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: ZAA0240511)

Bayview Palms Condominiums | 1800 & 1805 Sans Souci Boulevard | North Miami |

Marcus & Millichap, as exclusive listing agent, is excited to offer for sale the opportunity to acquire 59 out

of 338 condominium units within the Bayview Palms Condominiums located in the highly sought after Sans

Souci Estates submarket of North Miami, Florida.

Bayview Palms Condominiums is comprised of a total of 338 condominiums located in two buildings situated

across the street from each other on Sans Souci Boulevard. The buildings are four and five stories, construct-

ed of concrete block and are elevator served. The buildings offer residents excellent amenities including two

clubhouses, recreation rooms, a swimming pool, two saunas, a fitness center and onsite laundry facilities.

Access to the building’s lobbies and interiors are via telephone entry or key fob.

Originally constructed as a multifamily rental building in 1971, the community was acquired in 2005 and con-

verted to condominiums. Condos began closing in mid-2006 at an average price of approximately $165,000

for one-bedrooms. Current sales are averaging in the mid $120,000 per unit. The seller of this portfolio is

the original condominium converter who retained a bulk of the units as rentals.

All of the condominiums being offered are one-bedroom with one and one-half bathrooms ranging in size

between 661 and 714 rentable square feet. Each has central heating and air-conditioning, an individual

hot-water heater, all electric appliances including range, refrigerator and dishwasher, and an exterior private

balcony or patio with the exception of ground level units on the north side of the 1805 building. There is

ample street level parking as well as a two-story parking garage.

siTe desCRiPTion

oFFeRinG summaRy

Assessor’s Parcel Number 4843-31-10-0080

Price $7,175,000

Price per Unit $121,610

Price per Gross Square Foot $179.92

Current Cap Rate 6.18%

siTe desCRiPTionNumber of Units 59

Number of Buildings 2

Number of Stories 4 and 5

Year Built 1971

Gross Square Foot 39,879

Lot Size 5.34 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: ZAA0240511)

RYAN NEE Broker of Record

Ryan.Nee@marcusmillichap.comLICENSE: FL BK 315466

Bayview Palms Condominiums | 1800 & 1805 Sans Souci Boulevard | North Miami |

invesTmenT HiGHliGHTs• 59 out of 338 Condominium Units

• Highly Sought After Sans Souci Submarket

• East of Biscayne Boulevard in Residential Neighborhood

• Contiguous to Tennis Center and Public Park

• All One-Bedroom with One and One-Half Bathrooms

• Offered Below Average Individual Condo Unit Sales

• Midrise Buildings with Gated Swimming Pool

• Value Add Opportunity with Rental Upside