Fausto Commercial is pleased to present the Little River Apartments at 7800 NE 10th Court in Miami Florida. This is a 5-unit apartment building located in the Upper East Side neighborhood of Miami. The property consists of 4 one-bedroom/one-bathroom units and 1 Studio totaling 2,807 rentable square feet. This property is a 1950’s vintage. It’s situated on a 8,516 Sq Feet of T5-R land. The property is being offered for sale at $790,000 representing a 4.67% cap rate based on current in-place income. After increasing rents to market average, the year one cap is expected to increase to 6.52%.
The Little River Apartments is 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 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 property are the Tri-Rail and the Magic City development expected to bring over 11,000 jobs to the area.