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Aqua Marina Apartments 7315-7325 Carlyle Ave 20 Unit Apartment Building $6,990,095 CAD ($349,505 CAD/Unit) 5.80% Cap Rate Miami Beach, FL 33141
Investment Highlights
- 20-Units Located Next to Miami Beach Tennis Center and North Shore Park
- Most Recent 40/10-Year Building Recertification was Completed in 2021
- 15/20 Units Significantly Renovated and 5 Apartments have Washers/Dryers
- Deliverable either Free and Clear or Subject to Fannie Mae Loan Assumption
- Hurricane Impact Windows and Doors, Both Roofs were Done in 2016
- High Gloss Cabinets, Modern Vanities, Large Mirrors & Upgraded Showers
Executive Summary
Motivated Seller. The Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Aqua Marina Apartments, a two-building, 20-unit apartment complex next to North Shore Park and the Miami Beach Tennis Center in (North Beach) Miami Beach, Florida.
Aqua Marina Apartments is a 20-unit apartment complex with built in 1955 and consisting of 14,399 square-feet 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 $2,000 and (16) one-bedroom | one-bathroom apartments with dens with an average in-place rent of $2,173. 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.
Aqua Marina Apartments is a 20-unit apartment complex with built in 1955 and consisting of 14,399 square-feet 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 $2,000 and (16) one-bedroom | one-bathroom apartments with dens with an average in-place rent of $2,173. 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 | $6,990,095 CAD | Apartment Style | Garden |
| Price Per Unit | $349,505 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 5.80% | Building Size | 14,399 SF |
| Gross Rent Multiplier | 10.07 | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1955/2023 |
| Property Subtype | Apartment | ||
| Zoning | RM-1 - Residential Multi-Family | ||
| Price | $6,990,095 CAD |
| Price Per Unit | $349,505 CAD |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| Gross Rent Multiplier | 10.07 |
| 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 | 95% |
| No. Stories | 2 |
| Year Built/Renovated | 1955/2023 |
| Zoning | RM-1 - Residential Multi-Family |
Amenities
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 | - | 602 - 753 |
| 1+2 | 2 | - | 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 | $2,126,610 CAD |
| Land Assessment | $2,500,110 CAD | Total Assessment | $4,626,720 CAD |
Property Taxes
Parcel Number
02-3202-003-0860
Land Assessment
$2,500,110 CAD
Improvements Assessment
$2,126,610 CAD
Total Assessment
$4,626,720 CAD
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Aqua Marina Apartments | 7315-7325 Carlyle Ave
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