The Flats at West Brickell

The Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats at West Brickell, a 16-unit multifamily property located in Miami, Florida. 

SUBJECT PROPERTIES

The Flats at West Brickell were constructed in two phases in 2017 and 2020 of concrete block and stucco with a concrete roof deck.  The property consists of (4) studio apartments with an average in-place rent of $1,863, (4) one-bedroom | one-bathroom apartments with an average in-place rent of $1,969 and (8) two-bedroom | two-bathroom apartments with an average in-place rent of $2,669.  The building spans 18,432 rentable square feet and is situated on a 10,000 square foot lot, according to the Miami Dade Property Appraiser.

Units feature back yards or private balconies, in-unit washer & dryers, polished concrete floors, custom cabinets and quartz countertops, as well as energy efficient LED lighting and Energy Star appliances.

LOCATION

The Flats at West Brickell are located just west of Interstate 95, one block north of Flagler Street along NW 1st Street. The location also offers easy access to Downtown Miami, the Dolphin Expressway (836) and Tamiami Trail.  The surrounding neighborhood consists primarily of multifamily properties, condominiums, commercial properties, as well as several new developments in the area.  The area continues to experience tremendous growth, with a 5-mile population of 528,341 and 11.03% population increase since 2010 (Experian).  The average household income within a five-mile radius is $90,625.

Nearby Little Havana is home to the iconic Calle Ocho (SW 8th Street), a cultural hub known for its Cuban heritage, restaurants, cigar shops, and entertainment venues and is located less than a mile from the property. Little Havana is also home to LoanDepot Park (home of Major League Baseball’s Miami Marlins), the Calle Ocho Music Festival and the CubaOcho Musem & Performing Arts Center.  Surrounding area retailers and points of interest include Lummus Park Historic District (0.8 miles), Sedanos Supermarket (0.9 Miles), Loan Depot Part (0.9 miles), Block 55 (Target, Aldi) (0.9 miles), Publix Supermarket at 3 Miami Central (1.0 miles), CVS Pharmacy (1.1 miles), Walgreens Pharmacy (1.4 miles) and Brightlight Miami Station (1.4 miles).  Additionally just a short drive from the property is the University of Miami Health System (1.6 miles), Bayside Marketplace (1.7 miles), Presidente Supermarket at SW 8th Street (1.8 miles), Kaseya Center (1.8 miles), Domino Park – Calle Ocho (1.9 miles) and the Port of Miami (2.8 miles).

Nearby educational facilities include Ada Merritt K-8 Center (0.4 miles), Riverside Elementary School (0.7 miles) and Booker T. Washington Senior High School (0.9 miles).

SUMMARY

The Flats at West Brickell is being offered for sale free and clear of debt at $5,360,000 or $335,000 per unit.