Colliers International is pleased to present the opportunity to acquire an apartment building located in Little Havana, Florida. The market has seen strong multifamily fundamentals, which will allow a new investor to rent at a traditional market rent multifamily hold. Little Havana is an up and coming Miami neighborhood with tons of development and gentrification is underway. Because of the property’s proximity to urban core neighborhoods and major highways, there high demand for housing in the area. The subject property is within close proximity to the 836, Marlins Park and Downtown Miami / Brickell.
The building consists of three one bedroom units, one two-bedroom unit and one illegal efficiency.
Current ownership of the building completed the 40 year recertification and separated the electricity so that each unit has its own breaker and a meter that reads the amount consumed monthly.
The prospective new buyer will acquire an income-producing property with redevelopment potential for a larger scale multifamily with more units in the future.
There is the opportunity to raise rents with more aggressive management. With a small bump in rents ($100-200 per unit / per month), the cap rate and NOI will raise significantly.
Additional capital expenditures may be needed to raise rents a significant amount.
The business plan would be to hold it while collecting income until renovating or redeveloping it into its highest and best use.
Prime location in the heart of Little Havana.
Changing demographic of the area’s population is young and they require new retailers to provide more amenities and services.
Minutes away from Miami Senior High School, Marlins Ball Park and Downtown.
Accessibility to property through rear alley