The Oaks in North Miami (81 of 96 Condos) 13770-13820 NE 3rd Ct 81 Unit Apartment Building $21,465,000 ($265,000/Unit) 6.48% Cap Rate North Miami, FL 33161

Joseph Thomas, Alec Demetriou and the Thomas-Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Oaks in North Miami, a portfolio consisting of 81 (out of 96 total) condominiums located in North Miami, Florida.
This offering includes 81 condominiums out of 96 units within The Oaks in North Miami, offering an 84% ownership interest. The Oaks were constructed from 2007-2008 and comprise (4) three-story buildings on a 5.17-acre lot, according to the Miami Dade County Property Appraiser. The buildings feature concrete block and stucco exterior walls with shingle roofs and central air conditioning. This portfolio totals 83,939 square feet with a unit mix consisting of (20) two-bedroom | two-bathrooms measuring 906 square feet with an average in-place rent of $2,311 per month and (61) three-bedroom | two-bathrooms measuring 1,079 square feet with an average in-place rent of $3,033 per month (75% three-bedrooms). Units feature ceramic tile flooring, electric appliances, in-unit washer and dryer, individual hot-water heaters, formica countertops and balconies or patios. Community amenities include, children’s playground, ample green space for residents and pets and 219 total parking spaces.
* The Oaks in North Miami community current has a vacant pad that was not developed at the time the other four buildings within the community were constructed. A recent zoning letter included in the property due diligence materials supports the potential development of a fifth building totaling between 18-31 additional units.