Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale Prestige Vista Apartments, a 59-unit apartment community located in the highly sought after North Miami rental market of South Florida.
Prestige Vista consists of one four-story, elevator served building constructed in 1971 of concrete block that sits on a 1.26-acre site. The building is comprised of 37 one-bedroom apartments at 650 square feet and 22 two-bedroom apartments at 850 square feet. There is a central elevator, onsite laundry facilities and ample parking, some of which is covered. Apartments have either a private balcony or patio, central heating and air-conditioning and individual hot-water heaters. Residents are required to pay for electricity and telephone, while cable, internet, water, sewer and trash removal are included in the monthly rent.
The current ownership has invested significant capital into the property, transforming it into one of the most desirable rental communities in the submarket. Exterior renovations include but are not limited to the installation of hurricane impact windows and sliding glass doors, new aluminum railings, exterior waterproofing and paint, new parking lot overlay, landscaping enhancement, exterior lighting, and a new remote-access security camera system. All apartments were upgraded with new solid wood cabinets in the kitchens and bathrooms, granite countertops, stainless steel appliances, tile bath surrounds, new interior doors, ceramic tile floors and upgraded lighting. All of these enhancements have afforded the owner the ability to obtain some of the highest rents in the submarket.
Prestige Vista Apartments is located in the City of North Miami, just two blocks northwest of the intersection of NE 135th Street and NE 6th Avenue and two of the most heavily traveled roads in the city with an average daily car count of over 60,000 vehicles. The immediate area surrounding the property is comprised of predominantly single family residential neighborhood and smaller apartment buildings. Within close proximity are three universities: Johnson & Wales University, Florida International University Biscayne Bay Campus and Barry University, as well as local public schools Arch Creek Elementary, Thomas Jefferson Middle and North Miami Senior High School. Publix Supermarket is less than one mile to the south, as well as Downtown North Miami and the Museum of Contemporary Art. Additionally, the property is less than three miles southwest of the SoLe Mia Development which is a $4 billion master planned development spread over 184 acres. The development broke ground in June 2015 and when fully developed will consist of approximately 4,390 residential units, one million square feet of commercial space, and over 35 acres of parks and recreational space. Due to the lack of available vacant land, The City of North Miami has seen little to no new construction over the past 10 years, which has made it one of the strongest rental submarkets in Miami-Dade County.
