13201 Memorial HwyMiami, FL 33161

This exceptional 28-unit apartment building, known as Dorian Apartments, presents a compelling investment opportunity in North Miami, Florida. Located at 13201 Memorial Hwy, 33161, this stabilized multifamily property boasts a total of 15,578 square feet situated on a 0.67-acre lot. The property features a mix of 24 one-bedroom units and 4 studio units, currently achieving 100% occupancy as of August 1, 2024. The average rent is $1,500 per unit, generating a substantial Net Operating Income (NOI) of $286,407, with a pro-forma NOI projected at $309,248. Built in 1968 and renovated in 2020, the two-story Class B building includes significant upgrades such as impact windows and doors, a new shingle roof (installed in 2018), a gated entrance, and a remote surveillance camera system. The 40-year certification was passed in December 2018, with the next certification due in December 2028. Many units feature granite kitchens and tile floors, and all units are equipped with split air conditioning units and smoke detectors. Ample parking is available both in front and behind the building, complemented by a beautiful garden area. The asking price is $5,560,000, representing a price per square foot of $356.91 and a price per unit of $198,571.43. The current cap rate stands at 5.15%, with a pro-forma cap rate of 5.56%. This property offers a strong return on investment in a prime location.