River 8 Apartments

Investment Overview

River 8 Apartments is an 8-unit multifamily property at 1484 NW 15th Avenue in the heart of Miami’s Health District. Originally built in 1975, the building has been substantially renovated under current ownership, and the big-ticket capital items a buyer usually worries about have already been handled. The flat concrete roof was fully replaced in 2024, the 40-Year Recertification is complete, the property has hurricane impact windows throughout, new railings, and a newly finished parking lot. The property is comprised of 100% 2-bedroom, 1-bathroom layouts averaging 819 square feet. Every unit has central air conditioning, and each second-floor unit has its own private balcony. Several units have received interior upgrades such as quartz or granite counter tops, new kitchen cabinets, stainless steel appliances and luxury vinyl plank flooring in select units. Parking is a real advantage at River 8, 17 on-site car spaces plus 2 motorcycle spaces results in more than two spaces per unit, a ratio is hard to find in this part of the city and is highly valued by the medical and civic workforce that makes up much of the local renter pool. The 2-story building sits on a double lot of 10,800 square feet (0.25 acres) zoned T6-8-R. Under current zoning, the site allows up to 37 units and eight stories to be built. Buyers can hold a stabilized, cash-flowing asset today while controlling a well-located development site for the future.