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Multifamily

Flats at 78th & Byron

420 78th Street, Miami Beach, FL 33141

Listing Price: $4,025,000

Cap Rate
3.46%
Number of Units
23
Price/Unit
$175,000
Price/Gross SF
$510.79
Gross SF
7,880

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Flats at 78th & Byron, a three-story apartment building, operating as 23 units located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Flats at 78th & Byron is comprised of one, three-story apartment building totaling 23 operating units. Flats at 78th & Byron was built in 1940, consists of 7,880 square-feet and is situated on a 5,650 square-foot lot (according to the Miami Dade Property Appraiser). The property is comprised of (22) studios with an average in-place rent of $1,060 and a one-bedroom | one- bathroom apartment with an in-place rent of $1,375. Select units have been renovated with new kitchens and bathrooms. Standard units feature vinyl and tile flooring, glass cooktops and wall air conditioning units. Amenities at Flats at 78th & Byron include a large lobby, on-site laundry facility and an enclosed courtyard with picnic table. Additionally, Flats at 78th & Byron received its 40-year building recertification in 2021, which is valid through June 30th, 2031. LOCATION Flats at 78th & Byron is situated on the southeast corner of 78th Street and Byron Avenue, just one block west of Harding Avenue and two blocks west of Collins Avenue. Residents and guests will enjoy a short walk to beach and close proximity to Surfside and Bal Harbor. The surrounding neighborhood consists primarily of multifamily properties and condominiums. The average household income is $108,815 within three miles, as reported by Experian. North Beach is centrally located between Mid Beach to the south, Surfside to the north and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, 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, where you will find ample picnic tables, grills, and playgrounds. Furthermore, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is located nearby and features a consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of 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. Surrounding retailers include Bank of America Financial Center (0.3 miles), Walgreens Pharmacy and CVS (0.4 miles), Miami Beach Tennis Academy (0.5 miles), Publix Super Market at Northshore (1.1 miles), Publix Supermarket at Surfside (1.5 miles) and Bal Harbour Shops (1.9 miles) are all located just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.4 miles), Mater Beach Academy (0.6 miles), Papillon Montessori (1.0 miles), North Beach Elementary (4.1 miles) and Miami Beach Nautilus Middle School (4.1 miles). SUMMARY Flats at 78th & Byron is offered for sale free and clear of debt at $4,025,000 or $175,000 per unit.

Investment Highlights

  • AAA Location in North Beach Neighborhood a Short Walk to Beach
  • 22 Legal Units + 1 Non-Conforming
  • Unique 3-Story Building with Lobby and Courtyard in Back
  • Value Add Opportunity (Activate Lobby, Furnish Units)

Exclusively Listed By

Financing By

Multifamily

Flats at 78th & Byron

Listing Price: $4,025,000

Cap Rate
3.46%
Number of Units
23
Price/Unit
$175,000
Price/Gross SF
$510.79
Gross SF
7,880

Investment Highlights

  • AAA Location in North Beach Neighborhood a Short Walk to Beach
  • 22 Legal Units + 1 Non-Conforming
  • Unique 3-Story Building with Lobby and Courtyard in Back
  • Value Add Opportunity (Activate Lobby, Furnish Units)

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale the Flats at 78th & Byron, a three-story apartment building, operating as 23 units located in the North Beach section of Miami Beach, Florida. SUBJECT PROPERTY The Flats at 78th & Byron is comprised of one, three-story apartment building totaling 23 operating units. Flats at 78th & Byron was built in 1940, consists of 7,880 square-feet and is situated on a 5,650 square-foot lot (according to the Miami Dade Property Appraiser). The property is comprised of (22) studios with an average in-place rent of $1,060 and a one-bedroom | one- bathroom apartment with an in-place rent of $1,375. Select units have been renovated with new kitchens and bathrooms. Standard units feature vinyl and tile flooring, glass cooktops and wall air conditioning units. Amenities at Flats at 78th & Byron include a large lobby, on-site laundry facility and an enclosed courtyard with picnic table. Additionally, Flats at 78th & Byron received its 40-year building recertification in 2021, which is valid through June 30th, 2031. LOCATION Flats at 78th & Byron is situated on the southeast corner of 78th Street and Byron Avenue, just one block west of Harding Avenue and two blocks west of Collins Avenue. Residents and guests will enjoy a short walk to beach and close proximity to Surfside and Bal Harbor. The surrounding neighborhood consists primarily of multifamily properties and condominiums. The average household income is $108,815 within three miles, as reported by Experian. North Beach is centrally located between Mid Beach to the south, Surfside to the north and provides easy access to North Bay Village, Normandy Isles, Bal Harbor, 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, where you will find ample picnic tables, grills, and playgrounds. Furthermore, the North Beach Bandshell, a historic open-air amphitheater built in 1961, is located nearby and features a consistent lineup of both local and international musicians. The Town Center District from 69th Street to 73rd Street, from the ocean to Normandy Isle, intended to be the center of activity for North Beach, has been approved for extensive renovation and new construction, described by the city as a revitalization of 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. Surrounding retailers include Bank of America Financial Center (0.3 miles), Walgreens Pharmacy and CVS (0.4 miles), Miami Beach Tennis Academy (0.5 miles), Publix Super Market at Northshore (1.1 miles), Publix Supermarket at Surfside (1.5 miles) and Bal Harbour Shops (1.9 miles) are all located just a short drive from the property. Area education centers include Biscayne Beach Elementary School (0.4 miles), Mater Beach Academy (0.6 miles), Papillon Montessori (1.0 miles), North Beach Elementary (4.1 miles) and Miami Beach Nautilus Middle School (4.1 miles). SUMMARY Flats at 78th & Byron is offered for sale free and clear of debt at $4,025,000 or $175,000 per unit.

Exclusively Listed By

Financing By

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