Multifamily
Airport Villas
4325-4335 NW S Tamiami Canal Dr, Miami, FL 33126
Listing Price: $22,750,000
Investment Overview
Marcus & Millichap and Global Investments Realty, as exclusive listing agents, are pleased to offer for sale Airport Villas, a Class B, 90-unit apartment complex located at 4325 and 4335 NW South Tamiami Canal Drive in the city of Miami, in Miami-Dade County, Florida. Airport Villas was constructed in 1972, and it sits on a 1.86 acre lot. The Property’s unit mix is comprised of 66 one-bedroom/one-bathroom units and 24 two-bedroom/one-bathroom units. Residents enjoy the security of a gated entrance, ample parking (109 spaces), central air-conditioning and heat in all units as well as patios or balconies. The Airport Villas offers residents resort style amenities including a swimming pool, fitness center, on-site laundry, tranquil green spaces, elevators, and an on-site management office. The Property is located adjacent to the Miami International Airport, one of the largest employers in South Florida. This property is currently operated as long term rentals but the location and zoning permits an owner to operate the property as both long-term and short-term rentals which would increase an investor’s return. Airport Villas has the potential to be the perfect place for tourists, pilots and flight crew who want a comfortable, private, and affordable place to stay for a short period of time. Airport Villas has benefited from a series of renovations and capital improvements that include a new roof, new paint on the interior corridors and exteriors of the building, and an update of the fitness center with brand new equipment, a remodeled pool area and lush landscaping. This is an excellent opportunity for an investor to capitalize on a rare opportunity to acquire a fee simple asset so close to an international airport. There is also non-recourse debt that can be assumed with a 3.45 percent interest rate and interest only payments through July 2024. The location and the property are irreplaceable. Airport Villas is being offered below replacement cost, and there is upside in rents through hands-on management. In addition, the current market conditions allow an investor to acquire very attractive financing which makes this opportunity even more appealing and increases the return on equity.
Airport Villas
Investment Highlights
- Irreplaceable Location Adjacent to Miami International Airport
- Below Market, 3.45 Percent Assumable Debt Available
- Very Strong Rental Market in a Dense Infill Location
- Liberal Zoning Which Allows for a Number of Uses Including Short Term Rentals
- Gated Parking with Secured Entrances
- Class A Amenity Package Including Pool, Sundeck and Fitness Center
- Select Units Have Been Renovated and Units Have Central Air-Conditioning & Heat and Patios or Balconies
- Property has the 40 Year Recertification, Railings and Roof Replaced in Approximately 2013
Listing Price: $22,750,000
Investment Highlights
- Irreplaceable Location Adjacent to Miami International Airport
- Below Market, 3.45 Percent Assumable Debt Available
- Very Strong Rental Market in a Dense Infill Location
- Liberal Zoning Which Allows for a Number of Uses Including Short Term Rentals
- Gated Parking with Secured Entrances
- Class A Amenity Package Including Pool, Sundeck and Fitness Center
- Select Units Have Been Renovated and Units Have Central Air-Conditioning & Heat and Patios or Balconies
- Property has the 40 Year Recertification, Railings and Roof Replaced in Approximately 2013
Investment Overview
Marcus & Millichap and Global Investments Realty, as exclusive listing agents, are pleased to offer for sale Airport Villas, a Class B, 90-unit apartment complex located at 4325 and 4335 NW South Tamiami Canal Drive in the city of Miami, in Miami-Dade County, Florida. Airport Villas was constructed in 1972, and it sits on a 1.86 acre lot. The Property’s unit mix is comprised of 66 one-bedroom/one-bathroom units and 24 two-bedroom/one-bathroom units. Residents enjoy the security of a gated entrance, ample parking (109 spaces), central air-conditioning and heat in all units as well as patios or balconies. The Airport Villas offers residents resort style amenities including a swimming pool, fitness center, on-site laundry, tranquil green spaces, elevators, and an on-site management office. The Property is located adjacent to the Miami International Airport, one of the largest employers in South Florida. This property is currently operated as long term rentals but the location and zoning permits an owner to operate the property as both long-term and short-term rentals which would increase an investor’s return. Airport Villas has the potential to be the perfect place for tourists, pilots and flight crew who want a comfortable, private, and affordable place to stay for a short period of time. Airport Villas has benefited from a series of renovations and capital improvements that include a new roof, new paint on the interior corridors and exteriors of the building, and an update of the fitness center with brand new equipment, a remodeled pool area and lush landscaping. This is an excellent opportunity for an investor to capitalize on a rare opportunity to acquire a fee simple asset so close to an international airport. There is also non-recourse debt that can be assumed with a 3.45 percent interest rate and interest only payments through July 2024. The location and the property are irreplaceable. Airport Villas is being offered below replacement cost, and there is upside in rents through hands-on management. In addition, the current market conditions allow an investor to acquire very attractive financing which makes this opportunity even more appealing and increases the return on equity.
