7710 Carlyle Ave - Apartments FOR SALE


Miami Beach, FL 33141- North Shore
$1,275,000 USD
305-989-6686
7710 Carlyle Ave, Miami Beach, FL for Sale
$1,275,000 USD
Apartments - FOR SALE
1/13
null | 5.05% Cap Rate

7710 Carlyle Ave
Miami Beach, FL 33141
North Shore


HIGHLIGHTS

  • 4-unit multifamily, 3 blocks to ocean, 3 blocks to bay, North Beach
  • Rents 15-20% below market, NOI increase potential ~20%
  • Walkable to Bandshell, 71st Street Town Center, parks, beach
  • Current cap 5.00% | Proforma cap 5.98%

OVERVIEW

Premium 4-unit multifamily value-add opportunity in North Beach. 7710 Carlyle Avenue sits 3 blocks from the Atlantic Ocean and 3 blocks from Biscayne Bay at the geographic center of Miami Beach's North Shore residential corridor. Built 1951, CBS construction, one-story, 3,425 SF on 5,650 SF lot. Fully occupied with stable tenants on month-to-month leases, providing maximum operational flexibility. Unit mix: (2) 2BR/1BA + (2) 1BR/1BA. Current rents are 15-20% below market with NOI increase potential of approximately 20% at stabilized rents. In-place NOI: $64,338 | Proforma NOI: $76,338. Located on quiet, tree-lined Carlyle Avenue, walkable to the Bandshell, 71st Street Town Center, and beach. North Beach is experiencing a major transformation: 2017 upzoning approved, 2021 CRA established (taxable base +21% in two years), $53.8M city investment in new civic complex, and 9+ development projects underway including Lefferts' 72 Park luxury tower, Shoma Bay, Ella Miami Beach, and Deauville redevelopment. Cash-flowing rental product in the corridor is scarce. For the investor who understands where North Beach is going, this is the right asset, on the right street, at the right moment. Priced at $1,275,000 ($318,750/unit | $372 PSF). Exceptional fundamentals. RM-1 zoning.

FOR SALE DETAILS

PRICE

$1,275,000 USD

PRICE/SF

$372 USD /SF

# OF UNITS

4

PRICE/UNIT

$318,750

CAP RATE

5.05%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1952

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.13 AC

LAND SF

5,663 SF

ZONING

RM-1, Miami Beach

APN/PARCEL ID

02-3202-007-2170

ASK ABOUT THIS PROPERTY

Joshua KaufmanCompassMore Info
305-989-6686

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Joshua KaufmanCompassMore Info
305-989-6686

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