820/830/840/844 NW 70th Street
Miami, FL 33150
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1031 Exchange Buyer
Tremendous Rental Upside
The investment property is located at NW 70th Street located in Miami, Florida
within the Liberty City Submarket. The property is comprised of 36 rental apartments in four, two-story building. The buildings have gone through various levels of renovations over the last couple of years.
The buildings are situated within the Liberty City submarket which is in the northwest section of the City of Miami, just west of Interstate 95, spanning from NW 56th Street to NW 79th Street. More specifically the property is located on NW 70th Street between NW 10th Avenue and NW 8th Avenue. The buildings are walking distance to public transportation, schools and public parks. In addition, the property is close to NW 7th Avenue which is a major commercial corridor in the area and provides most of the commercial and employment for the submarket. There is also convenient access to Interstate 95 which makes traveling throughout South Florida very easy for residents.
820 NW 70th Street offers a unique value add opportunity through continuing renovations of the units, fully stabilizing the building and bringing the rents up to market levels. 820 NW 70th Street is offered for sale at $1,450,000 which equates to $40,278 per unit, $83.14 per square foot and an 8.26% cap rate at the asking price. Currently there is existing debt that may be assumed by a qualified buyer. The debt is at 4% fixed interest, amortized over 25 years and due in approximately five years. The loan is non-recourse except for the top 25%.
Value-Added Opportunity with Rental Upside
Significant Renovations Throughout the Portfolio
Offered Well Below Replacement Cost
Densely Populated Area
Residents Pay Water in Select Units