Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAA0250078)

Seven90 | 790 81st Street | Miami Beach | 10 Units

Marcus & Millichap is pleased to offer for sale Seven90 Apartments, a 10-unit apartment building located in the North Beach neighborhood of Miami Beach, Florida.Seven90 was constructed in 1958 and consists of a 10-unit, two-story building on a .13-acre site. The property sits on 81st Street between Hawthorne Avenue and Crespi Boulevard in the Biscayne Beach Subdivision which is between the Tatum Waterway and Biscayne Bay.The property is made up of 10 one-bedroom and one-bathroom apartments with approximately 714 rentable square feet. Each apartment has a separate electric and gas meter, wall air-conditioning, separate hot-water heater, solid wood cabinets and wood flooring. Although there has been some renovations to the property, it has not been com-pletely renovated like many buildings on the Beach which provides an excellent value add opportunity.Although Seven90 is over 60-years old, it still has not lost its “Art Deco” style and charm. With its catwalks and original railings and designs as well as landscaping it provides its residents a tranquil place to live. The building does not have any dedicated parking but there is street parking, which is common for properties on Miami Beach.

Many residents either walk, bicycle or utilize the public transportation. The immediate neighborhood is comprised of mainly residential buildings, with commercial buildings several blocks west along Collins and Harding Avenue to the east.North Beach is in the process of major regentrification with the recent addition of the Miami Beach Town Center District that spans from 69th Street to 72nd Street and from Collins Avenue to Dickens Avenue. This area allows for much denser development than the surrounding area, which has attracted major investment in the immediate area and will further enhance the neighborhood. There are several other major developments in the area including Terra Groups Eighty-Seven Park and the Ocean Terrace property which has been in planning and approval stages for over a year. The Atlantic Ocean is a short walk to the east as well as the restaurants and shops on Harding and Collins Avenue. Surfside and the Bal Harbour Shops are less than one mile to the north and South Beach is just a few minutes’ drive to the south.

SITe DeSCRIPTIOn

OFFeRInG SUMMARY

Assessor’s Parcel Number 02-3202-008-0540

Price $1,795,000

Price per Unit $179,500

Price per Gross Square Foot $251.51

Current Cap Rate 4.67%

SITe DeSCRIPTIOnNumber of Units 10

Number of Buildings 1

Number of Stories 2

Year Built 1958

Gross Square Foot 7,137

Lot Size 0.13 Acres

Real Estate Investment Services

EXCLUSIVE OFFERING

THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. (Activity ID: ZAA0250078)

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLICENSE: FL BK 315466

Seven90 | 790 81st Street | Miami Beach | 10 Units

InveSTMenT HIGHLIGHTS• 1958 Art Deco Building in North Beach Submarket

• Short Walk to Collins Avenue and the Atlantic Ocean

• Excellent Unit Mix of All One-Bedroom Floor Plans

• Significant Value-Add Through Renovations and Management

• Apartments Separately Metered for Electricity and Gas

• Public Bus Stop One Block to the West

• 40-Year Recertification Completed