6805 88Th StPinecrest, FL 33156

Property Details for 6805 88Th St

Year built

1965

Property size (Sq ft)

15,906 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 19-unit apartment building presents a compelling value-add opportunity in the affluent Village of Pinecrest, Florida. Located at 6805 SW 88th St, this gated property boasts 15,906 square feet on a 37,478 square foot lot, with 12,980 square feet of net rentable space. The property features a diverse unit mix of one, two, and three-bedroom apartments, catering to a wide range of residents. Built in 1965, the two-story building currently operates at 80% occupancy, generating a pro-forma NOI of $309,000 and a pro-forma cap rate of 4.48%. The asking price is $6,900,000, translating to $433.80 per square foot and $363,158 per unit. The property includes 29 parking spaces and is zoned RU-5. Its prime location offers convenient access to major shopping centers and public transit, while being surrounded by high-end homes, creating a desirable living environment for residents. The property's existing amenities, combined with the potential for further value-add improvements, make this a strong investment opportunity in a highly sought-after market. The property's central air conditioning and spacious layouts offer comfortable living spaces. The gated community provides security and privacy, while ample green spaces and a pool enhance the resident experience. This is a rare opportunity to acquire a multifamily asset in Pinecrest, a market known for its strong rental demand and high property values.

Location Insight

City

Pinecrest

County

Miami-Dade

State

Florida

Latitude

25.689

Longitude

-80.3049

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