Originally built in the 1960s, the property offers investors the advantage of a newer vintage multifamily building compared with much of Little Havana's older 1920s and 1930s housing stock. The 9,918 SF building features a uniform unit mix of 21 one-bedroom/one-bathroom apartments, providing a simple and efficient configuration with consistent renter demand.
The property is 100% occupied, generating $36,649 in monthly rent. The building also successfully completed its 40/50-Year Recertification in 2020, providing additional comfort to an incoming investor regarding one of the most important requirements associated with owning older South Florida multifamily assets.
Located just off West Flagler Street and minutes from Calle Ocho, loanDepot park, Downtown Miami and Brickell, the property benefits from convenient access to Miami's major employment, entertainment and transportation centers.
This is an opportunity to acquire a turnkey, stabilized 21-unit asset with 100% occupancy, a desirable 1960s vintage, completed 40/50-Year Recertification and established in-place rental income in one of Miami's core multifamily markets.
Property Highlights
Prime Location: Situated in the heart of Little Havana just off West Flagler Street, the property is surrounded by the energy and character of the neighborhood, with Calle Ocho, loanDepot park, Downtown Miami and Brickell minutes away.
100% Occupied: All 21 units are leased, producing $36,649 per month and approximately $361,924 of annualized NOI, providing established income from day one.
Simple, Efficient Unit Mix: All 21 units are one-bedroom, one-bathroom apartments, a highly marketable unit type that is straightforward to lease and manage.
Renovated & Turnkey: The property has been renovated and upgraded with impact windows, reducing near-term capital needs and providing investors with a turnkey multifamily asset.
40/50-Year Recertification: The building successfully completed its 40/50-Year Recertification in 2020, providing additional comfort to an incoming investor.
Investment Potential: In-place income combined with the opportunity to increase rents as leases expire provides additional upside, along with the long-term appreciation potential of one of Miami's most established multifamily neighborhoods.
