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Seville Apartments 16030 NE 19 Ct

27 Unit Block of Flats £4,655,100 (£172,411/Unit) 4.31% Net Initial Yield Miami, FL 33162

Investment Highlights

  • • Highly Desirable North Miami Beach Location
  • • Multiple New Developments in the Immediate Market
  • • Off-Street Parking
  • • Very Strong Rental Market
  • • Central Air-Conditioni

Executive Summary

Seville Apartments is a 27-unit apartment building located in the city of North Miami Beach which is in Miami-Dade County, Florida. The building is a three-story apartment community, consisting of 12 one-bedroom/one-bathroom units at approximately 700 rentable square feet, three two-bedroom/one-bathroom units at approximately 775 rentable square feet and 12 two-bedroom/two-bathroom units at about 900 rentable square feet. The units have central air-conditioning and heat, separate hot-water heaters, and patios or balconies. Select units have washer/dryers in the units. The units have been extensively renovated and updated over the last several years. The common areas also offer tenants on-site laundry rooms, elevator, and open parking for residents and guests. Water, sewer and trash removal are included in the rent. The building was constructed in 1968 and sits on a 0.62-acre site.
The property fronts on Northeast 19th Court, several blocks west of Biscayne Boulevard (US-1) and just south of Northeast 163rd Street, which are two of the busiest commercial corridors in northern Miami-Dade County. The property’s neighborhood sits west of West Dixie Highway, east of Northeast 18th Avenue, and south of Northeast 163rd Street. The area is made up of mostly low-to-medium density multifamily buildings and single-family homes. The City of North Miami Beach municipal buildings are about half a mile north of the subject property on Northeast 19th Avenue, and there is a Florida International University campus several blocks north of the subject.

Financial Summary (Pro forma - 2024)

Annual Annual Per SF
Gross Rental Income £516,953 £24.02
Other Income £3,740 £0.17
Vacancy Loss £25,848 £1.20
Effective Gross Income £494,845 £22.99
Taxes £76,418 £3.55
Operating Expenses £115,351 £5.36
Total Expenses £191,769 £8.91
Net Operating Income £303,076 £14.08

Financial Summary (Pro forma - 2024)

Gross Rental Income
Annual £516,953
Annual Per SF £24.02
Other Income
Annual £3,740
Annual Per SF £0.17
Vacancy Loss
Annual £25,848
Annual Per SF £1.20
Effective Gross Income
Annual £494,845
Annual Per SF £22.99
Taxes
Annual £76,418
Annual Per SF £3.55
Operating Expenses
Annual £115,351
Annual Per SF £5.36
Total Expenses
Annual £191,769
Annual Per SF £8.91
Net Operating Income
Annual £303,076
Annual Per SF £14.08

Property Facts

Price £4,655,100
Price Per Unit £172,411
Sale Type Investment
Net Initial Yield 4.31%
Gross Rent Multiplier 11.54
No. Units 27
Property Type Residential
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.62 AC
Building Size 21,525 SF
Average Occupancy 96%
Number of Floors 3
Year Built 1968
Opportunity Zone Yes

Unit Amenities

  • Balcony
  • Heating
  • Kitchen
  • Refrigerator
  • Range
  • Tub/Shower

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 12 £1,183 700
2+1 3 £1,414 775
2+2 12 £1,387 900
Walk Score ®
Very Walkable (85)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
07-2216-016-0890
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£2,694,829
Annual Taxes
£76,418 (£3.55/sf)
Tax Year
2024

zoning

Zoning Code RM-23
RM-23
  • Listing ID: 33301891

  • Date on Market: 25/09/2024

  • Last Updated:

  • Address: 16030 NE 19 Ct, Miami, FL 33162

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