1951 167Th St North Miami Beach, FL 33162

This exceptional investment opportunity presents a 20-unit apartment building in North Miami Beach, Florida. The property, encompassing 12,536 square feet on a 0.44-acre lot, consists of three two-story buildings constructed in 1960. The building features a mix of 14 one-bedroom and 6 two-bedroom apartments, many with updated kitchens and bathrooms. Amenities include a central courtyard with a gated swimming pool, and while washer/dryer hookups exist, they are currently unused. The property boasts 9 on-site parking spaces, supplemented by ample street parking. Current occupancy stands at 95%, generating a Net Operating Income (NOI) of $249,673, with a projected NOI of $305,161. The asking price is $4,400,000, representing $220,000 per unit and a current cap rate of 5.67%, projected to increase to 6.94%. The property's prime location offers easy access to major roadways (I-95, SR 826, Florida's Turnpike), shopping centers (Walmart, Home Depot, Publix), and numerous parks and recreational facilities, including Victoria Park and its aquatic center. The property is situated in a quiet residential neighborhood, close to City Hall and other municipal services. The concrete block construction with central air conditioning ensures durability and efficiency. This value-add opportunity presents significant potential for increased returns through further renovations and optimized management strategies. The property's strong location and unit mix make it an attractive investment for discerning buyers.