Northview Terrace Apartments
Closed13605 NE 3rd Ct, North Miami, FL 33161
Property type
Multifamily
Unit / Space count
57
Price
$11,500,000
Building size
41,100 sf
Rentable area
41,100 SF
Year built
1972
Year renovated
Occupancy
Zoning code
Lot size
0.99 Acres
Sold/status
Sold · Date unknown
Sale price
$11500000
Bedroom count
Property description
Northview Terrace Apartments is a true turnkey 57-unit multifamily community located in North Miami, Florida, which is in North-Eastern Miami-Dade County. The property was built in 1972 of concrete block construction, has a flat roof, and sits on approximately 0.98 acres of land. The property is located on the east side of NE 3rd Ct and is just a couple blocks away from major retailers off of NE 135th St. The surrounding area boasts multi-family buildings of similar age and construction. Due to the premium location, there are many luxurious homes within the neighborhood. The asset is conveniently located west of Dixie Hwy, north of NE 135th St, and directly east of Memorial Hwy. Within minutes of driving, you can access the world-famous North Miami Beach's and Oak Grove Park. The investment opportunity consists of a highly attractive unit mix of (51) one- bedroom & one-bathroom, & (6) two-bedroom & one-bathroom totaling approximately 41,100 RSF. The property boasts amenities such as covered parking, lush landscaping, security gate with phone access, elevator, and laundry hook ups on site. Major recent upgrades to the exterior of the property include hurricane-impact windows, HVAC, new electrical throughout & panels, PVC plumbing, 2022 new roof with 10 year warranty, irrigation system, perimeter privacy landscaping, and security gate with phone access. All 57 units have undergone a complete renovation that consists of new flooring throughout the entire unit, stainless steel appliances, kitchen cabinets & countertops, and fully modernized bathrooms with backsplashes. Northview Terrace Apartments offers an investor the opportunity to purchase an unbelievably located, true turn-key asset in the heart of one of the hottest markets in South Florida! A new investor has the opportunity to purchase Northview Terrace Apartments a 100% occupied turn-key asset with in-place leases currently producing an annual gross potential income of $902,531.16 with the potential to increase to $1,004,832.00 by achieving what's already being leased in the current rent roll. The investment opportunity offers amazing cash flow day one with the ability to hold a premium asset that cannot be beaten!
Property highlights
- Sold for asking price of $11,500,000 in a cash transaction.
- Asset closed at $201,754 a unit and $279.81 per SF.
- Franklin Street Exclusively Represented both Buyer and Seller.
- Collaboration - Franklin Street Insurance Secured Insurance Policy for the Buyers.
- 100% Occupied True Turn-Key Asset Running As A Traditional Rental