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Fully-Occupied & Renovated Apartment Building 960 Biarritz Dr 14 Unit Apartment Building $3,190,000 ($227,857/Unit) 6.62% Cap Rate Miami Beach, FL 33141
Investment Highlights
- Fully renovated units
- 6.36% existing cap rate
- Walk to the beach
- Hurricane impact windows & doors
- 14 stabilized units
Executive Summary
STL Commercial has been exclusively retained for disposition of 960 Biarritz Drive, a 14-unit stabilized and fully renovated apartment building in the heart of North Beach. The property is steps from the water and a 5 minute walk to the beach. North Beach is a growing market with a number of attractive retailers, restaurants, and new developments. All 14-units have tile flooring, full kitchens, and impact windows/doors. The property is being offered at a 6.62% existing cap rate and is fully leased with below market rents. The purchaser can likely increase rents. All leases have 60 day termination clauses.
Property Facts
| Price | $3,190,000 | Apartment Style | Low-Rise |
| Price Per Unit | $227,857 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.62% | Building Size | 6,574 SF |
| No. Units | 14 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1977 |
| Zoning | RM-1 | ||
| Price | $3,190,000 |
| Price Per Unit | $227,857 |
| Sale Type | Investment |
| Cap Rate | 6.62% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.17 AC |
| Building Size | 6,574 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1977 |
| Zoning | RM-1 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | - | 470 |
Walk Score®
Walker's Paradise (90)
Property Taxes
| Parcel Number | 02-3210-013-0760 | Improvements Assessment | $1,235,000 |
| Land Assessment | $625,000 | Total Assessment | $1,860,000 |
Property Taxes
Parcel Number
02-3210-013-0760
Land Assessment
$625,000
Improvements Assessment
$1,235,000
Total Assessment
$1,860,000
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Fully-Occupied & Renovated Apartment Building | 960 Biarritz Dr
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