6805 88Th St Pinecrest, FL 33156
- Apartment buildings
- 15,906 SF
Current Use by Public Records
- Apartment buildings
Property Details for 6805 88Th St
- Year built
- 1965
- Property size
- 15,906 SF
- Property type
- Apartment buildings
Description
This exceptional 19-unit apartment building presents a compelling value-add opportunity in the affluent Village of Pinecrest, Florida. Located at 6805 SW 88th St, this gated property boasts 15,906 square feet on a 37,478 square foot lot, with 12,980 square feet of net rentable space. The property features a diverse unit mix of one, two, and three-bedroom apartments, catering to a wide range of residents. Built in 1965, the two-story building currently operates at 80% occupancy, generating a pro-forma NOI of $309,000 and a pro-forma cap rate of 4.48%. The asking price is $6,900,000, translating to $433.80 per square foot and $363,158 per unit. The property includes 29 parking spaces and is zoned RU-5. Its prime location offers convenient access to major shopping centers and public transit, while being surrounded by high-end homes, creating a desirable living environment for residents. The property's existing amenities, combined with the potential for further value-add improvements, make this a strong investment opportunity in a highly sought-after market. The property's central air conditioning and spacious layouts offer comfortable living spaces. The gated community provides security and privacy, while ample green spaces and a pool enhance the resident experience. This is a rare opportunity to acquire a multifamily asset in Pinecrest, a market known for its strong rental demand and high property values.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Pinecrest
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.3049
- Latitude
- 25.689
