5995 Biscayne Blvd Miami, FL 33137

Property Details for 5995 Biscayne Blvd

Year built

1974

Lot size

0.44 lot acres

Property size

20,965 SF

Property type

Commercial real estate

Description

This exceptional 24-unit apartment building presents a compelling investment opportunity in Miami's desirable Morningside neighborhood. The seven-story, elevator-served building, constructed in 1974 and situated on a 0.44-acre lot zoned T4-0, boasts a total of 20,965 square feet. The property features a mix of one- and two-bedroom units, ranging from 771 to 928 rentable square feet, many with updated kitchens and appliances, private balconies, hurricane impact windows and sliding doors, and walk-in closets. Building amenities include a gated parking lot with 30 spaces, a secured entry system, hard-wired security cameras, and a trash chute on each floor. The ground floor offers an office and laundry room. Significant capital improvements were completed in 2017, including a new roof (recently resealed), exterior paint, elevator modernization, parking lot resurfacing, a new fire alarm system, and the addition of security cameras. Currently operating at 100% occupancy, the property offers a substantial opportunity to increase revenue given that rents are significantly below market value. The building's location on Biscayne Boulevard, two blocks west of Biscayne Bay, places it within the upscale Morningside community, known for its Art Deco and Mediterranean-style homes and proximity to Morningside Park. This prime location, combined with the property's strong fundamentals and upside potential, makes it an ideal investment. The asking price is $7,560,000, representing $315,000 per unit. The current NOI is $237,411, with a pro-forma NOI of $442,098, resulting in a current cap rate of 3.14% and a pro-forma cap rate of 5.85%.