648 NE 80th St - Apartments FOR SALE


Miami, FL 33138- Upper East Side North
$2,545,000 USD
609-226-6390
648 NE 80th St, Miami, FL for Sale
$2,545,000 USD
Apartments - FOR SALE
1/20
null | Request Cap Rate


HIGHLIGHTS

  • Multiple value-add options: renovation upside, rental upside, immediate upside w/ full lease-up plus re-development upside for 3 more units
  • On-site parking lot and gated property with unique curb appeal, appealing to both traditional and short-term rental models
  • Updated fixtures, impact windows and doors, roof in good condition, and newer mini-split A/C systems reduce near-term capital needs
  • Ideal location at Little River's Biscayne Blvd and NE 79th Street intersection, directly walkable to retail, dining, and public transportation.

OVERVIEW

THE ALPHA COMMERCIAL ADVISORS® PROUDLY PRESENTS AN ATTRACTIVE 12-UNIT MULTI-FAMILY ASSET IN PREMIUM LITTLE RIVER LOCATION BUILT FOR PERFORMANCE. Offering a well-balanced mix of unit layouts and reliable in-place income, the property delivers dependable performance with additional upside through continued value-add execution. Benefitting from years of thoughtful maintenance, the secure, gated premises displays meaningful capital improvements including impact windows and doors, newer mini-split air conditioning systems, incrementally updated interiors, private on-site parking, and a polished overall curb appeal — reducing near-term capital expenditure needs and strengthening both short and long-term tenant appeal. The property is ideally located – sharing a block with the Biscayne Boulevard and NE 79th Street intersection with unmatched connectivity to retail, dining, public transportation and neighborhood amenities while maintaining the residential feel of Eastern-abutting Shorecrest. With continued development momentum throughout Little River, this is a fleeting opportunity to acquire a core-plus asset with long-term stability and measurable upside in a market that rarely turns over similar assets. NOTE: The property is currently under-leased due to phasing out of current absentee ownership at approximately 75% occupancy. There is immediate upside available to buyer by simply renting out the remaining units, without raising rents (approximately to a 6.5% CAP). There is even further upside by raising rents and making minor modifications to units (closer to a 7% CAP). Then there is long-term re-development upside, supporting 3 more units by-right and up to 5 stories of height -- to create a project with larger units and maxed out density is the play here for the future.

FOR SALE DETAILS

PRICE

$2,545,000 USD

PRICE/SF

$379 USD /SF

# OF UNITS

12

PRICE/UNIT

$212,083

CAP RATE

Request Cap Rate

% LEASED

75%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Value-Add 12-Unit Multifamily Asset

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1938

PARKING SPACES

12

LAND DETAILS

LAND ACRES

0.24 AC

LAND SF

10,454 SF

ZONING

T5-R

APN/PARCEL ID

01-3207-016-3360

ASK ABOUT THIS PROPERTY

Steffanie JacobsonThe Alpha CommercialMore Info
609-226-6390

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Steffanie JacobsonThe Alpha CommercialMore Info
609-226-6390

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