Value-Add 12-Unit Multifamily Asset 648 NE 80th St 12 Unit Apartment Building $2,545,000 ($212,083/Unit) Miami, FL 33138

THE ALPHA COMMERCIAL ADVISORS® PROUDLY PRESENTS AN ATTRACTIVE 12-UNIT MULTI-FAMILY ASSET IN PREMIUM LITTLE RIVER LOCATION BUILT FOR PERFORMANCE.
Offering a well-balanced mix of unit layouts and reliable in-place income, the property delivers dependable performance with additional upside through continued
value-add execution. Benefitting from years of thoughtful maintenance, the secure, gated premises displays meaningful capital improvements including impact
windows and doors, newer mini-split air conditioning systems, incrementally updated interiors, private on-site parking, and a polished overall curb appeal — reducing
near-term capital expenditure needs and strengthening both short and long-term tenant appeal.
The property is ideally located – sharing a block with the Biscayne Boulevard and NE 79th Street intersection with unmatched connectivity to retail, dining, public
transportation and neighborhood amenities while maintaining the residential feel of Eastern-abutting Shorecrest. With continued development momentum throughout
Little River, this is a fleeting opportunity to acquire a core-plus asset with long-term stability and measurable upside in a market that rarely turns over similar assets.
NOTE: The property is currently under-leased due to phasing out of current absentee ownership at approximately 75% occupancy. There is immediate upside available to buyer by simply renting out the remaining units, without raising rents (approximately to a 6.5% CAP). There is even further upside by raising rents and making minor modifications to units (closer to a 7% CAP). Then there is long-term re-development upside, supporting 3 more units by-right and up to 5 stories of height -- to create a project with larger units and maxed out density is the play here for the future.