58-Unit North Miami Beach Portfolio

The Thomas Team of Marcus & Millichap is pleased to present the 58-Unit North Miami Beach Portfolio.

SUBJECT PROPERTY

The 58-Unit North Miami Beach Portfolio consists of four properties ranging from 10 – 20 units and located between Northeast 167^th – 172^nd Streets and Northeast 19^th – 23^rd Avenues.  The properties are individually described below:

1951 Northeast 167th Street was constructed in 1960 of concrete block and painted stucco with a flat roof.  The building totals 12,536 square feet on a 19,050-square-foot lot, according to the Miami-Dade County Property Appraiser.  The unit mix consists of (14) one-bedroom/one-bathroom apartments, (2) two-bedroom/one-bathroom apartments and (4) two-bedroom/two-bathroom apartments. Units feature ceramic tile flooring, electric appliances and central air conditioning.  Common area amenities include a fenced courtyard, swimming pool and laundry room.

16890 Northeast 21st Avenue is a two-story, 10-unit apartment building constructed in 1964 of concrete block and painted stucco with a flat roof.  The building totals 6,763 square feet on a 10,000-square-foot lot, according to the Miami-Dade County Property Appraiser. The unit mix consists of eight (8) one-bedroom/one-bathroom apartments of which six (6) have been recently renovated and (2) two-bedroom/two-bathroom apartments of which one (1) has been recently renovated.  Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and wall air conditioning units. Common area amenities include a fenced perimeter and laundry room.

17031 Northeast 21st Avenue was constructed in 1961 of concrete block and painted stucco with a flat roof.  The building totals 10,778 square feet on a 15,000-square-foot lot, according to the Miami-Dade County Property Appraiser.  The unit mix consists of (9) one-bedroom/one-bathroom apartments, (3) two-bedroom/one-bathroom apartments and (4) two-bedroom/two-bathroom apartments.   Units feature ceramic tile or vinyl, wood-plank flooring, electric appliances and wall air conditioning units. Common area amenities include a fenced courtyard and pool, as well as community laundry room.

17150 Northeast 23rd Avenue is a two-story, 12-unit apartment building constructed in 1969 of concrete block and painted stucco with a flat roof.  The building contains 10,094 square feet of living area on a 10,923-square-foot lot, according to the Miami-Dade Property Appraiser. The unit mix consists of four (4) one-bedroom/one-bathroom apartments and eight (8) two-bedroom/one-bathroom apartments.  Typical units are equipped with central air conditioning, electric appliances and ceramic tile floors.

LOCATION

The North Miami Beach Portfolio, provides convenient access to Federal Highway (US-1) and Biscayne Boulevard, placing residents near major employment corridors and a dense concentration of retail, dining, and entertainment options. The surrounding 5-mile area reports an average household income of $96,575 and population growth of 8.13% since 2010.  Residents benefit from walkable access to Greynolds Park and Greynolds Golf Course, with close proximity to Aventura Mall, Sunny Isles Beach, Haulover Beach, and numerous national retailers and restaurants.

Surrounding area retailers and points of interest include the Judge Arthur Snyder Tennis Center (0.2 miles), Greynolds Park (0.4 miles), Houston’s (0.5 miles), Morton’s The Steakhouse (0.5 miles), North Miami Beach Police Department (0.6 miles), Julius Littman Performing Arts Theater (0.6 miles), P.F. Chang’s (0.6 miles), Plum Market (0.7 miles), The Vitamin Shoppe/BurgerFi/Panera Bread (0.9 miles), Fresh Market (1.0 miles), Dicks Sporting Goods (1.2 miles), and Walgreens Pharmacy (1.4 miles). Additionally, just a short drive from the property is Aventura Mall (1.9 miles), the Aventura Brightline Station (1.9 miles), and the Fort Lauderdale–Hollywood International Airport (12.9 miles).

Nearby educational facilities include Scheck Hillel Community School K-12 (1.5 miles), North Miami Beach High School (1.7 miles), John F. Kennedy Middle School (1.9 miles), and Saint Lawrence Elementary School (1.9 miles). *Distances and demographics are approximate from 17150 NE 23^rd Avenue.

SUMMARY

The North Miami Beach Portfolio is being offered for sale at $11,890,000 or $205,000 per unit.  The properties are also available for sale individually.  Contact the listing agents for more details.