1 Northeast 78th Street

Miami, FL 33138

Listing ID: 214625
$2,200,000
For Sale
  • Property Type Multifamily
  • Lot Size Acres 0.300
  • Building Sq Ft 7,496
  • Building Price per Sq Ft $293.49
  • Land Sq Ft 13,063
  • Land Price per Sq Ft $168.41
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Description

Fausto Commercial is pleased to present the Sea Breeze Apartments at 1 NE 78th Street in Miami Florida. This is a 13-unit apartment building located in the Upper East Side neighborhood of Miami. The property consists of 10 one-bedroom/one-bathroom units and 3 Studios totaling 7,496 rentable square feet. This property is a 1970’s vintage and fully remodeled in 2019-20 including all impact windows. It’s situated on a 13,063 Sq Feet of T6-8-0 land. The property is being offered for sale at $2,200,000 representing a 5.61% cap rate based on current in-place income. After increasing rents to market average, the year one cap is expected to rise to 7.78%.

  The Sea Breeze Apartments is located near 79th Street and North Miami Avenue, two major thoroughfares in Upper East Side. The asset is near the former Immigration Building** (Triton Center) which is currently a revitalization project that will be converted into a 139-room Hilton Garden Inn, 324 apartment suites and approximately 25,000 square feet of rentable commercial space with 585 parking spaces. It is also surrounded by new developments along the corridor including a wide variety of retail and restaurant options. Additionally, this area of Miami has seen increasing rents and demand. It is centrally located minutes away from the revitalized Wynwood and Downtown Miami, as well as North And Mid Beach area, South Beach, Lincoln Road and Sunny Isles.

  The Upper East Side neighborhood has been through a major renaissance in recent years with shops, restaurants, galleries, boutiques cafes and other delightful amenities opening up in the MiMo District, Ironside District and 79th and Biscayne corridors. Other notable upcoming developments in close proximity to the property are the Tri-Rail and the Magic City development expected to bring over 11,000 jobs to the area.

Listing Demographics

All information based on the most recently available data (updated annually) and is provided in 1-mile, 3-mile, and 5-mile radii (radiuses) of the property location.

1-Mile 3-Miles 5-Miles
Total Population29,802242,561685,465
Population Median Age383739
Population by Age0-9 Yrs4039 (13%)31805 (13%)77746 (11%)
10-19 Yrs3791 (12%)27755 (11%)72374 (10%)
20-29 Yrs3565 (11%)33797 (13%)93953 (13%)
30-39 Yrs4517 (15%)40303 (16%)116666 (17%)
40-49 Yrs4071 (13%)33670 (13%)96841 (14%)
50-59 Yrs3843 (12%)31519 (12%)93725 (13%)
60-69 Yrs2991 (10%)23181 (9%)69467 (10%)
70+ Yrs2985 (10%)20530 (8%)64692 (9%)
Median HH Income$29,597$44,964$48,472
Total Household Income< 24K4983 (45%)26317 (29%)72267 (28%)
25-49K2616 (24%)21270 (24%)58881 (22%)
50-74K1685 (15%)14275 (16%)42813 (16%)
75-99K547 (5%)9299 (10%)26772 (10%)
100-199K779 (7%)11656 (13%)35851 (13%)
200K+274 (2%)5561 (6%)19764 (7%)
Highest Education LevelNo Diploma50633048593376
Diploma or GED685544735130116
Some College26312720572068
Assoc. Degree16231565743080
Bachelors Degree25973137792497
Higher Degree11121913864988
Total Housing Units12,302103,434316,027
--Owner-Occupied3,03833,69098,187
--Renter-Occupied7,84654,687158,161
Owner-Occupied Values< 100K47835118610
100-199K630690019593
200-299K503716221922
300-399K423378011775
400-499K41731898169
500K+588914728118
Total Working Age Population23,349193,673563,588
In Work Force14,632126,383364,653
Not In Work Force8,71867,289198,935
Workforce Employed12,873116,454342,424
Workforce Unemployed1,7589,91421,960
Civlian Workforce14,632126,367364,383
Military Workforce016270
Total Households10,88488,378256,349
Family Households6,19751,326145,615
Non-Family Households4,68737,052110,734
Married Couple2,90326,86986,624
Other Family3,29424,45758,991
Married w/Child1,1159,94331,758
Single Male w/Child2432,0196,081
Single Female w/Child1,1839,94121,409

Population Change Last Two Decades - Plus Projection

2000%2010%2020%2030
Florida15,982,378+1818,801,310+1421,517,610+1324,340,457
Miami-Dade County2,253,362+112,496,435+152,861,579+113,190,242
Monroe County79,589-873,090+174,004074,301

No part of this information may be copied, reproduced, repurposed, or screen-captured for any commercial purpose without prior written authorization from MyEListing.

While we strive to provide the most accurate information, all listing information, and demographic data, is provided by third-parties. As such, MyEListing will not be responsible for the accuracy of the information. It is strongly recommended that you verify all information with the listing agent, and any relevant agencies, prior to making any decisions.

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