Current Use by Public Records
- Apartment buildings
Property Details for 1951 167Th St
- Year built
- 1960
- Lot size
- 0.44 lot acres
- Property type
- Apartment buildings
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- North Miami Beach
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.161
- Latitude
- 25.9297
