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Multifamily

Waterside Apartments

1101 NE 80th St, Miami, FL 33138

Listing Price: $5,400,000

Cap Rate
2.55%
Number of Units
24
Occupancy
63.0%
Price/Unit
$225,000
Price/Gross SF
$288.69
Gross SF
18,705

Investment Overview

Waterside Apartments is a 24-unit apartment building located in the Shorecrest neighborhood of the City of Miami. This is a three-story, elevator served building located on the curve of N. Bayshore Drive between the NE 79th Street Causeway and NE 82nd Street. The building is made up of 15 one-bedroom/one-bathroom units and nine two-bedroom/one-bathroom units. Water, sewer and trash removal is included in the rental income and tenants pay for electric. The building was built in 1970 and is situated on a .53-acre lot that is zoned T5-R. This property is a true value-add opportunity for an investor. The building has impact windows and doors, new railings, and pavers throughout the walkways. The current owners have fully renovated nine units with new kitchens, bathrooms, flooring and appliances and there are an additional two units which are partially renovated, and the remaining seven units are in original condition. There are six down units on the first floor that need extensive renovation and repair. The 40-year recertification is currently due according to the city of Miami. The Waterside Apartments is located at 1101 NE 80th Street in the City of Miami. The property is just north of the John F. Kennedy Causeway (NE 79th Street) which is the main access to North Bay Village, Normandy Isle and North Beach from Miami. The subject property is located in the Shorecrest neighborhood which is mostly a residential neighborhood with some low to mid rise multifamily buildings. NE 79th Street is a main commercial corridor through the area and has been going through a regentrification over the last several years. Biscayne Boulevard (US-1) is several blocks west of the Waterside Apartments and the Mimo District runs along the Biscayne corridor from NE 54th Street to 77th Street. The Mimo District is made up of commercial buildings and motels built in the mid-20th century with Mimo architecture. Along this corridor there are also a number of new commercial and residential buildings that have been developed or are currently under construction. Waterside Apartments is an excellent opportunity for an investor to add value through completing renovations and bringing rental rates to market levels. This offering is priced at $5,400,000 which comes to $225,000 and $288 per square feet.

Investment Highlights

  • Excellent Location in the City of Miami
  • Attractive Unit Mix of One- and Two-Bedroom Units
  • Value-Add Opportunity
  • Nine Units Have Been Completely Renovated
  • Located Just West Of Biscayne Bay
  • Very Strong Rental Market
  • Impact Windows and New Railings

Exclusively Listed By

Financing By

Multifamily

Waterside Apartments

Listing Price: $5,400,000

Cap Rate
2.55%
Number of Units
24
Occupancy
63.0%
Price/Unit
$225,000
Price/Gross SF
$288.69
Gross SF
18,705

Investment Highlights

  • Excellent Location in the City of Miami
  • Attractive Unit Mix of One- and Two-Bedroom Units
  • Value-Add Opportunity
  • Nine Units Have Been Completely Renovated
  • Located Just West Of Biscayne Bay
  • Very Strong Rental Market
  • Impact Windows and New Railings

Investment Overview

Waterside Apartments is a 24-unit apartment building located in the Shorecrest neighborhood of the City of Miami. This is a three-story, elevator served building located on the curve of N. Bayshore Drive between the NE 79th Street Causeway and NE 82nd Street. The building is made up of 15 one-bedroom/one-bathroom units and nine two-bedroom/one-bathroom units. Water, sewer and trash removal is included in the rental income and tenants pay for electric. The building was built in 1970 and is situated on a .53-acre lot that is zoned T5-R. This property is a true value-add opportunity for an investor. The building has impact windows and doors, new railings, and pavers throughout the walkways. The current owners have fully renovated nine units with new kitchens, bathrooms, flooring and appliances and there are an additional two units which are partially renovated, and the remaining seven units are in original condition. There are six down units on the first floor that need extensive renovation and repair. The 40-year recertification is currently due according to the city of Miami. The Waterside Apartments is located at 1101 NE 80th Street in the City of Miami. The property is just north of the John F. Kennedy Causeway (NE 79th Street) which is the main access to North Bay Village, Normandy Isle and North Beach from Miami. The subject property is located in the Shorecrest neighborhood which is mostly a residential neighborhood with some low to mid rise multifamily buildings. NE 79th Street is a main commercial corridor through the area and has been going through a regentrification over the last several years. Biscayne Boulevard (US-1) is several blocks west of the Waterside Apartments and the Mimo District runs along the Biscayne corridor from NE 54th Street to 77th Street. The Mimo District is made up of commercial buildings and motels built in the mid-20th century with Mimo architecture. Along this corridor there are also a number of new commercial and residential buildings that have been developed or are currently under construction. Waterside Apartments is an excellent opportunity for an investor to add value through completing renovations and bringing rental rates to market levels. This offering is priced at $5,400,000 which comes to $225,000 and $288 per square feet.

Exclusively Listed By

Financing By

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