Riverloft Apartments 2 Multifamily Properties,

Florida / United States / Miami

Description

The River Lofts Apartments, located at 500-522 NE 78th Street, in the Upper East Side neighborhood of Miami, Florida. The waterfront property is centrally located and is in close proximity to Miami Beach, Mimo District, Wynwood Arts District, Ironside District, Design District, and Downtown Miami/Brickell Financial District.
The opportunity allows for an investor to acquire a portfolio of four (4) buildings, with a total of 43 apartment units, on two (2) contiguous parcels, facing Little River. All buildings are two-stories and have been renovated over the past 18 months (featuring hurricane impact windows, new kitchens, new bathrooms, new floors, and new mini-split HVAC systems). The apartments range in size between 460-690 square feet. The units are currently generating between $700 and $1,300 a month ($1.52 – $2.83 an sq. ft.) in gross rental income at a cap rate of 3.43%.
Market rate rents in the area are currently at $2.44 -$2.91 an sq. ft. for new or recently renovated units. With a well-implemented capital improvement plan, the Net Operating Income can be improved from $265,726 to $475,870 at a cap rate of 6.14% (if operating as traditional multi-family). Assuming 43% of the property is operated as a short-term rental (Air BNB), conservative estimates show the potential to generate $766,989 in net operating income at a cap rate of 9.8% (see detailed Short-Term Rental Financial Analysis).
Another option for an owner/developer can take advantage of this rare waterfront site and combine both parcels, request a zoning change to T5, and build a new five (5) story mixed-use development project with 61 apartment units.

Property Overview

Price$ 6,900,000
TypeMultifamily
Sold No
StatusAvailable
Home area22000 sqft
MaterialBlock, Brick

Position

Amenities

  • Air conditioning
  • Balcony
  • Bedding
  • Cable TV
  • Cleaning after exit
  • Cofee pot
  • Computer
  • Cot
  • Dishwasher
  • DVD
  • Fan
  • Fridge
  • Grill
  • Hairdryer
  • Heating
  • Hi-fi
  • Internet
  • Iron
  • Juicer
  • Lift

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