facilities which are owned by the building. Twenty-one of the units have balconies, there is also a trash shoot on each floor and several large storage areas. Riviera Terrace sits on the corner of West Dixie Highway and NE 132nd Street and is between NE 135th Street and NE 125th Street, both of which are main east-west corridors through the northern section of Miami-Dade County. The immediate neighborhood is made up of commercial buildings, multifamily buildings, and single-family homes. To the west on NE 135th Street, are the recently developed North Miami High School, Middle School and Elementary Schools. North Miami is home to several universities including Florida International University’s Biscayne Bay campus which is a few blocks northeast of the subject and Barry University which is southwest of the subject. The former Johnson Wales University Campus is located a few blocks to the south which will be partially redeveloped, and a new college will be occupying the educational buildings. Riviera Terrace is also conveniently located to most of the employment drivers in the area which run along Biscayne Boulevard, Dixie Highway and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles. This opportunity offers an investor, the ability to increase the cash flow by bringing rental rates to market levels as well as values by interior renovations and exterior alterations. Riviera Terrace is being offered for sale at $4,250,000, which breaks down to $177,083 a unit and $210 per square foot.

Investment Highlights

  • Excellent Unit Mix with 75 Percent Two-Bedroom Apartments
  • Elevator Served Building with Secured Lobby
  • 40 Off-Street Parking Spaces, Most of Which are Covered
  • Ability to Increase Value by Bringing Rents to Market Levels
  • Highly Desirable North Miami Location Between NE 125th and NE 135th Streets
  • Close Proximity to Schools and Universities
  • 21 of the 24 units Have Balconies

Exclusively Listed By

Financing By

Multifamily

Riviera Terrace

Listing Price: $4,250,000

Cap Rate
2.26%
Number of Units
24
Occupancy
95.0%
Price/Unit
$177,083
Price/Gross SF
$129.42
Gross SF
32,840

Investment Highlights

  • Excellent Unit Mix with 75 Percent Two-Bedroom Apartments
  • Elevator Served Building with Secured Lobby
  • 40 Off-Street Parking Spaces, Most of Which are Covered
  • Ability to Increase Value by Bringing Rents to Market Levels
  • Highly Desirable North Miami Location Between NE 125th and NE 135th Streets
  • Close Proximity to Schools and Universities
  • 21 of the 24 units Have Balconies

Investment Overview

Riviera Terrace is a 24-unit, four-story, elevator served apartment building located in the city of North Miami, Florida. The building was constructed in 1974 as condos, but the units were never sold individually, and the building has been under current ownership for approximately 18 years. The building is constructed of concrete block and painted stucco exterior with a concrete roof and covered parking. The unit mix consists of six one-bedroom/one-bathroom units, 12 two-bedroom/one-bathroom units and six two-bedroom/one and a half-bathroom units. The property is located on the corner of West Dixie Highway and NE 132nd Street. The units have central air-conditioning and heat, and water, sewer and trash removal are included in the rent. The property has 40 off-street parking spaces, most of which are covered and three laundry facilities which are owned by the building. Twenty-one of the units have balconies, there is also a trash shoot on each floor and several large storage areas. Riviera Terrace sits on the corner of West Dixie Highway and NE 132nd Street and is between NE 135th Street and NE 125th Street, both of which are main east-west corridors through the northern section of Miami-Dade County. The immediate neighborhood is made up of commercial buildings, multifamily buildings, and single-family homes. To the west on NE 135th Street, are the recently developed North Miami High School, Middle School and Elementary Schools. North Miami is home to several universities including Florida International University’s Biscayne Bay campus which is a few blocks northeast of the subject and Barry University which is southwest of the subject. The former Johnson Wales University Campus is located a few blocks to the south which will be partially redeveloped, and a new college will be occupying the educational buildings. Riviera Terrace is also conveniently located to most of the employment drivers in the area which run along Biscayne Boulevard, Dixie Highway and access to the beaches is easy by way of NE 123rd Street through Bay Harbor Islands or NE 163rd Street which goes to Sunny Isles. This opportunity offers an investor, the ability to increase the cash flow by bringing rental rates to market levels as well as values by interior renovations and exterior alterations. Riviera Terrace is being offered for sale at $4,250,000, which breaks down to $177,083 a unit and $210 per square foot.

Exclusively Listed By

Financing By

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