Fausto Commercial is pleased to present this Little River 8 unit multi family apartments.The 8 unit apartments consist of two separate and two story buildings right next to each other with each having one bedroom, one bath and kitchen. Located at 7513 and 7521 N Miami Ave, Miami, Fl 33150 totaling 2,888 rentable square feet each apartment building. Property is a 1960’s vintage with some units having been remodeled recently. It is situated on a 4,123 Sq Feet of T5-R land each building. Both properties are being offered for sale at $1,650,000 representing a 5.06 cap rate based on current in-place income. After some renovation and increasing rents to the market average, the year one cap is expected to increase to 5.51%. Short Term or AirBnB Proforma can represent a 7.72% Cap Rate.
These Little River Apartments are located three miles away from the Beach near 79th Street and Biscayne Blvd, two major thoroughfares in Upper East Side. The property is surrounded by new developments along the corridor including a wide variety of retail and restaurant options. Additionally, this area of Miami has seen increasing rents and demand. It is centrally located minutes away from the revitalized Wynwood and Downtown Miami, as well as the North And Mid Beach area, South Beach, Lincoln Road, and Sunny Isles. The Upper East Side neighborhood has been through a major renaissance in recent years with shops, restaurants, galleries, boutiques cafes and other delightful amenities opening up in the MiMo District, Ironside District, and 79th and Biscayne corridors. Other notable upcoming developments in close proximity to the properties are the Tri-Rail and the Magic City development expected to bring over 11,000 jobs to the area.