THE FLATS on 22ND AVENUE

Adam Marcuvitz, Joseph Thomas and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats on 22nd Avenue, a 118-unit apartment complex located in Opa Locka, Florida.

SUBJECT PROPERTY
The Flats on 22nd Avenue is comprised of 11 apartment buildings situated along Northwest 22nd Avenue totaling 118 units with 59,106 living square feet and combined lot sizes of 63,750 square feet or 1.46 acres (according to the Miami Dade County Property Appraiser).  14460, 14370 and 14350 Northwest 22nd Avenue are three adjacent buildings located along the west side of Northwest 22nd Avenue while 14345, 14325, 14315, 14305, 14265 and 14255 are adjacent buildings situated along the east side of Northwest 22nd Avenue.  The unit mix includes (96) one-bedroom | one-bathroom apartments with an average in-place rent of only $1,316 and (22) two-bedroom | one-bathroom apartments with an average in-place rent of only $1,532, offering a substantial value-add opportunity for an incoming investor.  Many recent units have been remodeled by the owner at a cost of $5,000-7,000 and are now achieving up to $1,600 for one-bedrooms and $1,800 for two-bedrooms.  All units are equipped with wall air conditioning units, ceramic tile or vinyl flooring and electric appliances.  It’s also worth noting that current ownership replaced all roofs in 2020.

LOCATION
The Flats on 22nd Avenue is situated along Northwest 22nd Avenue just south of State Route 9 and just to the west of Ingram Park.  The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and various commercial properties.

Opa Locka is located approximately 12 miles northwest of Downtown Miami and is home to the Miami-Dade College North Campus, the Miami Opa-Locka Executive Airport, an 855,000 square foot Amazon Mega-Warehouse and Amelia Earhart Park.  Opa Locka is also in the process of revitalizing its Downtown District, which will increase housing stock, improve walkability and stimulate economic activity within the city.  The Community Redevelopment Agency recently unveiled the initial stage of the City Terrace project, a comprehensive initiative set to introduce four new structures to the Downtown area.  This development encompasses 493 residential units, along with over 27,000 square feet of commercial and retail space.  The inaugural phase is expected to accommodate 20 businesses, generating a total of 479 jobs.  Additionally, the development will feature more than 8,000 square feet of communal spaces, such as gyms, outdoor terraces, public art installations, lush gardens and an animated streetscape. Ground-breaking is expected to take place in the first quarter of 2025.

Surrounding retailers and points of interest include Ingram Park (0.3 miles), Family Dollar (0.9 miles), Wells Fargo Bank (1.3 miles) Walgreens (1.6 miles) and Planet Fitness (2.3 miles).  Additionally, Amazon Mega Warehouse (2.0 miles), Miami Opa-Locka Executive Airport (2.7 miles), Jackson North Medical Center (3.0 miles), Walmart Neighborhood Market (3.1 miles) and Amelia Earhart Park (3.2 miles) are all located just a short drive from the property.  Area education centers include Rainbow Park Elementary School (1.0 miles), North Dade Middle School (1.2 miles), North Park High School (1.7 miles), Miami Dade College North Campus (2.2 miles) and St. Thomas University (2.3 miles).

SUMMARY
The Flats on 22nd Avenue is offered for sale at $18,290,000 or $155,000 per unit.