1 - 820-844 NW 70th Street
1 - 820-844 NW 70th Street

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2 - 820-844 NW 70th Street
2 - 820-844 NW 70th Street

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5 - 820-844 NW 70th Street

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1 - 820-844 NW 70th Street
1 - 820-844 NW 70th Street

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820/830/840/844 NW 70th Street

Miami, FL 33150

SOLD
Property Summary

Price:

Cap Rate:

GRM:

Gross Sq Ft:

Lot Size:

Approx Year Built:

Units:

Price Per Unit:

Price Per Sq Ft:

$1,355,000

8.84%

5.45

17,440

28,749

1954

36

$37,639

$78

Deal Highlights
  • 1031 Exchange Buyer

  • Tremendous Rental Upside

  • Multiple Offers

Asset Highlights
Property Description

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

  • Off-Street Parking

  • Densely Populated Area

  • Residents Pay Water in Select Units