14555-14699 6Th Ave, North Miami, FL 33161

Silver King Apartments is an 83-unit, two-story apartment community located on NE 6th Avenue in the city of North Miami, Florida. The property is situated on a 1.99-acre lot on the corner of NE 6th Avenue and NE 145th Street. The unit mix is comprised of 73 one-bedroom units at approximately 630 square feet, 9 two-bedroom and one-bathroom units at approximately 750 square feet, and 1 two-bedroom and two-bathroom unit at approximately 800 square feet. Water, sewer and trash removal are included in the rental income.
The property is being offered for sale with an assumable Fannie Mae loan with a current outstanding balance of $7,345,000. The loan has a fixed interest rate of 3.05 percent and has interest only monthly payments for the entire loan period, which matures in December 2030. The loan is serviced by Greystone Servicing Company and an investor has the ability to increase the debt amount by obtaining a supplemental loan.
The property has been updated over the years with hurricane impact windows and doors, new roofs, new electric rooms and electric panels in the apartments, landscaping, apartment interior upgrades, exterior painting, seal coating of the parking lots, as well as a number of other upgrades. The property has been very well maintained by the current ownership and an investor has the opportunity to continue to raise the rental rates to market levels to further improve the cashflow at the property.
Silver King Apartments is located in North Miami on NE 6th Avenue. The area is a very strong rental market and known for its work force housing. Most of the apartment buildings along NE 6th Avenue have been updated over the last several years which has improved the tenant base in the immediate area. The neighborhood is very well located, east of Interstate 95 and between NE 125th and NE 167th Streets. This location makes moving around North Dade County and South Broward very convenient. There are also several college campuses in the area with Florida International University’s Biscayne Campus to the east and Barry University to the South. There are also several medical centers in the area such as Jackson North Medical Center, a 382-bed hospital and HCA Florida Aventura Hospital, a 467-bed acute care facility. There are also many employment centers in the area which makes this area prime workforce housing for North Miami-Dade County.
The SK Apartments are listed for $16,950,000 which equates to $204,217 per unit and $317 per square foot. With the assumption of the current loan, an investor should be able to obtain a cash on cash return above 7 percent, with the potential to increase it to almost 9 percent. An investor could further increase their cash on cash return by obtaining a supplemental loan through the current lender.