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.
