16651 NE 18 Avenue
North Miami Beach, FL 33162 ·
94 Units · Multifamily For Sale
|Price||N/A||Property Use Type||Investment|
|No. Units||94||Cap Rate||6%|
|Building Size||67,074 SF||No. Stories||2|
|Property Type||Multifamily||Year Built||1957|
|Listing ID: 18442527||Date Created: 11/12/2013||Last Updated: 08/26/2014|
CBRE, as exclusive investment advisor, is pleased to present 94-units at Waterview Courtyards located at 16651 NE 18 Avenue in North Miami Beach, FL. The property was significantly upgraded with the intent to sell as condominiums. One of the 95-units was sold in 2008 for $165,000, and current ownership holds the note on the remaining unit, leaving a new investor the opportunity to acquire 94 out of 95-units as well as the underlying note on an additional unit, giving the investor control of all of the units at the complex. The HOA has not been activated at the property allowing for conversion back to a full rental community. Completed in 1957, the property totals 67,074 net rentable square feet. The apartments are spacious and well laid out with an average unit size of 714 square feet and consists of 54 1BD/1BA units averaging 598 net rentable square feet, 34 2BD/1BA units averaging 841 net rentable square feet, and 6 2BD/1.5BA units averaging 1,025 net rentable square feet. The property consists of concrete block construction with stucco exterior and features new hurricane proof windows, new roofs, swimming pool, lush landscaping and updated apartment interiors.
The property is ideally located within a family friendly submarket within North Miami Beach. Within one-mile of the property there is: Walmart SuperCenter; Home Depot; 163 Street Mall; North Miami Beach Senior High; North Miami Beach Performing Arts Center; City Hall and various parks and recreational areas. The area surrounding the property continues to be one of the highest growth areas in South Florida. Within a three-mile radius of the property, there are over 9,500 businesses totaling over 85,700 jobs.1 The submarket has an average occupancy rate of 96.0%. Occupancies are forecasted to increase to 96.6% by 2017.2 Rents in the submarket average $1,359 per month.3 Over the next five years, rents are forecasted to increase nearly $1,450 per month.
- Proven Market Performance
- Central Miami-Dade Location
- Well Maintained Asset
- Above Market Returns
- Value-Add Opportunity
- Positive Market Fundamentals
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