Waterfront Multifamily
For Sale
Contact for pricing
Pending
500-522 NE 78 St., Miami, FL 33138
Four renovated two-story apartment buildings with 43 units on two contiguous parcels facing Little River.
Property SizeContact for details
Days on Market118
Property Features for 500-522 NE 78 St.
General Information
Standard status
Pending
Property subtype
Multifamily
Additional Details
Cap Rate
1.91%
Multifamily Units
43
Building Details
Stories
2
Tenancy
Multi
Listing Agency:
Eleven Trust Real Estate Services
(305) 244-3880
Listed By:
Sharif Bula · License #3057657
Source:
Crexi
Added: Apr 11
Changed: Jul 20
Last Checked: Aug 5 at 2:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Eleven Trust Real Estate Services
Investment Insights
Based on property information with market context.
This for-sale portfolio consists of four (4) two-story apartment buildings totaling 43 apartment units on two (2) contiguous parcels, with all buildings facing Little River. Renovations were completed over the past 18 months and include hurricane impact windows, new kitchens, new bathrooms, new floors, and new mini-split HVAC systems. Unit sizes range from 460 to 690 square feet.
The property is described as centrally located, with close proximity to Miami Beach, the MiMo District, Wynwood Arts District, Ironside District, Design District, and Downtown Miami/Brickell Financial District.
Current apartments are generating $700 to $1,300 per month in gross rental income. The offering notes a gross-to-cap positioning of 1.91% and references an opportunity to improve Net Operating Income from $132,006 to $488,318 through a capital improvement plan. The materials also describe an additional owner/developer option to combine the parcels, request a zoning change to T5, and pursue a new five (5)-story mixed-use development with 61 apartment units.
The property is described as centrally located, with close proximity to Miami Beach, the MiMo District, Wynwood Arts District, Ironside District, Design District, and Downtown Miami/Brickell Financial District.
Current apartments are generating $700 to $1,300 per month in gross rental income. The offering notes a gross-to-cap positioning of 1.91% and references an opportunity to improve Net Operating Income from $132,006 to $488,318 through a capital improvement plan. The materials also describe an additional owner/developer option to combine the parcels, request a zoning change to T5, and pursue a new five (5)-story mixed-use development with 61 apartment units.
Key Highlights
- Portfolio of four renovated two‑story apartment buildings with 43 total apartment units on two contiguous parcels facing Little River.
- Renovations completed over the past 18 months: hurricane impact windows, new kitchens, new bathrooms, new floors, and new mini split HVAC systems.
- Unit sizes range from 460–690 SF; current gross rents are $700–$1,300 per month (about $1.52–$2.83/SF).
Property Analytics
Current Use
Lease Details
43
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 33138, FL
27,601
Population
14,310
Households
1.9
Avg Household Size
43
Median Age
47%
College-Educated
87%
High-School Grad
4.2 sq mi
ZIP Area
6,572
Density / Sq Mi
$71,518
Median Household Income
$52,853
Median Earnings
$1,647
Median Rent
$686,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Four renovated two-story apartment buildings with 43 units on two contiguous parcels facing Little River.
Where is this apartment building located?
The property is located at 500-522 NE 78 St. Miami, FL.
What are key features of this property?
This property features: Portfolio of four renovated two‑story apartment buildings with 43 total apartment units on two contiguous parcels facing Little River.; Renovations completed over the past 18 months: hurricane impact windows, new kitchens, new bathrooms, new floors, and new mini split HVAC systems.; Unit sizes range from 460–690 SF; current gross rents are $700–$1,300 per month (about $1.52–$2.83/SF).
