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1261 NW 59th St 18 Unit Apartment Building $3,650,000 ($202,778/Unit) 6.96% Cap Rate Miami, FL 33142
INVESTMENT HIGHLIGHTS
- Renovated With Granite Countertops and Stainless Steel Appliances
- Fully Gated, Providing Added Security and Tenant Appeal
- Flat Roof
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present City Apartments, an 18-unit multifamily property located at 1261 NW 59th Street, Miami, Florida 33142. Built in 1957, the property totals 10,485 square feet and sits on a 0.24 acre lot. The unit mix consists of twelve one-bedroom/one-bathroom units averaging 500 square feet and six two-bedroom/
one-bathroom units averaging 590 square feet. The property features wall-unit air conditioning, and separate electric meters for all units, reducing ownership expenses and simplifying operations.
Strategically located in the heart of Miami’s Liberty City neighborhood, City Apartments benefits from extensive ongoing redevelopment and reinvestment in the surrounding area. The property is positioned near the Liberty Square redevelopment, a $300+ million public-private partnership transforming the historic neighborhood with over 1,400 new mixed-income housing units, retail, and community spaces. It is also minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District, all major employment and growth drivers contributing to strong rental demand and steady population inflow.
With modernized building systems, and proximity to several large-scale development projects reshaping Miami’s urban core, City Apartments represents an outstanding opportunity to acquire a stabilized, cash-flowing asset with long-term appreciation potential in one of the city’s most active redevelopment corridors.
one-bathroom units averaging 590 square feet. The property features wall-unit air conditioning, and separate electric meters for all units, reducing ownership expenses and simplifying operations.
Strategically located in the heart of Miami’s Liberty City neighborhood, City Apartments benefits from extensive ongoing redevelopment and reinvestment in the surrounding area. The property is positioned near the Liberty Square redevelopment, a $300+ million public-private partnership transforming the historic neighborhood with over 1,400 new mixed-income housing units, retail, and community spaces. It is also minutes from the Miami Innovation District, Wynwood, Allapattah, and the Miami Health District, all major employment and growth drivers contributing to strong rental demand and steady population inflow.
With modernized building systems, and proximity to several large-scale development projects reshaping Miami’s urban core, City Apartments represents an outstanding opportunity to acquire a stabilized, cash-flowing asset with long-term appreciation potential in one of the city’s most active redevelopment corridors.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $3,650,000 | Building Class | C |
| Price Per Unit | $202,778 | Lot Size | 0.24 AC |
| Sale Type | Investment | Building Size | 10,485 SF |
| Cap Rate | 6.96% | Average Occupancy | 100% |
| Gross Rent Multiplier | 8.78 | No. Stories | 3 |
| No. Units | 18 | Year Built/Renovated | 1957/2022 |
| Property Type | Multifamily | Parking Ratio | 1.14/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-3 - Multi-Family Residential | ||
| Price | $3,650,000 |
| Price Per Unit | $202,778 |
| Sale Type | Investment |
| Cap Rate | 6.96% |
| Gross Rent Multiplier | 8.78 |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.24 AC |
| Building Size | 10,485 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1957/2022 |
| Parking Ratio | 1.14/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 - Multi-Family Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 500 |
| 2+1 | 6 | - | 590 |
1 1
PROPERTY TAXES
| Parcel Number | 01-3114-043-1130 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,756,920 |
PROPERTY TAXES
Parcel Number
01-3114-043-1130
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,756,920
CONTACTS
-
Daniel Cunningham -
Cory Sanchez -
Evan Richardson -
River Rhoads -
Dillon Majeski -
Marcus & Millichap
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1261 NW 59th St
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