Property
| Ownership: | For Sale |
|---|---|
| Type: | Multi-Family |
| Lot Size: | 2.2 Acres |
Financials
Price:$18,500,000
Listing Courtesy of Fausto Commercial Realty Consultants Inc
Rare Urban Garden Apartment Community in the Heart of East Little Havana.
Description
Rare Urban Garden Apartment Community in the Heart of East Little Havana. Spanning 2.16 acres across twocontiguous parcels totaling 79 units and 58,260 SF of building area, this community offers operational scale, enduring land value, & a residential character difficult to replicate in Miami's urban core.Presenting a rare opportunity to acquire a 79-unit garden apartment community spanning 2.16 acres — an increasingly scarce combination of scale, land, & low-density residential character within Miami's urban core. Originally developed in 1947, the property consists of multiple residential structures in a garden- style setting distinguished by expansive open areas, mature landscaping, and generous green space. The property features a diversified unit mix of 29 two-bedroom residences, 46 one-bedroom residences, and 4 studio apartments, providing broad tenant appeal and durable leasing flexibility. The site's configuration and significant land component create a setting that is increasingly difficult to replicate under today's development conditions. With current in-place gross income of $1,336,754 and pro forma gross income of $1,990,800, the portfolio presents a compelling value- add opportunity with clear rent upside — units currently average below market, offering an investor a 5.93% pro forma cap rate. Residents benefit from convenient access to employment centers while remaining immersed in the culture, dining, and everyday conveniences that define Little Havana.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.
All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.