14280 6Th Ave, North Miami, FL 33161
19 Unit Apartment Building | $3,995,000 ($210,263/Unit) | 7.02% Cap Rate | North Miami, FL 33161
For Sale
Active
26 pictures
Asking Price $3,995,000
- Property Type
-
Multifamily
- Square Feet
- 10,811 SF
Listing Contacts
Elior Levi
Ryan Carney
Carlos Fausto Miranda
- Property Info
Property Overview
Welcome to Royal Oak Apartments, a turnkey 19-unit multifamily gem in North Miami. This fully renovated property includes 16 one-bed/one-bath units and 3 spacious studios, all featuring mini split ACs, new flooring, modern kitchens, impact windows/doors, stylish bathrooms, recessed lighting, and private balconies in most units. The property offers onsite parking, individual electric meters, an onsite laundry facility, secured entrances, and surveillance. The 40-year certification is completed, and the roof has been resealed, ensuring minimal CapEx. Fully occupied, it generates nearly $380,000 annually, providing a 7% Cap rate return with potential for increased returns by adjusting rents to market rates. Situated on a 0.40-acre lot, it allows for up to 40 units to be built if redeveloped.
Property Details
- Class
- C
- Year Built
- 1959
- Stories
- 2
- Lot Size (sq. ft)
- 17,424 SF
- Units
- 19
Highlights
- Unit Mix: 16 Units are 1 Bed/1 Bath and 3 Units are Studios
- Fully Renovated: Newly Sealed Roof, Mini Split AC's, Impact Windows/Doors, New Flooring/Kitchen/Bathrooms, Parking Lot, Balconies & Laundry Room
- Going in 7 Cap! Turnkey Investment Currently Grossing $380k Annually ($420k Proforma)Investment Currently Netting $280k Annually!
- Large Lot with Plenty of Parking Spaces
- Zoning allows redevelopment of 40 units on this large 0.40 acre lot!
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