California Club 750 NE 195th St

Property Description
MSP Group LLC is proud to be appointed the exclusive listing broker for California Club Apartments, a 64-unit complex located at 750 NE 195th Street in Miami, Florida. The offering consists of a 2-story building constructed in 1978 that has 54,006 gross and 36,840 net rentable SF, sitting on a 2.85-acre parcel. The unit mix is comprised of (40) spacious studios, (16) 1-bed/1-bath lofts, (6) 1-bed/2-bath, (1) 2-bed/2-bath, as well as (1) 2-bed/2-bath loft. The property was built of concrete block with stucco finish and pitched shingle roofs.
California Club residents enjoy well-lit interior corridors, laundry rooms on each floor, 86 on-site parking spaces and expansive, lushly landscaped grounds. Every unit has either a private balcony or a terrace and select units have lake and/or park views and some have vaulted ceilings. While not a part of the subject property, the 4.3- acre Gordon Park is immediately next door and is open to the public, has a tot-lot and a dog park, providing tenants with a built-in amenity for outdoor enjoyment.

Location Description
California Club residents enjoy easy access to Ives Dairy Road (aka NE 195th Street) and I-95 which combine for a significant average traffic count of 250,500 vehicles per day. But despite this access to major roadways, residents mostly benefit from the tranquil neighborhood feel. Conveniently, about 1 mile from the property is a shopping center that has Winn-Dixie, Dollar Tree, Dunkin Donuts, Planet Fitness, and Burlington. Just across the lake is Aventura Isles, a gated, single-family and townhouse community that was built about 10 years ago. Single-family homes in this development have recently sold between $710,000 and $830,000 with the townhome sales having gone between $499,900 and $585,000 punctuating the desirability of the location.
Only a 20-minute ride away is Aventura, a bustling neighborhood of northern Miami- Dade County that is the last stop before entering Broward County. Aventura is home to Aventura Hospital and Medical Center as well as the world-renowned Aventura Mall and for those who are unfamiliar, the impressive 2.8 million SF mall is owned by the Soffer family.  The mall boasts a wide array of over 300 luxury and standard brands and countless dining options. This prime, retail and dining destination is not only a cherished neighborhood amenity but is also a robust employment center. Just east of Aventura sit the pristine beaches of Sunny Isles and Golden Beach which extend the South Florida lifestyle to California Club residents in about a 30-minute drive.

Rental Upside Potential
The new owner of California Club will be stepping into a stable yet less than maximized operation. The “lowest hanging fruit” is the $64,926 in loss-to-lease that can be captured by simply raising all rents to the highest that are currently in-place at the property. Additionally, by reviewing the neighboring multifamily communities there is demonstrable rental upside, 3 of which have 1-bed floorplans renting between $1,987 and $2,149 and the average 2 bed unit in the area is approaching $2,400. There is also the potential opportunity to convert the six 1-bed/2-bath units into 2-bed/2- bath units, which would boost their rent potential by more than 20%.