305-938-8609
361 NE 191st St, Miami, FL for Sale
Apartments - FOR SALE
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361 NE 191st St
Miami, FL 33179


HIGHLIGHTS

  • 314 units on ± 13.8 acres in a high barrier-to-entry location in the Miami Metro
  • Long-Term Pride of Ownership: 13+ years with over $7 million in capital improvements completed
  • Clear rental upside with 98.6% average occupancy over 5 years versus current 95% average occupancy (3-mile radius)
  • Stable occupancy and 3-year 7.03% CAGR revenue growth from 2022 to 2025 (2024 - 14% and 2025 - 7.5%)
  • Community amenities include two resort-style pools, fitness center, summer kitchen BBQ, playground, and ample parking (1.76 spaces per unit)
  • Unparalleled connectivity and quick access via I-95, the Golden Glades Interchange (400,000+ VPD) with over 1 million jobs in a 30 minute drive time

OVERVIEW

THERE IS NO COOPERATING BROKERAGE FEE AVAILABLE, ALL BROKERS MUST BE PAID BY THEIR CLIENT PROCESS WILL OPEN TO BROKERS SEPTEMBER 25TH - UNTIL THAT DATE THE PROCESS WILL ONLY BE OPEN TO PRINCIPALS DIRECT - NO BROKER SIGNED CONFIDENTIALITY AGREEMENTS WILL BE ACCEPTED. - Unique value-add multifamily community featuring 314 units on a vast ± 13.8-acre site in a high barrier-to-entry location in the Miami Metro - Ideal unit mix: 76% two-and three bedroom floor plans - Average in-place rent ($1,783) is at a 13.0% discount ($2,050) to comparable properties and 31.1% discount ($2,586) to the Miami Metro - The Property’s average 5-year occupancy (98.6%) is above the 3-mile (95.4%) and Miami Metro (96.6%) averages - $3.7+ million in capital improvements invested since 2020, including community ($2.5 M) and interior ($1.2 M) upgrades - Dense trade area: 4.8 M SF office, 8.6 M SF retail, 17.0 M SF industrial & flex within 3 miles - Major immediate trade area highlights include Hard Rock Stadium (65,000 seats), Aventura Mall (2.8 M SF), and Gulfstream Park (200+ acres for retail & entertainment) - Over 1 million jobs within a 30-minute drive including Miami & Fort Lauderdale CBDs, two international airports and two cruise & cargo ports

FOR SALE DETAILS

PRICE

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# OF UNITS

314

CAP RATE

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% LEASED

99%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Legacy Vista Palms

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1986

PARKING SPACES

552

LAND DETAILS

LAND ACRES

13.79 AC

LAND SF

600,692 SF

ZONING

RU-4L, County

APN/PARCEL ID

30-2206-057-0010,30-2206-058-0010

ASK ABOUT THIS PROPERTY

Peter MekrasAztec GroupMore Info
305-938-8609

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Peter MekrasAztec GroupMore Info
305-938-8609

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.