Seville Apartments | 16030 NE 19 Ct
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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.
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 | Apartment Style | Low Rise |
Price Per Unit | £172,411 | Building Class | C |
Sale Type | Investment | Lot Size | 0.62 AC |
Net Initial Yield | 4.31% | Building Size | 21,525 SF |
Gross Rent Multiplier | 11.54 | Average Occupancy | 96% |
No. Units | 27 | Number of Floors | 3 |
Property Type | Residential | Year Built | 1968 |
Property Subtype | Apartment | Opportunity Zone |
Yes
|
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 |
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Walk Score ®
Very Walkable (85)
PROPERTY TAXES
Parcel Number | 07-2216-016-0890 | Total Assessment | £2,694,829 |
Land Assessment | £0 | Annual Taxes | £76,418 (£3.55/sf) |
Improvements Assessment | £0 | Tax Year | 2024 |
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 |
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Seville Apartments | 16030 NE 19 Ct
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