Buena Vista Apartments 5601 NW 1st Ave 91 Unit Apartment Building $20,000,000 ($219,780/Unit) 5.61% Cap Rate Miami, FL 33127

Buena Vista Gardens is located in the City of Miami just north of the Design District and southof Little River in the Buena Vista neighborhood which is west of Biscayne Blvd (US-1) and east of Interstate 95. The community is made up of 11 One, Two and three story buildings situated on over 2.44 acres of land which is zoned T4-R. The ages of the buildings range from 1947 to 1969 and there is an attractive mix of studios, one-bedroom, two-bedroom and three-bedroom apartments. Almost all the units have central air-conditioning & heat and the units have individual water heaters. Water, sewer and trash removal is included in the rent and there is on-site laundry and parking for the residents.
The buildings have impact windows and doors, new railings and lush mature landscaping. The majority of the units have been updated with new kitchen cabinets, stone countertops, stainless steel appliances, new flooring, updated bathrooms, light fixtures and interior doors. The buildings have recently been painted and the 40/10 Year recertification's were completed in 2024. Several of the roofs were replaced in the last year and in addition there are several roofs that are made of concrete. The majority of the property’s parking is gated and most of the property is secured with a perimeter fence.
The Buena Vista area is experiencing a regentrification and is in the middle of several established and up in coming development districts. There are many smaller and mid-sized projects that have been completed as well as new redevelopment projects that are currently being built. The Design District and Wynwood are less than a mile south of Buena Vista Gardens and the Magic City Innovation District is about half a mile northeast of the subject. In addition the recently announced $3 billion, 63-acre affordable redevelopment of county land by Swerdlow and partners will run along 54th Street which is two blocks south of the subject.
Buena Vista Gardens is an excellent opportunity for an investor to acquire a substantial community, with the ability to add value while being located in a rapidly improving area.