Aqua Marina Apartments | 7315-7325 Carlyle Ave
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Aqua Marina Apartments 7315-7325 Carlyle Ave
20 Unit Apartment Building $5,395,000 ($269,750/Unit) 5.86% Cap Rate Miami Beach, FL 33141
INVESTMENT HIGHLIGHTS
- 20-Units (Legal) Situated in AAA North Beach Location
- 40/50-Year Recertification was Recently Completed in 2021
- 15/20 Apartments Significantly Renovated: Luxury Vinyl Floors, Quartz Countertops, High Gloss Cabinets, Modern Vanities, Large Mirrors & New Showers
- Fannie Mae Loan Assumption: $4,125,000 (75.5% LTV), 6.22% Interest-Only to 4/2026
- All Apartments Have Hurricane Impact Windows and Doors, Roofs Done in 2016
- Additionally Apartments 2, 4, 6, 18 and 20 Include Washers and Dryers Inside
EXECUTIVE SUMMARY
The Aqua Marina Apartments are comprised of two, two-story apartment buildings totaling 20 units. The Aqua Marina Apartments were built in 1955, consist of 14,399 square-feet and are situated on a 15,000 square-foot lot (according to the Miami Dade Property Appraiser). The property is comprised of (4) one-bedroom | one-bath loft apartments with an average in-place rent of $1,981 and (16) one-bedroom | one-bathroom apartments with dens with an average in-place rent of $2,225. 15 apartments have been renovated and current ownership invested approximately $350,000 in total improvements. These upgrades include luxury vinyl flooring, quartz countertops, high gloss finished cabinets, new bathrooms with modern vanities, large mirrors, and upgraded showers. Five apartments (#2, 4, 6, 18, and 20) were upgraded more thoroughly and feature dishwashers and in-unit washer and dryers. The buildings were re-roofed in August 2016 and are under a 10-year transferable warranty. Additionally, the 40/50-year recertifications were completed in July 2021.
PROPERTY FACTS
| Price | $5,395,000 | Apartment Style | Garden |
| Price Per Unit | $269,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.86% | Building Size | 14,399 SF |
| Gross Rent Multiplier | 10.33 | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2023 |
| Property Subtype | Apartment |
| Price | $5,395,000 |
| Price Per Unit | $269,750 |
| Sale Type | Investment |
| Cap Rate | 5.86% |
| Gross Rent Multiplier | 10.33 |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 14,399 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1955/2023 |
UNIT AMENITIES
- Cable Ready
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Walk-In Closets
- Dining Room
SITE AMENITIES
- Courtyard
- Laundry Facilities
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 18 | $1,975 | 602 - 753 |
| 1+2 | 2 | $1,825 | 567 |
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Walk Score®
Walker's Paradise (95)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 02-3202-003-0860 | Improvements Assessment | $1,549,106 |
| Land Assessment | $1,800,000 | Total Assessment | $3,349,106 |
PROPERTY TAXES
Parcel Number
02-3202-003-0860
Land Assessment
$1,800,000
Improvements Assessment
$1,549,106
Total Assessment
$3,349,106
ZONING
| Zoning Code | RM-1, Miami Beach (Residential Multi-Family) |
| RM-1, Miami Beach (Residential Multi-Family) |
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Aqua Marina Apartments | 7315-7325 Carlyle Ave
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