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810 Salzedo Street, Miami, FL

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810 Salzedo Street

Miami, FL 33134 - Douglas MF Submarket

Property Type:Multi-Family Number of Units:15 Status:Existing Year Built:1969
Stories:4 Building Size:15,381 SF Land Area:.25 AC (10,999 SF)
For Sale Price:$3,750,000 Price/Unit:$250,000.00 Cap Rate:4.78 % GRM:-

Parking:.13 Parking Spaces / 1,000 SF

Sale Notes:
Marcus and Millichap, as exclusive marketing advisor, is pleased to present the opportunity to acquire The Salzedo Apartments. The property has below in-place market rents. There remains headroom in rents for a new owner to increase income at the property. Comparable renovated units in the area have rents over $1,600 for two bedroom units and over $1,350 for one bedrooms units. The exceptional location coupled with the below market rents provides an excellent opportunity for a new investor to implement a value-add program at the property. We believe a modest upgrade program focusing on updated cabinetry and countertops in the kitchens and bathrooms along with updated appliances and fixtures would result in an significant rent increase.

15 units situated in the world renowned Coral Gables, FL. The property provides in place cash flow and value add upside potential. Property located half a block from 8th Street, a major east west artery with over 34,000 vehicles per day and 2 blocks from Le Jeune Road with over 45,000 vehicles per day. Building's unit mix is twelve, two bedroom/one bathroom units and three, one bedroom/one-bath units that sit on 11,000-square foot lot. Property have ample parking on site and pool for tenants to enjoy on a sunny day.

Marcus & Millichap Inc
Arthur D Porosoff
(786) 522-7058

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