THE OAKS IN NORTH MIAMI

Joseph Thomas, Alec Demetriou and the Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Oaks in North Miami, a portfolio consisting of 81 (out of 96 total) condominiums located in North Miami, Florida.

SUBJECT PROPERTY

This offering includes 81 condominiums out of 96 units within The Oaks in North Miami, offering an 84% ownership interest.  The Oaks were constructed from 2007-2008 and comprise (4) three-story buildings on a 5.17-acre lot, according to the Miami Dade County Property Appraiser.  The buildings feature concrete block and stucco exterior walls with shingle roofs and central air conditioning.  This portfolio totals 83,939 square feet with a unit mix consisting of (20) two-bedroom | two-bathrooms measuring 906 square feet with an average in-place rent of $2,321 per month and (61) three-bedroom | two-bathrooms measuring 1,079 square feet with an average in-place rent of $3,017 per month (75% three-bedrooms).  Units feature ceramic tile flooring, electric appliances, in-unit washer and dryer, individual hot-water heaters, formica countertops and balconies or patios.  Community amenities include, children’s playground, ample green space for residents and pets and 219 total parking spaces.

* The Oaks in North Miami community current has a vacant pad that was not developed at the time the other four buildings within the community were constructed.  A recent zoning letter included in the property due diligence materials supports the potential development of a fifth building totaling between 18-31 additional units.

LOCATION

The Oaks in North Miami are located at 13770-13820 Northeast 3^rd Court in North Miami, Florida, a few minutes east of Interstate 95 and just north of Northeast 135^th Street.  Nearby points of interest include Publix Supermarket at North Miami (1.3 miles), Walgreens Pharmacy (1.4 miles), Museum of Contemporary Art (1.6 miles), Planet Fitness (1.9 miles), Bravo Supermarket (2.1 miles), Dezerland Action Park (2.6 miles), Lost City Brewing (2.6 miles), Biscayne Commons (2.7 miles), Total Wine & More (2.8 miles), Target (2.8 miles), LA Fitness (3.0 miles) and Costco (3.3 miles)

Nearby educational facilities include Linda Lentin K-8 Center (0.5 miles), North Miami Middle School (0.7 miles), North Miami Senior High School (1.2 miles), Barry University (1.7 miles), Johnson & Wales University North Miami Campus (2.6 miles) and Florida International University Biscayne Bay Campus (4.0 miles).

SUMMARY

The Oaks in North Miami are being offered for sale at $21,870,000 or $270,000 per unit.