1951 167Th StNorth Miami Beach, FL 33162

Property Details for 1951 167Th St

Year built

1960

Lot size

0.44 AC

Property size (Sq ft)

12,536 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 20-unit apartment building in North Miami Beach, Florida. The property, encompassing 12,536 square feet on a 0.44-acre lot, consists of three two-story buildings constructed in 1960. The building features a mix of 14 one-bedroom and 6 two-bedroom apartments, many with updated kitchens and bathrooms. Amenities include a central courtyard with a gated swimming pool, and while washer/dryer hookups exist, they are currently unused. The property boasts 9 on-site parking spaces, supplemented by ample street parking. Current occupancy stands at 95%, generating a Net Operating Income (NOI) of $249,673, with a projected NOI of $305,161. The asking price is $4,400,000, representing $220,000 per unit and a current cap rate of 5.67%, projected to increase to 6.94%. The property's prime location offers easy access to major roadways (I-95, SR 826, Florida's Turnpike), shopping centers (Walmart, Home Depot, Publix), and numerous parks and recreational facilities, including Victoria Park and its aquatic center. The property is situated in a quiet residential neighborhood, close to City Hall and other municipal services. The concrete block construction with central air conditioning ensures durability and efficiency. This value-add opportunity presents significant potential for increased returns through further renovations and optimized management strategies. The property's strong location and unit mix make it an attractive investment for discerning buyers.

Location Insight

City

North Miami Beach

County

Miami-Dade

State

Florida

Latitude

25.9297

Longitude

-80.161

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].