Fausto Commercial is pleased to present the Little River Apartments at 7850 NE 10th Avenue in Miami Florida. This is a 17-unit apartment community located in the city of Miami. The property consists of 17 one-bedroom/one-bathroom units totaling 9,299 rentable square feet. This property is a 1070’s vintage and fully remodeled in 2017. It’s situated on a 19,602 Sq Feet of land. The property is being offered for sale at $3,000,000 representing a 4.80% cap rate based on current in-place income. After increasing rents to market average, the year one cap is expected to rise to 6.04%. The Little River Apartments is located near 79th Street and Biscayne Blvd, two major thoroughfares in Miami Shores. 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.
