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601 NW 90th Street - El Portal Village, El Portal, FL

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601 NW 90th Street - El Portal Village

El Portal, FL 33150-2140 - Miami Shores MF Submarket

Property Type:Multi-Family Number of Units:13 Status:Existing Year Built:1947
Stories:1 Building Size:7,591 SF Land Area:.91 AC (39,426 SF)
For Sale Price:$1,250,000 Price/Unit:$96,153.85 Cap Rate:6.00 % GRM:-

Parking:1.29 Parking Spaces / 1,000 SF

Renovation started in 2004 for 2005 delivery of renovated units

Sale Notes:
Union Street Partners LLC is pleased to offer the El Portal Village Apartments for sale in Miami, Florida. The building was constructed in 1947 and consists of 12 - 1 BR 1 BATH units and 1 - 2 BR 1 BATH unit with central A/C. The current ownership has owned this in excess of 10 years and the current rents are significantly below the immediate market. The current rents for 1 BR units range from $650 to $895 and the 2 bedroom unit rents for $1250 per month. One bedroom rentals in the area are in the $795 + range while 2 bedroom units are $1250+ range.

The property is on a 39,000+ SF lot and has off street parking. Each unit has a private fenced backyard which is a great selling point when renting units. A new owner could create value by bringing all units to market rents and improving the curb appeal of the property by painting, landscaping and a modest renovation of the units as needed. The property also has a current 40 year recertification.

Most of the leases are month to month allowing a new owner flexibility in implementing rental increases.

This property is located in Unincorporated Miami - Dade County and directly across the street is the City of El Portal. This is a benefit as a location outside of a municipality eliminates an additional layer of regulations and local city taxes. The location is east of I-95 and offers easy access to downtown Miami Shores which is a 3 minute drive. Horace Mann Middle School is also located 2 blocks from the property and the entry exit ramp for I-95 is 5 blocks away.

The El Portal Village Apartments is an opportunity for an investor to acquire a value added apartment building in high rental demand central Miami location

Union Street Partners
Gregory P Celentano

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