Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale Prestige Stone Apartments, a 26-unit apartment community located in the highly sought after North Miami rental market of South Florida.
Prestige Stone consists of one two-story building constructed in 1962 of concrete block that sits on a .64-acre site. The building is comprised of 15 one-bedroom units between 720 and 1,050 square feet, four two-bedroom and one-bathroom units at 1,000 square feet and seven two-bedroom and two-bathroom units at 1,100 square feet. There is an onsite laundry facility and ample off-street parking. Apartments have central heating and air-conditioning, individual hot-water heaters and select units have private balconies. Residents are required to pay for electricity and telephone, while water, sewer and trash removal are included in the monthly rent.
The current ownership has invested significant capital into the property, transforming it into one of the most desirable rental communities in the submarket. Exterior renovations include but are not limited to the installation of hurricane impact windows, new aluminum railings, exterior waterproofing and paint, seal coated parking lot, landscaping enhancement, redesigned courtyard area and exterior lighting. All apartments were upgraded with new solid wood cabinets in the kitchens and bathrooms, granite countertops, stainless steel appliances, tile bath surrounds, new interior doors, ceramic tile floors and upgraded lighting. All of these enhancements along with the exceptionally large floorplans have afforded the owner the ability to obtain some of the highest rents in the submarket.
Prestige Stone Apartments is located in the City of North Miami, just two blocks north of the intersection of NE 135th Street and NE 6th Avenue and two of the most heavily traveled roads in the city with an average daily car count of over 60,000 vehicles. The immediate area surrounding the property is comprised of predominantly single family residential neighborhood and smaller apartment buildings. Within close proximity are three universities: Johnson & Wales University, Florida International University – Biscayne Bay Campus and Barry University, as well as the area public schools Arch Creek Elementary, Thomas Jefferson Middle and North Miami Senior High School. Publix Supermarket is less than one mile to the south, as well as Downtown North Miami and the Museum of Contemporary Art. Additionally, the property is less than three miles southwest of the SoLe Mia Development which is a $4 billion master planned development spread over 184 acres. The development broke ground in June 2015 and when fully developed will consist of approximately 4,390 residential units, one million square feet of commercial space, and over 35 acres of parks and recreational space. Due to the lack of available vacant land, The City of North Miami has seen little to no new construction over the past 10 years, which has made it one of the strongest rental submarkets in Miami-Dade County.