5991 Southwest 79th Street

Property Description

MSP Group LLC is proud to have been appointed the exclusive listing broker for Grillaire Apartments, 21-units located at 5991 SW 76th Street, in prime South Miami. The Grillaire Apartments represents a once in a lifetime opportunity to acquire one of the few multifamily buildings in the epicenter of South Miami. The property last sold nearly 40 years ago and may very well not be sold again for another 40 years! Grillaire Apartments are walking distance to all the amenities that can be found on Sunset Drive, Red Road and the surrounding area. Boasting a Walk Score of 88, Grillaire is walking distance to over 50 retail locations, including notable amenities like Whole Foods, AMC Movie Theater, and LA Fitness. These amenities are complimented by many popular local offerings such as, Sports Grill, Pinecrest Bakery and Chicken Kitchen. Several national chains are also in the area such as Einstein Bros. Bagels, Subway, Haagen-Dazs, and more. Numerous regional and national banks have a presence in the area too. Perhaps one of the most important neighbors of the Grillaire Apartments is the University of Miami. Located about 1-mile from the subject, the University of Miami has nearly 20,000 students and it has been reported that housing for their student body is underserved. So much so that developers of the Vox Student Housing complex nearby have already broken ground on Vox Phase 2. In addition to Vox, Avalon South Miami, a major mixed-use development, is being built just steps from the property. It will be the largest retail and multifamily complex in the immediate area, providing 290 multifamily units and 31,000 SF of retail space, rumored to include a Fresh Market on the ground floor. The property is also walking distance to high quality employment centers such as South Miami Baptist Hospital and Larkin Community Hospital South Miami which are located directly across US-1. Major roadways, and multiple public transportation stations/stops including the Metrorail and Metrobus are also a short walk away. Residents at Grillaire apartments enjoy great proximity to some of Miami’s most successful neighborhoods being just minutes from Coral Gables, Pinecrest, Coconut Grove and only about 8-miles from Downtown Miami. It is difficult to find a more well-located property. The property consists 100% of 1-bedroom/1-bathroom units that are efficiently laid out. Built in 1962, this three-story, elevator-served building was constructed of concrete block and has a concrete roof deck which is being completely replaced in the immediate future by the current owner. While the property has been well cared for over the years, it represents a prime opportunity for a new owner to unlock the huge potential in the property with targeted improvements that will command rents that are dramatically higher than the rents currently in place. NOTE: MSP Group also has 30 units a ½ block from Grillaire for sale as well!