MILANO APARTMENTS

The Thomas Team of Marcus & Millichap is pleased to present the Milano Apartments, a 51-unit, value add multifamily offering located at 16700 and 16701 NE 21st Avenue in North Miami Beach, Florida.

SUBJECT PROPERTY

The Milano Apartments are comprised of two, three-story multifamily buildings located directly across the street from each other.  The properties offer a combined 44,868 square feet of building area with a mix of (33) one-bedroom/one-bathroom apartments and (18) two-bedroom/two-bathroom apartments.  The property features on-site laundry facilities, elevators, and a mix of central air conditioning and wall/window air conditioning units.

16700 Northeast 21st Avenue contains 27 units and was constructed in 1966 of concrete block and painted stucco with a concrete roof.  The property contains 21,392 square feet and encompasses a 17,124 square foot lot, according to the Miami-Dade Property Appraiser.

16701 Northeast 21st Avenue contains 24 units and was constructed in 1967 of concrete block and painted stucco with a wood truss roof system.    The property contains 23,476 square feet and encompasses a 17,706 square foot lot, according to the Miami-Dade Property Appraiser.

LOCATION

The Milano Apartments are centrally located in North Miami Beach with convenient access to Biscayne Boulevard (US-1), Dixie Highway and North Miami Beach Boulevard, placing residents near major employment corridors, parks, and a dense concentration of retail, dining, and entertainment amenities.

Nearby retailers and points of interest include the Judge Arthur Snyder Tennis Center (0.3 miles), The Ancient Spanish Monastery (0.3 miles), North Miami Beach Police Department (0.4 miles), Julius Littman Performing Arts Theater (0.4 miles), Victory Park Pool (0.6 miles), Houston’s (0.9 miles), Morton’s The Steakhouse (0.9 miles), P.F. Chang’s (1.0 miles), Walmart Supercenter (1.1 miles), Greynolds Park / Greynolds Golf Course (1.2 miles), The Vitamin Shoppe / BurgerFi / Panera Bread (1.3 miles), Fresh Market (1.5 miles), Dick’s Sporting Goods (1.5 miles), and Walgreens Pharmacy (1.8 miles). Additionally, Dezerland Action Park (2.0 miles), the Brightline Station (Aventura) (2.3 miles), Aventura Mall (2.3 miles), and Fort Lauderdale–Hollywood International Airport (15.6 miles) are all easily accessible.  The Milano Apartments are also less than 2 miles from three Publix Super Markets and 2.1 miles from Fresh Market.

Nearby education centers include North Miami Beach High School (1.4 miles), John F. Kennedy Middle School (1.7 miles), Saint Lawrence Elementary School (1.9 miles), Scheck Hillel Community School K-12 (1.9 miles) and Florida International University Biscayne Bay Campus (2.4 miles).

SUMMARY

Milano Apartments is being offered for sale at $9,690,000, or $190,000 per unit.