Aqua Marina Apartments | 7315-7325 Carlyle Ave
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Aqua Marina Apartments 7315-7325 Carlyle Ave
21 Unit Apartment Building $5,670,000 ($270,000/Unit) 5.30% Cap Rate Miami Beach, FL 33141
Investment Highlights
- *21-Units (Operating), 20-Units (Legal) Situated in AAA North Beach Location
- 40/50-Year Recertification was Recently Completed in 2021
- 15/21 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 5/2026
- 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 21 operating units (however, was built as 20 legal/conforming units). The Aqua Marina Apartments were built in 1955 and consists of 14,399 square-feet and is situated on a 15,000 squarefoot lot (according to the Miami Dade Property Appraiser). The property is comprised of (2) studio apartments with an average in-place rent of $1,750, (1) one-bedroom | one-bath apartment with an average in-place rent of $1,995, (2) one -bedroom | two-bathroom apartments with an in-place rent of $1,813, and (16) two-bedroom | onebathroom apartments with an in-place rent of $2,253. The Aqua Marina Apartments have undergone significant renovations in 15 of the 21 apartments, with a total project cost of ~$350,000. The upgrades include luxury vinyl flooring throughout, quartz countertops, and high gloss finished cabinets. The bathrooms have also been renovated with modern vanities, large mirrors, and upgraded showers. Units 2, 4, 6, 18, and 20 were upgraded more thoroughly and feature dishwashers, in-unit washer and dryers, and come fully furnished. The buildings were re-roofed in August 2016 and are under a 10-year transferable warranty. The 40/50-year recertification was completed in July 2021. Amenities at Aqua Marina Apartments include a garden-style courtyard, green space for pets, and an on-site laundry facility.
Property Facts
| Price | $5,670,000 | Apartment Style | Garden |
| Price Per Unit | $270,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.30% | Building Size | 14,399 SF |
| Gross Rent Multiplier | 10.53 | Average Occupancy | 100% |
| No. Units | 21 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1955 |
| Property Subtype | Apartment | Parking Ratio | 0.67/1,000 SF |
| Price | $5,670,000 |
| Price Per Unit | $270,000 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| Gross Rent Multiplier | 10.53 |
| No. Units | 21 |
| 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 | 1955 |
| Parking Ratio | 0.67/1,000 SF |
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 | 1 | $2,150 | 725 |
| 1+2 | 2 | $1,800 | 575 |
| 2+1 | 16 | $2,225 | 717 |
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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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