Grove 27

Adam Marcuvitz, Joseph Thomas, and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Grove 27, a 32-unit multifamily property built in 2019, located in Miami, Florida.  The property is being offered for sale unpriced, to be determined by the market.

Subject Property

Grove 27 is an eight-story, CBS building featuring 32 apartments and 59,551 square feet (GBA) on a 13,253-square-foot lot (per the Miami-Dade Property Appraiser).  The unit mix includes (12) one-bedroom | one-bathroom apartments ranging from 725 to 770 square feet, (2) one-bedroom | one-and-a-half-bathroom apartments ranging from 884 to 1,088 square feet, (14) two-bedroom | two-bathroom apartments ranging from 1,015 to 1,085 square feet and (4) three-bedroom | two-bathroom apartments at 1,470 square feet.

Each unit features central air conditioning, contemporary finishes, and in-unit washers and dryers.  The property features a flat (concrete) roof, 6th-floor outdoor terrace, single elevator, two-level parking garage with 51 total parking spaces, including lifts (some spaces are large enough for tandem parking).

Currently, the property operates as Roami at Grove27 with Roami (a national vacation rental operator) overseeing the daily management.  In 2024, the property generated $967,693 in gross profit with Roami taking a 25% profit share and current ownership was paid $733,091 in net revenue.  An incoming investor has the opportunity to either negotiate a new lease with Roami, self-manage the property as vacation rentals (given the proven business model) or convert the property (back) to a market-rate apartment building.

Location

Grove 27 is located at 1710 SW 27th Avenue in Miami, Florida, within the Coral Way neighborhood, just minutes from Coconut Grove, Brickell, and Coral Gables.  The average household income within five miles is $96,595 with 10.88% population growth since 2010 (Experian).

The area features a mix of multifamily properties, single-family homes and upscale retail with a wide array of dining, shopping and recreational opportunities.  The property also allows for easy access to key transportation routes, including Dixie Highway/US-1 and Interstate-95.  Nearby retailers or points of interest include Starbucks (0.4 miles), Publix Super Market (0.5 miles), CVS (0.5 miles), Shenandoah Park (0.8 miles), Grove Central (1.1 miles), Coconut Grove (1.7 miles), Calle Ocho (1.8 miles), Milam’s Market (1.9 miles), Coral Gables (2 miles), Brickell (3.5 miles), the Shops at Merrick Park (2.8 miles), LoanDepot/Marlins Park (2.8 miles), Downtown Miami (4.4 miles) and Miami International Airport (4.8 miles).

Grove 27 is also near top-rated schools and universities, such as Shenandoah Middle School (0.8 miles), Miami Dade College Padron Campus (1.0 miles), Shenandoah Elementary School (1.3 miles), Miami Senior High School (1.5 miles) and the University of Miami (4.0 miles).

Summary

Grove 27 presents a rare opportunity to acquire a recently constructed, boutique multifamily property with a flexible business model for both multifamily and vacation-rental operators.

Please contact the listing agents for more details or to schedule a property tour.