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Legacy Vista Palms 361 NE 191st St 314 Unit Apartment Building For Sale Miami, FL 33179
INVESTMENT HIGHLIGHTS
- 314 units on ± 13.8 acres in a high barrier-to-entry location in the Miami Metro
- Clear rental upside with 98.6% average occupancy over 5 years versus current 95% average occupancy (3-mile radius)
- Community amenities include two resort-style pools, fitness center, summer kitchen BBQ, playground, and ample parking (1.76 spaces per unit)
- Long-Term Pride of Ownership: 13+ years with over $7 million in capital improvements completed
- Stable occupancy and 3-year 7.03% CAGR revenue growth from 2022 to 2025 (2024 - 14% and 2025 - 7.5%)
- Unparalleled connectivity and quick access via I-95, the Golden Glades Interchange (400,000+ VPD) with over 1 million jobs in a 30 minute drive time
EXECUTIVE SUMMARY
THERE IS NO COOPERATING BROKERAGE FEE AVAILABLE, ALL BROKERS MUST BE PAID BY THEIR CLIENT PROCESS WILL OPEN TO BROKERS SEPTEMBER 25TH - UNTIL THAT DATE THE PROCESS WILL ONLY BE OPEN TO PRINCIPALS DIRECT - NO BROKER SIGNED CONFIDENTIALITY AGREEMENTS WILL BE ACCEPTED.
- Unique value-add multifamily community featuring 314 units on a vast ± 13.8-acre site in a high barrier-to-entry location in the Miami Metro
- Ideal unit mix: 76% two-and three bedroom floor plans
- Average in-place rent ($1,783) is at a 13.0% discount ($2,050) to comparable properties and 31.1% discount ($2,586) to the Miami Metro
- The Property’s average 5-year occupancy (98.6%) is above the 3-mile (95.4%) and Miami Metro (96.6%) averages
- $3.7+ million in capital improvements invested since 2020, including community ($2.5 M) and interior ($1.2 M) upgrades
- Dense trade area: 4.8 M SF office, 8.6 M SF retail, 17.0 M SF industrial & flex within 3 miles
- Major immediate trade area highlights include Hard Rock Stadium (65,000 seats), Aventura Mall (2.8 M SF), and Gulfstream Park (200+ acres for retail & entertainment)
- Over 1 million jobs within a 30-minute drive including Miami & Fort Lauderdale CBDs, two international airports and two cruise & cargo ports
- Unique value-add multifamily community featuring 314 units on a vast ± 13.8-acre site in a high barrier-to-entry location in the Miami Metro
- Ideal unit mix: 76% two-and three bedroom floor plans
- Average in-place rent ($1,783) is at a 13.0% discount ($2,050) to comparable properties and 31.1% discount ($2,586) to the Miami Metro
- The Property’s average 5-year occupancy (98.6%) is above the 3-mile (95.4%) and Miami Metro (96.6%) averages
- $3.7+ million in capital improvements invested since 2020, including community ($2.5 M) and interior ($1.2 M) upgrades
- Dense trade area: 4.8 M SF office, 8.6 M SF retail, 17.0 M SF industrial & flex within 3 miles
- Major immediate trade area highlights include Hard Rock Stadium (65,000 seats), Aventura Mall (2.8 M SF), and Gulfstream Park (200+ acres for retail & entertainment)
- Over 1 million jobs within a 30-minute drive including Miami & Fort Lauderdale CBDs, two international airports and two cruise & cargo ports
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 13.79 AC |
| No. Units | 314 | Building Size | 272,110 SF |
| Property Type | Multifamily | Average Occupancy | 99% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Garden | Year Built/Renovated | 1986/2013 |
| Building Class | C | Parking Ratio | 2.03/1,000 SF |
| Zoning | RU-4L, County - Multifamily | ||
| Sale Type | Investment |
| No. Units | 314 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 13.79 AC |
| Building Size | 272,110 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built/Renovated | 1986/2013 |
| Parking Ratio | 2.03/1,000 SF |
| Zoning | RU-4L, County - Multifamily |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Storage Space
- Heating
- Tile Floors
- Kitchen
- High Speed Internet Access
- Oven
- Tub/Shower
- Dining Room
- Patio
SITE AMENITIES
- 24 Hour Access
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Gated
- Cabana
- Grill
- Pet Play Area
- Walking/Biking Trails
- Wi-Fi
- Storage Space
- Maintenance on site
- Online Services
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 76 | - | 675 |
| 2+1 | 160 | - | 895 |
| 3+2 | 78 | - | 995 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $31,478,150 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$31,478,150
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Legacy Vista Palms | 361 NE 191st St
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