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1400 NW 95th St
Miami, FL 33147

Flamingo Garden · Multifamily Property For Sale · 36 Units

INVESTMENT HIGHLIGHTS

  • 36 Units on a 2.85 Acre Site Located in an Opportunity Zone
  • Value-add opportunity through interior and exterior renovations
  • Over $100,000 of current loss to lease
  • Excellent Miami-Dade County rental location
  • Great mix of over 75% two-bedroom floor plans
  • Offered with 4.52% fixed rate assumable financing

PROPERTY FACTS

No. Units 36
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 2.85 AC
Building Size 27,218 SF
Average Occupancy 100%
No. Stories 1
Year Built 1949

ABOUT 1400 NW 95TH ST , MIAMI, FL 33147

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flamingo Garden Apartments, a 36-unit garden-style apartment community located in Miami, Florida. The property consists of 10 one-story residential buildings spread out over a low density 2.85 acre site and is located in an opportunity zone. Flamingo Garden is in a very good rental location. It is bordered to the north by Northwest 95th Street which is a major east-west thoroughfare that travels through Miami-Dade County and provides quick access to Interstate 95 to the east. The eastern and western borders of the property are quiet residential streets lined with single family homes. North Shore Medical Center is one block to the east and Miami Central Senior High School and William H. Turner Technical Arts High School are two blocks to the west. Miami Dade College is just two miles to the northwest. Each of these provides an abundant employment base. The property offers an excellent mix of eight one-bedroom and 28 two-bedroom apartments. Each apartment has a separate kitchen with all electric appliances, wall unit air-conditioning and a separate hot-water heater. Furthermore, each has an individual front stairway entrance and back door that opens onto a large open courtyard. Residents are responsible for electricity, telephone and cable, while water, sewer and trash are included in rent. Most apartment interiors are original or with minimal upgrades, which makes this offering an excellent value add opportunity. With interior and exterior renovations, the rents could be substantially increased. Additionally, with almost three acres of land, the property could be a future redevelopment opportunity. Flamingo Garden is being offered for sale at $4,875,00 on an all cash basis. There is an existing first mortgage in favor of Freddie Mac in the amount of $2,714,000 that may be assumed. The loan has a fixed rate of 4.52 percent until October 2027 and then adjusts every six months for an additional 10 years. Payments are interest only through September 2020 and then adjust to a 30-year amortization.

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
1+1 8 $950.00 690
2+1 28 $1,063 775

PROPERTY TAXES

ZONING

Zoning Code NCUAD (North Central Urban Area District)
  • Listing ID: 17857780

  • Date on Market: 12/3/2019

  • Last Updated:

  • Address: 1400 NW 95th St, Miami, FL 33147