Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the exclusive listing of The Oaks in North Miami, a 77-unit apartment property located in North Miami, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset is listed for $15,200,000.

Fernando Polanco and Arthur D. Porosoff, investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a private investor.

The Oaks in North Miami is located at 13820 NE 3rd Ct in North Miami, FL. The 2008 built, 77-unit out of 96-unit, multifamily property offers a highly sought-after unit mix of 2 Bedroom (18-units), and 3 Bedroom (59-unit). The asset is located within a gated community that is situated on a 5 Acre Parcel. Upon repositioning, the asset offers upside with the current rents below market, and priced below replacement costs at $177 psf.

The current owners recently started a light renovation program in 2018 which has been implemented on 46 units allowing for the additional 31 units value-add upside with all current rents still being below market. The rehabs consist of changing of the kitchen cabinet doors, updating the standard appliances and replacing units from carpet to tile. All 77 units have achieved average monthly rent increases of $100 per unit per month in 2018. Our rent comp analysis project that completing the in-unit rehabs would generate rent incomes between an additional 8% to 10%, above the national average.