1551 NE 167th St N
Miami, FL 33162
Grand Island Luxury Apartments · Multifamily Property For Sale · 199 Units

MSP Group has been retained as the exclusive listing broker for Grand Island Luxury Apartments. Grand Island represents a rare opportunity to acquire 199 multifamily units, complimented by 13 ground floor commercial spaces and additional income generated by a rooftop antenna. The asset sits on 2.8 acres of land, an entire city block in North Miami Beach, Florida; which carries significant intrinsic value on its own. North Miami Beach is conveniently located just a few minutes southwest of the very affluent Aventura neighborhood of Miami and provides tenants easy access to schools, shopping and many employment centers. Located in the northern part of Miami-Dade county, the Property is an attractive place to call home for tenants working in both Miami-Dade and Broward counties. Grand Island has 2 buildings, one 8-story building with 144 residential units and one 4-story building with 55 residential units. The property was originally constructed in 1968 of concrete block and flat concrete roofs, however it received an extensive renovation under the current ownership, spending more than $3,000,000 on the improvements between 2016 and 2017. Approximately 190 of 199 residential units received all new interiors, including tile flooring, new kitchen cabinets and counter tops, new appliances, new bathroom sinks and vanities, as well as new tub/shower tiles. The one, two and three bedroom floor plans are spacious, averaging more than 1,000 SF each and all units have large balconies. In addition to the unit interiors, the current owner has performed numerous common area renovations and installed an amenity set which elevated the class of the property. The common area improvements include but are not limited to concrete restoration and new multi-color exterior painting of the entire complex, brand new leasing and management office, full fitness center, new clubhouse, new business center, completely renovated lobbies, hallways, mail rooms and elevators, new laundry facility, new monument signage, new landscaping, resealed parking surfaces plus completely redone pool/sundeck. Grand Island is a turn key opportunity that affords a new owner a stable income stream in an asset with little to no deferred maintenance and yet still offers a final phase of value-add for the new owner to be conducted some years down the road. As the area continues to gentrify around the asset, the new owner may choose to install impact windows, new railings, stone counter-tops and high end appliances, and eliminate the drop ceilings in the kitchens; elevating the class of the property to a grander level of luxury and fostering even greater rent growth.