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Multifamily

NoMi Villas

600 NE 142nd St, North Miami, FL 33161

Listing Price: $2,650,000

Cap Rate
1.41%
Number of Units
16
GRM
8.63
Occupancy
95.0%
Price/Unit
$165,625

Investment Overview

NoMi Villas is a 16-unit, two-story apartment community located on NE 6th Avenue in the city of North Miami, Florida. The property is situated on a 0.34-acre lot on the corner of NE 6th Avenue and NE 142nd Street. The unit mix is comprised of all one-bedroom units at approximately 556 square feet. Water, sewer and trash removal are included in the rental income.

The current owner has maintained the property’s vintage charm and character over his 42-year period of ownership tending to items as needed. Units are in their original condition and each unit benefits from having large sliding glass doors that allow lots of natural light in. There is also plenty of parking for tenants with one parking spot per unit and additional street parking out-front. Each tenant is currently on a month-to-month lease.

NoMi Villas is located in the City of North Miami on NE 6th Avenue. North Miami is a very strong rental market and known for its work force housing. Most of the apartment buildings along NE 6th Avenue have been updated over the last several years which has improved the tenant base in the immediate area. The neighborhood is very well located, east of Interstate 95 and between NE 125th and NE 167th Streets. This location makes moving around North Dade County and South Broward very convenient. North Miami is also home to several college campuses in the area with Florida International University’s Biscayne Campus to the east and Barry University to the South. Additionally, there are many medical centers in the area such as Jackson North Medical Center, a 382-bed hospital and HCA Florida Aventura Hospital, a 467-bed acute care facility. Finally, many employment centers in the area which makes this area prime workforce housing for North Miami-Dade County.

NoMi Villas are listed for $2,650,000 which equates to $165,000 per unit and $300.52 per square foot. A new owner benefits from being able to come in and raise the current rents to market by at least 78 percent.

Investment Highlights

  • 42 Year Current Ownership Period
  • Average In-Place Rents are $900 a Month
  • Ability to Raise Rents by At Least 78%
  • Surrounding Buildings Have Been Extensively Renovated
  • Very Walkable and Transit Oriented Corridor

Exclusively Listed By

Multifamily

NoMi Villas

Listing Price: $2,650,000

Cap Rate
1.41%
Number of Units
16
GRM
8.63
Occupancy
95.0%
Price/Unit
$165,625

Investment Highlights

  • 42 Year Current Ownership Period
  • Average In-Place Rents are $900 a Month
  • Ability to Raise Rents by At Least 78%
  • Surrounding Buildings Have Been Extensively Renovated
  • Very Walkable and Transit Oriented Corridor

Investment Overview

NoMi Villas is a 16-unit, two-story apartment community located on NE 6th Avenue in the city of North Miami, Florida. The property is situated on a 0.34-acre lot on the corner of NE 6th Avenue and NE 142nd Street. The unit mix is comprised of all one-bedroom units at approximately 556 square feet. Water, sewer and trash removal are included in the rental income. The current owner has maintained the property’s vintage charm and character over his 42-year period of ownership tending to items as needed. Units are in their original condition and each unit benefits from having large sliding glass doors that allow lots of natural light in. There is also plenty of parking for tenants with one parking spot per unit and additional street parking out-front. Each tenant is currently on a month-to-month lease. NoMi Villas is located in the City of North Miami on NE 6th Avenue. North Miami is a very strong rental market and known for its work force housing. Most of the apartment buildings along NE 6th Avenue have been updated over the last several years which has improved the tenant base in the immediate area. The neighborhood is very well located, east of Interstate 95 and between NE 125th and NE 167th Streets. This location makes moving around North Dade County and South Broward very convenient. North Miami is also home to several college campuses in the area with Florida International University’s Biscayne Campus to the east and Barry University to the South. Additionally, there are many medical centers in the area such as Jackson North Medical Center, a 382-bed hospital and HCA Florida Aventura Hospital, a 467-bed acute care facility. Finally, many employment centers in the area which makes this area prime workforce housing for North Miami-Dade County. NoMi Villas are listed for $2,650,000 which equates to $165,000 per unit and $300.52 per square foot. A new owner benefits from being able to come in and raise the current rents to market by at least 78 percent.

Exclusively Listed By

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