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    13201 Memorial Hwy Miami, FL 33161

    Sponsored
    For Sale
    $5,560,000

    28-unit apartment complex, strong NOI.

    Property size:
    15,578 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 28-unit apartment building, known as Dorian Apartments, presents a compelling investment opportunity in North Miami, Florida. Located at 13201 Memorial Hwy, 33161, this stabilized multifamily property boasts a total of 15,578 square feet situated on a 0.67-acre lot. The property features a mix of 24 one-bedroom units and 4 studio units, currently achieving 100% occupancy as of August 1, 2024. The average rent is $1,500 per unit, generating a substantial Net Operating Income (NOI) of $286,407, with a pro-forma NOI projected at $309,248. Built in 1968 and renovated in 2020, the two-story Class B building includes significant upgrades such as impact windows and doors, a new shingle roof (installed in 2018), a gated entrance, and a remote surveillance camera system. The 40-year certification was passed in December 2018, with the next certification due in December 2028. Many units feature granite kitchens and tile floors, and all units are equipped with split air conditioning units and smoke detectors. Ample parking is available both in front and behind the building, complemented by a beautiful garden area. The asking price is $5,560,000, representing a price per square foot of $356.91 and a price per unit of $198,571.43. The current cap rate stands at 5.15%, with a pro-forma cap rate of 5.56%. This property offers a strong return on investment in a prime location.

    Property Features for 13201 Memorial Hwy

    General Information

    Property type
    Multifamily properties
    Square Feet
    15,578 SF
    Class
    B
    Lot Size
    29,185 SF

    Building Details

    Year Built/Renovated
    1968/2020
    Buildings
    1
    Stories
    2
    Units
    28

    HighLights

    • 28‑unit apartment building in North Miami, FL, at 13201 Memorial Hwy, 33161.
    • 15,578 sq ft building on a 0.67‑acre lot, with a mix of 24 one‑bedroom and 4 studio units.
    • 100% occupancy as of August 1, 2024, with an average rent of $1,500 per unit, generating a $286,407 NOI (pro‑forma NOI: $309,248).
    • Class B building, built in 1968, renovated in 2020, featuring impact windows/doors, a new roof (2018), gated entrance, and security cameras. 40‑year certification passed in 2018, next due 2028.
    • Granite kitchens and tile floors in several units; all units have split AC and smoke detectors; ample parking and a garden area. Asking price: $5,560,000 ($356.91/sq ft, $198,571.43/unit); current cap rate: 5.15%; pro‑forma cap rate: 5.56%.
    Property Profile Location Intelligence

    Current Use by Public Records

    rdXchange Store

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.1936684
    Latitude
    25.8965074

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    FAQs

    What type of property is this?
    Multifamily property - 28-unit apartment complex, strong NOI.
    Where is this multifamily property located?
    The property is located at 13201 Memorial Hwy Miami, FL.
    What is the asking price?
    The asking price for this property is $5,560,000.
    What are key features of this property?
    This property features: 28-unit apartment building in North Miami, FL, at 13201 Memorial Hwy, 33161.; 15,578 sq ft building on a 0.67-acre lot, with a mix of 24 one-bedroom and 4 studio units.; 100% occupancy as of August 1, 2024, with an average rent of $1,500 per unit, generating a $286,407 NOI (pro-forma NOI: $309,248).
    Request Owner's contact information
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    Miami, FL 33161
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    13201 Memorial Hwy Miami, FL 33161
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