Building Description
Executive Summary
Miramar Apartments present a compelling multifamily investment opportunity in Miramar, featuring a well-maintained 11,892-square-foot building comprised of 15 residential units. Originally constructed in 1973, the property reflects durable construction and a proven operational history, offering investors a stable, income-producing asset within a consistently performing rental submarket.
The property is currently 100% occupied, providing immediate in-place cash flow and eliminating lease-up risk for a new owner. This full occupancy underscores strong tenant demand and effective management, while also presenting potential upside through strategic rent optimization or operational efficiencies. The unit mix and overall scale are ideal for investors seeking a manageable, mid-size asset with steady performance.
With its established tenancy and solid fundamentals, Miramar Apartments offer both stability and future value-add potential. Investors can benefit from the existing income stream while exploring opportunities to enhance returns through interior upgrades, expense management, or repositioning strategies. This combination of current performance and forward-looking potential makes the property a strong addition to any multifamily portfolio.
Approved Uses by Zoning — Medium Density Residential-4 (RM4)
Uses permitted by right under the municipality’s zoning for this district. The property may carry additional restrictions (deed, association or lease), so tenants are responsible for confirming their intended use with the municipality and landlord before committing.
Allowed by right
Duplex, Triplex and quadruplex, Townhouses, Apartments, Group homes (P*, Sec. 405.5.4), Assisted living facilities (P*, Sec. 405.5.4), Adult family care homes (P*, Sec. 405.5.4), Urban farms (P*), Urban gardens (P*), Community gardens (P*), Cottage food operators (P*), Bed & breakfast (P*, Sec. 405.11), Vacation homes and short-term rentals (P*, Sec. 405.11), Live-work (P*, Sec. 405.11), Micro-unit (P*, only as affordable/attainable/workforce housing, max 25%; Sec. 405.11.4), Single family dwelling (only within the unrecorded subdivision of Tropical Valley)
With special approval
Parks (public) (C*), K-12 public, private and charter schools (C*, Sec. 405.24), Libraries (C*), Public utilities, Government administrative offices, Emergency management facilities (limited to Police and Fire Rescue facilities)
Read the full RM4 zoning guide ›
