APPLE LIBERTY CITY PORTFOLIO

Alec Demetriou, Joseph Thomas and The Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Apple Liberty City Portfolio; a 5-building, 60-unit multifamily portfolio located in the Liberty City submarket of Miami, Florida.     

SUBJECT PROPERTY

1. 1231 NW 61st Street is a three story, 21-unit apartment complex constructed in 1959 and gut-renovated in 2021.  The property consists of 10,308 square feet of living area and a lot size of 10,600 square feet, according to the Miami Dade Property Appraiser (MDPA).  The building is comprised of 18 one-bedroom | one-bathrooms with an average in-place rent of $1,519 and 3 two-bedroom | one-bathrooms with an average in-place rent of $1,900.  Tenants pay for their own electricity, while trash and water are included in the rent.  All units have been fully remodeled with central air conditioning units, stainless steel (electrical) appliances, granite countertops, custom cabinetry, modern bathrooms, and vinyl wood-plank flooring.  Additionally, current ownership installed a new roof, central air conditioning units, hurricane-resistant impact windows and doors, railings, electrical system, plumbing, and fire alarm monitoring system.

2. 6040 NW 12th Avenue is a three story, 21-unit apartment complex constructed in 1957 and gut-renovated in 2023.  The property consists of 10,467 square feet of living area and a lot size of 12,300 square feet, according to the Miami Dade Property Appraiser (MDPA).  The building is comprised of 15 one-bedroom | one-bathrooms with an average in-place rent of $1,640 and 6 two-bedroom | one-bathrooms with an average in-place rent of $2,041.  Tenants pay their own utilities, while trash is included in the rent.  All units have been fully remodeled with central air conditioning units, stainless steel (electrical) appliances, granite countertops, custom cabinetry, modern bathrooms, and vinyl wood-plank flooring.  Additionally, current ownership installed a new roof, central air conditioning units, hurricane-resistant impact windows and doors, railings, electrical system, plumbing, and fire alarm monitoring system.  The property also features a fenced parking lot, offering a secure parking space for tenants.

3 & 4. 1335 & 1341 NW 60th Street are two-adjacent two story, 6-unit apartment buildings with a shared courtyard.  The properties were built in 1958 and 1959 and have been thoroughly renovated.  The combined properties consist of 5,114 square feet of living area and a lot size of 10,600 square feet, according to the Miami Dade Property Appraiser (MDPA).  The buildings are comprised of 12 one-bedroom |one-bathroom units with an average in-place rent of $1,546.  Tenants pay their own utilities, while trash is included in the rent.  11 of the 12 units have been remodeled with mini-split air conditioning units, updated kitchens with white and stainless-steel (electrical) appliances, updated cabinetry, refreshed bathrooms, and a combination of tile and vinyl wood-plank flooring.  

5. 5990 NW 14th Avenue is a two-story, six-unit apartment building constructed in 1964 and gut-renovated in 2021.  The property consists of 3,134 square feet of living area and a lot size of 6,169 square-feet, according to the Miami Dade Property Appraiser (MPDA).  All units are one-bedroom | one-bathrooms with an average in-place rent of $1,622.  Tenants pay their own utilities, while trash is included in the rent.  All units have been fully remodeled with central air conditioning units, stainless steel (electric) appliances, granite countertops, custom cabinetry, modern bathrooms, and vinyl wood-plank flooring.  Additionally, current ownership installed a new roof, new central air conditioning units, new hurricane-resistant impact windows and doors, new railings, new electric, a new fire alarm monitoring system, and new plumbing. The property also features a laundry facility as an additional amenity for tenants.

LOCATION

The Apple Liberty City Portfolio is located just west of Interstate 95 and south of Northwest 62nd Street in the Liberty City submarket of Miami, Florida.  The surrounding neighborhood consists primarily of multifamily properties, as well as single family homes and townhomes.  The portfolio is proximate to a variety of shopping and dining attractions, including The Shops at Midtown Miami (~3.5 miles), which consists of many major retailers such as Target, PetSmart, Nordstrom Rack, Vision Works, Dick’s Sporting Goods, Carters, Chase Bank, Five Guys, FedEx Office and HomeGoods.  Other notable destinations include Charles Hadley Park & Pool (~0.8 miles), Walgreens Pharmacy (~1.3 miles), Publix Supermarket at Baypoint (~2.9 miles), Walmart (~2.9 miles), Miami Design District (~2.9 miles), North Shore Medical Center (~3.3 miles), Wynwood (~3.4 miles), Hialeah Hospital (~4.0 miles) and the Miami International Airport (~4.7 miles).  The Apple Liberty City Portfolio is also just a short drive to the Wynwood Arts District (10 minutes).  Wynwood has quickly become a globally recognized destination as a center for the arts, innovation and culture.  Wynwood has seen continuous development over the past decade with new residential mid and high-rise properties, office buildings, bars and restaurants, studios, gyms, art galleries, coffee shops and boutique retail shops.  Wynwood is also home to Art Basel and Second Saturday Art Walk.

Local education centers include the Holmes Elementary School (~0.7 miles), Martin Luther King Elementary (~0.9 miles) Lenora Braynon Smith Elementary School (~1.1 miles), Miami Northwestern Senior High (~1.1 miles), Allapattah Junior High School (~1.5 miles), Georgia Jones-Ayers Middle School (~1.5 miles) and Jose De Diego Middle School (~1.3 miles).

SUMMARY

The Apple Liberty City Portfolio is being offered for sale at $10,500,000 or $175,000 per unit.  Seller financing is also available for qualified buyers.  Please contact the listing agents for more details.