5601 NW 1st Ave - Apartments FOR SALE


Miami, FL 33127- Little Haiti
$20,000,000 USD
954-529-3017
5601 NW 1st Ave, Miami, FL for Sale
$20,000,000 USD
Apartments - FOR SALE
1/12
null | 5.61% Cap Rate

5601 NW 1st Ave
Miami, FL 33127
Little Haiti


HIGHLIGHTS

  • 91 units in the City of Miami, One, Two and Three-story buildings
  • Excellent location surrounded by multiple development districts
  • Most units have been renovated, Central air-conditioning & heat
  • Value Add Opportunity, Impact windows and doors
  • Situated on 2.44 +/- acres
  • Some roofs were recently replaced and some are concrete, 40/10 Year recertification was completed in 2024

OVERVIEW

Buena Vista Gardens is located in the City of Miami just north of the Design District and southof Little River in the Buena Vista neighborhood which is west of Biscayne Blvd (US-1) and east of Interstate 95. The community is made up of 11 One, Two and three story buildings situated on over 2.44 acres of land which is zoned T4-R. The ages of the buildings range from 1947 to 1969 and there is an attractive mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. Almost all the units have central air-conditioning & heat and the units have individual water heaters. Water, sewer and trash removal is included in the rent and there is on-site laundry and parking for the residents. The buildings have impact windows and doors, new railings and lush mature landscaping. The majority of the units have been updated with new kitchen cabinets, stone countertops, stainless steel appliances, new flooring, updated bathrooms, light fixtures and interior doors. The buildings have recently been painted and the 40/10 Year recertification's were completed in 2024. Several of the roofs were replaced in the last year and in addition there are several roofs that are made of concrete. The majority of the property’s parking is gated and most of the property is secured with a perimeter fence. The Buena Vista area is experiencing a regentrification and is in the middle of several established and up in coming development districts. There are many smaller and mid-sized projects that have been completed as well as new redevelopment projects that are currently being built. The Design District and Wynwood are less than a mile south of Buena Vista Gardens and the Magic City Innovation District is about half a mile northeast of the subject. In addition the recently announced $3 billion, 63-acre affordable redevelopment of county land by Swerdlow and partners will run along 54th Street which is two blocks south of the subject. Buena Vista Gardens is an excellent opportunity for an investor to acquire a substantial community, with the ability to add value while being located in a rapidly improving area.

FOR SALE DETAILS

PRICE

$20,000,000 USD

PRICE/SF

$402 USD /SF

# OF UNITS

91

PRICE/UNIT

$219,780

CAP RATE

5.61%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Buena Vista Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

87

LAND DETAILS

LAND ACRES

2.23 AC

LAND SF

97,029 SF

ZONING

T4-R

APN/PARCEL ID

01-3113-080-0010

ASK ABOUT THIS PROPERTY

Felipe EcharteMarcus & MillichapMore Info
954-529-3017

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

Felipe EcharteMarcus & MillichapMore Info
954-529-3017

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