Lake Terraces Apartments 45 NW 203rd Ter Immeuble residentiel 118 lots 20 696 880 € (175 397 €/Lot) Miami, FL 33169

Lake Terrace Apartments is a 118-unit apartment community located in the northern section of Miami-Dade County, just south of the
Broward/Miami-Dade County line. The property consists of four, two-story buildings situated on a nine-acre lot surrounded by lakes
and canals. There are 91 one-bedroom/one-bathroom units at about 760 square feet and 27 two-bedroom/two-bathroom units at
about 960 square feet. The property consistently operates at an above average occupancy, and water, sewer and trash removal are
included in the rent. The property offers residents a secluded, tranquil setting, with ample on-site parking, on-site laundry facilities, pool
and sundeck, and water views from almost every unit. The property was developed in 1972 and has an R-25 zoning permitting up
to 224 units to be developed on the site.
Lake Terrace Apartments is located just east of 441 (North State Road 7) which is a very heavily traveled, commercial thoroughfare that
runs through central Miami-Dade and Broward Counties and north through the state. There is very little multifamily rental competition
in the immediate area. The area is made up mostly of commercial buildings along 441 with single family homes west of 441 and
low-density condo buildings east of 441. Because there is very little rental competition and there has not been any new rental
developments within several miles of the subject property, Lake Terrace Apartments has been able to maintain a very strong occupancy
with the opportunity to increase rental rates immediately.
The subject property is in good condition with very spacious units. All the units have central air-conditioning and heat, and the twobedroom
units have balconies or patios. Many of the units have been updated with renovated kitchens and bathrooms, and only a
handful of the units do not have ceramic tile floors. The buildings have concrete roofs, and many of the units have been converted
from gas to electric for the kitchen stoves. Each building has a gas boiler to provide the units with hot water, and the property has
completed the 40/10-year recertification.
This property is being marketed for sale without asking price.