Arch Creek Apartments
Closed1260 NE 139th St, North Miami, FL 33161
Property type
Multifamily
Unit / Space count
24
Price
$4,000,000
Building size
14,421 sf
Rentable area
14,421 SF
Year built
1957
Year renovated
Occupancy
Zoning code
Lot size
0.68 Acres
Sold/status
Sold · Date unknown
Sale price
$4000000
Unit mix
3x
2br
Bedroom count
CAP
5.53%
Property description
Arch Creek Apartments is a 24-unit multifamily community located in North Miami, Florida, which is in North-Eastern Miami-Dade County. The property was built in 1957 using concrete block construction, has a flat roof, and sits on approximately 0.68-acres of land. The property is located on the east side of W Dixie Highway in between NE 138th St and NE 140th St and is just blocks from Biscayne Blvd. The surrounding area boasts multi-family buildings of similar age and construction. The asset is conveniently located just west of Biscayne Blvd, North of NE 135th St, and east of W Dixie Hwy with direct access. Additionally, Arch Creek Apartments is a short bike ride to the coveted Oleta River State Park, with an abundance of outdoor activities for visitors to enjoy. Due to the location, a new tenant has the ability to be within walking distance from major retailers, grocery stores, and local restaurants along W Dixie Highway. This investment opportunity consists of 3 buildings close to complete renovation comprised of a highly attractive unit mix of (21) one-bedroom & one-bathroom and (3) two-bedroom & two-bathroom apartments totaling approximately 14,421 RSF. On-site amenities include a common area courtyard with lush landscaping. Interior upgrades include new kitchen cabinets & countertops, stainless steel appliances, flooring, and modernized bathrooms. Furthermore, all units come with replaced HVAC & water heaters. Arch Creek Apartments offers an investor the opportunity to purchase a well located, impeccably maintained, 100% occupied value add asset. The in-place leases currently produce an annual gross potential income of $390,564 with the potential to increase by $20,000+ with a modest value add program.
Property highlights
- Sold All Cash for $4,000,000, Which Represents a 5.5% Cap Rate
- Multiple Offers Were Generated Leading to A Competitive Bidding Process
- The sale Price Represents A $166,666 Price Per Unit and a $277.37 Price Per SF
- Franklin Street Exclusively Represented the Seller
- Located In North Miami, One of the Top Multifamily Submarkets of South Florida