Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale, a great opportunity to acquire Indian Creek Apartments (“The Property”), a 16-unit multifamily building located at 6901 Indian Creek Drive in the highly sought after City of Miami Beach. The property’s unit mix is comprised of eight studios and eight one-bedroom/one-bathroom apartment units. The building has been partially renovated and almost all the units have been updated with new kitchen cabinets, new flooring, new bathrooms and new air-conditioning units. The property was constructed in 1951 and it sits on a 0.19 acre lot.
Indian Creek apartments is located within the new “Town Center District” in Miami Beach which is a 10-block region bordered by Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue and 69th Street1. This region allows owners and developers to increase, by almost double, the density that is currently stated in the zoning code. This is an effort from the City of Miami Beach and its residents to generate future economic development and revitalization of the North Beach area. There are several proposed projects in the pipeline in the North Miami Beach area including Terra Groups Eighty-Seven Park as well as Ocean Terrace property which is in the planning stages2.
This is an excellent opportunity for an investor to acquire a well-stabilized property in one of the most stable rental markets in Miami-Dade County with an upside potential from future developments in the immediate area.
Source:
1 https://therealdeal.com/miami/2018/11/15/miami-beach-finally-oks-voter-mandated-upzoning-for-north-beach/ 2 https://therealdeal.com/miami/issues_articles/north-beach-at-full-volume/
