60 NW 161st St - Apartments FOR SALE


Miami, FL 33169- Biscayne Gardens East
$2,155,000 USD
305-697-7011
60 NW 161st St, Miami, FL for Sale
$2,155,000 USD
Apartments - FOR SALE
1/20
null | 6.14% Cap Rate


HIGHLIGHTS

  • Attractive duplex-style layout across 4 buildings with clean central courtyard, low operational intensity and ideal for 1031 Exchange
  • Diversified unit mix features (6) 1 BR units & (2) 2 BR units, all oversized with an average of 700 SF for the 1 BR units and 900 SF for the 2 BR unit
  • Highly financeable asset w/ stabilized in-place income, half from market tenants and half from Section 8 tenants
  • Long-term structural durability with buildings featuring 40-Year Recertifications, new roofs as of 2017, tile floors, impact glass, and central A/C
  • Optional value-add for the interiors of 4 of the units, with 4 units already freshly remodeled with stainless steel appliances and modern finishes
  • Convenient on-site parking for 8 vehicles with additional street parking nearby

OVERVIEW

THE ALPHA COMMERCIAL ADVISORS™ IS PLEASED TO PRESENT BISCAYNE GARDENS VILLAS, AN 8-UNIT DUPLEX-STYLE MULTIFAMILY COMPOUND OFFERING A STABILIZED, LOW-MAINTENANCE INVESTMENT SUPPORTED BY STRONG IN-PLACE INCOME AND DURABLE BUILDING CONDITION. Sporting a balanced unit mix of six 1 BR / 1 Bath units and two 2 BR / 1 Bath units, half of the units feature full interior renovations and the rest are primed for optional light-value-add upgrades, providing both immediate stability and clear operational upside. Full property renovation and long-term durability includes pristine grounds, impact glass, central A/C, tiled floors, new roof as of 2017, and completed 40-year recertification, while 50% Section 8 tenancy delivers highly subsidized, reliable cash flow. Positioned within a quiet residential pocket experiencing new construction activity within a block, the property benefits from steady demand and its proximity to the major North Miami Beach NE 167th/NE 163rd ST commercial corridor and the Golden Glades Interchange for unmatched connectivity to the entire region.

FOR SALE DETAILS

PRICE

$2,155,000 USD

PRICE/SF

$361 USD /SF

# OF UNITS

8

PRICE/UNIT

$269,375

CAP RATE

6.14%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Biscayne Gardens Villas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1968

PARKING SPACES

8

LAND DETAILS

LAND ACRES

0.43 AC

LAND SF

18,517 SF

ZONING

RU-1

APN/PARCEL ID

30-2113-002-0410

ASK ABOUT THIS PROPERTY

Jamie ManiscalcoThe Alpha CommercialMore Info
305-697-7011

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Jamie ManiscalcoThe Alpha CommercialMore Info
305-697-7011

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