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Marcus & Millichap Sells Multifamily Asset At 5995 Biscayne Boulevard Miami For $6.48M

Property Image
SOLD
$6,480,000
Nicholas McAndrew
Felipe Echarte
Evan Kristol

Florida

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MultiFamily
Sold 03/17/2025
the dealplayerscompscontact
Property Image
SOLD

Marcus & Millichap Sells Multifamily Asset At 5995 Biscayne Boulevard Miami For $6.48M

5995 Biscayne Boulevard

See Similar Deals
MultiFamily
Sold 03/17/2025
Nicholas McAndrew
Felipe Echarte
Evan Kristol
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in this transaction is a multifamily building located at 5995 Biscayne Boulevard in Miami. The transaction was finalized on March 17, 2025, with a total price of $6,480,000. The asset comprises 24 units, reflecting its capacity to accommodate multiple tenants in a single structure.

Summary of transaction details:

The deal was facilitated by a team of brokers from Marcus & Millichap, comprising Felipe Echarte, Nicholas McAndrew, and Evan Kristol. Each broker played a pivotal role in representing the interests of their clients during the transaction process.

Players

Evan Kristol
Marcus & Millichap
Evan Kristol
58 deals$409.7M volume
BROKER
Felipe Echarte
Marcus & Millichap
Felipe Echarte
43 deals$329.1M volume
BROKER
Nicholas McAndrew
Marcus & Millichap
Nicholas McAndrew
16 deals$68M volume(954) 245-3526
BROKER
LI
Local Investor
BUYER

Details

SOLD
IMAGE: Felipe Echarte, Evan Kristol & Nicholas McAndrew DATE: 03/17/2025 ADDRESS: 5995 Biscayne Boulevard MARKET: Miami ASSET TYPE: Multifamily ~ ACRES: 0.44 BROKERS: Evan Kristol (@Evan.Kristol), Felipe Echarte (@Echarte1) & Nicholas McAndrew (2Nickmc561) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $6,480,000 UNITS: 24 ~ PPU: $270,000 NOTE: Marcus & Millichap brokered the sale of Morningside Bay Apartments, a 24-unit mid-rise in Miami’s Upper East Side. A local investor acquired the seven-story property at 5995 Biscayne Blvd., which had been owned for over 40 years.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$345,600.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$23,022.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,718.51
Annual Debt Service$368,622.07