The Real Deal Miami

Miami River apartment buildings trade for $3.25M

The river is bustling with development
By Sean Stewart-Muniz | July 20, 2015 04:30PM

A shot of the property’s water frontage

A pair of low-rise apartment buildings on the Miami River were just sold for $3.25 million.

The two buildings were erected in 1960 and 1961, and together house 29 units. They take up more than 1 acre of waterfront land at 2222 and 2260 Northwest North River Drive, and have roughly 600 feet of contiguous frontage on the river.

An aerial view of the 1-acre property

The last recorded sale price was $650,000 in 1990, according to Miami-Dade County property records. The seller was a trust in the name of Manuel Rodriguez, which Rodriguez transferred ownership to in 2006. James Black of Berkshire Hathaway represented the trust for the sale.

Melo Real Estate brought the buyer for this deal, according to a press release. The buyer was not disclosed.

“The property offers a huge opportunity for growth and repositioning as the Miami urban core expands and interest in assets fronting Miami River continues,” Frank Rodriguez Melo said in the release.

Frank Rodriguez Melo of Melo Real Estate and James Black of Berkshire Hathaway

Earlier this year, developer Avra Jain picked up Miami’s longest running inn on the river for $8.6 million. A broker on the deal told TRD that Jain is “looking to take it to another level,” and referenced the popular Vagabond Motel in the MiMo neighborhood.

Nearby, a six-acre development site on the river was put up for sale in May. The $300 million River Landing mixed-use project is underway. And the Chetrit Group is planning an ambitious mixed-use development that would house more than 1,600 units between four 60-story towers.