Real Estate Investment Services · The River Lofts East offering is a 20-unit, 3-building garden...
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EXCLUSIVE OFFERING THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240720) River Lofts East | 522 NE 78th Street | Miami, Florida | 20 Units OFFERING SUMMARY SITE DESCRIPTION Assessor’s Parcel Number 01-3207-040-0211 Price $3,440,000 Price per Unit $172,000 Price per Gross Square Foot $365.61 Stabilized Cap Rate 5.00% Number of Units 20 Number of Buildings 3 Number of Stories 2 Year Built 1936 Gross Square Foot 9,409 Lot Size 0.64 Acres PROPERTY SUMMARY The River Lofts East offering is a 20-unit, 3-building garden style community located in the Upper Eastside neighborhood of Miami. The property is ideally situated one block south of NE 79th Street and one block west of Biscayne Boulevard (US-1) on a secluded, waterfront street with major development all around it. The property has secured parking which is surrounded by three 2-story buildings. The River Lofts East was built in 1936 and is situated on a .64-acre waterfront lot. The building is made up of three studio units with approximately 360 SF and 17 one-bedroom/one-bathroom units with 490 SF. The units have all electric appliances and renovated kitchens. The property has a gated entrance to the parking lot. Two of the three buildings have updated electric and new impact resistant windows. The east building is currently vacant because of a fire and is in the process of being renovated and will be delivered completed. The property also offers residents a secluded backyard and tranquil setting on the Little River. There are many new developments and regentrification in the Upper Eastside and Little River neighborhoods. Most notably across the street from the subject is the Triton Center – Immigration Building 1962 which is located on the corner of Northeast 79th Street and Biscayne Boulevard. It will be a Hilton Garden Hotel, 325 residential units as well as 25,000 SF of commercial space. In addition to this project there have been numerous renovations and regentrification of motels and commercial space along Biscayne Boulevard and Northeast 79th Street. The immediate area could become a private enclave bypassing the intersection of Northeast 79th Street and Biscayne Boulevard. Biscayne Boulevard and Northeast 79th Street are the major crossroads of the north part of the City of Miami. Northeast 79th Street links Miami Beach’s North Beach and Normandy Isle neighborhoods along with North Bay Village to the mainland and Interstate 95. Biscayne Boulevard is the major commercial corridor that runs along the eastern portion of Dade County linking Aventura to the Upper Eastside, to Downtown Miami, Brickell and Coral Gables.
Transcript of Real Estate Investment Services · The River Lofts East offering is a 20-unit, 3-building garden...
Real Estate Investment Services
EXCLUSIVE OFFERING
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240720)
River Lofts East | 522 NE 78th Street | Miami, Florida | 20 Units
OFFERING SUMMARY
SITE DESCRIPTION
Assessor’s Parcel Number 01-3207-040-0211
Price $3,440,000
Price per Unit $172,000
Price per Gross Square Foot $365.61
Stabilized Cap Rate 5.00%
Number of Units 20
Number of Buildings 3
Number of Stories 2
Year Built 1936
Gross Square Foot 9,409
Lot Size 0.64 Acres
PROPERTY SUMMARYThe River Lofts East offering is a 20-unit, 3-building garden style community located in the Upper Eastside neighborhood of Miami. The property is ideally situated one block south of NE 79th Street and one block west of Biscayne Boulevard (US-1) on a secluded, waterfront street with major development all around it. The property has secured parking which is surrounded by three 2-story buildings.
The River Lofts East was built in 1936 and is situated on a .64-acre waterfront lot. The building is made up of three studio units with approximately 360 SF and 17 one-bedroom/one-bathroom units with 490 SF. The units have all electric appliances and renovated kitchens. The property has a gated entrance to the parking lot. Two of the three buildings have updated electric and new impact resistant windows. The east building is currently vacant because of a fire and is in the process of being renovated and will be delivered completed. The property also offers residents a secluded backyard and tranquil setting on the Little River.
There are many new developments and regentrification in the Upper Eastside and Little River neighborhoods. Most notably across the street from the subject is the Triton Center – Immigration
Building 1962 which is located on the corner of Northeast 79th Street and Biscayne Boulevard. It will be a Hilton Garden Hotel, 325 residential units as well as 25,000 SF of commercial space. In addition to this project there have been numerous renovations and regentrification of motels and commercial space along Biscayne Boulevard and Northeast 79th Street. The immediate area could become a private enclave bypassing the intersection of Northeast 79th Street and Biscayne Boulevard.
Biscayne Boulevard and Northeast 79th Street are the major crossroads of the north part of the City of Miami. Northeast 79th Street links Miami Beach’s North Beach and Normandy Isle neighborhoods along with North Bay Village to the mainland and Interstate 95. Biscayne Boulevard is the major commercial corridor that runs along the eastern portion of Dade County linking Aventura to the Upper Eastside, to Downtown Miami, Brickell and Coral Gables.
Real Estate Investment Services
EXCLUSIVE OFFERING
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. (Activity ID: Z0240720)
INVESTMENT HIGHLIGHTS
• Highly Sought-After Area in Miami’s Upper Eastside
• Major Development in the Immediate Area
• Shopping, Restaurants and Public Transportation in Immediate Area
• Waterfront Property
• Can Be Purchased with Adjacent Property for a One-Acre Waterfront Site
• Secured Gated Parking with Upside in Rental Income
RYAN NEE Broker of Record
[email protected]: FL BK 315466
River Lofts East | 522 NE 78th Street | Miami, Florida | 20 Units
