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Grove27 1710 SW 27th Ave 32 Unit Apartment Building $12,800,000 ($400,000/Unit) Miami, FL 33145
INVESTMENT HIGHLIGHTS
- 2019 Construction, 32-Unit, 8-Story Mid-Rise Apartment Building with Luxury Finishes
- Large 1, 2 & 3 Bedrooms from 972 – 1,304 SF w/Private Balconies and Washers/Dryers
- $96,595 Avg Household Income and 10.88% Population Growth Since 2010 (Experian)
- Passive Income – Currently Leased by a Vacation Rental Operator (Roami at Grove27)
- Flat Concrete Roof, Gated Parking Garage, Lobby, Terrace on 6th Floor, Single Elevator
- Proximate to Coral Way, Coral Gables, Coconut Grove and Downtown Miami (Brickell)
EXECUTIVE SUMMARY
Adam Marcuvitz, Joseph Thomas, and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Grove 27, a 32-unit multifamily property built in 2019 and located in Miami, Florida. The property is being offered for sale at $12,800,000.
Grove 27 is an eight-story, CBS building featuring 32 apartments and 59,551 square feet (GBA) on a 13,253-square-foot lot (per the Miami-Dade Property Appraiser). The unit mix includes (12) one-bedroom | one-bathroom apartments ranging from 725 to 770 square feet, (2) one-bedroom | one-and-a-half-bathroom apartments ranging from 884 to 1,088 square feet, (14) two-bedroom | two-bathroom apartments ranging from 1,015 to 1,085 square feet and (4) three-bedroom | two-bathroom apartments at 1,470 square feet.
Each unit features central air conditioning, contemporary finishes, and in-unit washers and dryers. The property features a flat (concrete) roof, 6th-floor outdoor terrace, single elevator, two-level parking garage with 51 total parking spaces, including lifts (some spaces are large enough for tandem parking).
Currently, the property operates as Roami at Grove27 with Roami (a national vacation rental operator) overseeing the daily management. An incoming investor has the opportunity to either negotiate a new lease with Roami, self-manage the property as vacation rentals (given the proven business model) or convert the property (back) to a market-rate apartment building.
Grove 27 is an eight-story, CBS building featuring 32 apartments and 59,551 square feet (GBA) on a 13,253-square-foot lot (per the Miami-Dade Property Appraiser). The unit mix includes (12) one-bedroom | one-bathroom apartments ranging from 725 to 770 square feet, (2) one-bedroom | one-and-a-half-bathroom apartments ranging from 884 to 1,088 square feet, (14) two-bedroom | two-bathroom apartments ranging from 1,015 to 1,085 square feet and (4) three-bedroom | two-bathroom apartments at 1,470 square feet.
Each unit features central air conditioning, contemporary finishes, and in-unit washers and dryers. The property features a flat (concrete) roof, 6th-floor outdoor terrace, single elevator, two-level parking garage with 51 total parking spaces, including lifts (some spaces are large enough for tandem parking).
Currently, the property operates as Roami at Grove27 with Roami (a national vacation rental operator) overseeing the daily management. An incoming investor has the opportunity to either negotiate a new lease with Roami, self-manage the property as vacation rentals (given the proven business model) or convert the property (back) to a market-rate apartment building.
PROPERTY FACTS Under Contract
| Price | $12,800,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $400,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.30 AC |
| No. Units | 32 | Building Size | 59,551 SF |
| Property Type | Multifamily | No. Stories | 8 |
| Property Subtype | Apartment | Year Built | 2019 |
| Zoning | T6-8-O - Urban Zoning | ||
| Price | $12,800,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.30 AC |
| Building Size | 59,551 SF |
| No. Stories | 8 |
| Year Built | 2019 |
| Zoning | T6-8-O - Urban Zoning |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Refrigerator
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Elevator
- Pond
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 12 | - | 725 - 770 |
| 1+1.5 | 2 | - | 884 - 1,088 |
| 2+2 | 14 | - | 1,015 - 1,085 |
| 3+2 | 4 | - | 1,470 |
Walk Score®
Very Walkable (87)
PROPERTY TAXES
| Parcel Number | 01-4109-040-0010 | Improvements Assessment | $6,511,992 |
| Land Assessment | $1,988,008 | Total Assessment | $8,500,000 |
PROPERTY TAXES
Parcel Number
01-4109-040-0010
Land Assessment
$1,988,008
Improvements Assessment
$6,511,992
Total Assessment
$8,500,000
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Grove27 | 1710 SW 27th Ave
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