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850 SW 3rd Street - Havana Stars Apartments, Miami, FL

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850 SW 3rd Street - Havana Stars Apartments

Miami, FL 33130 - East Little Havana MF Submarket

Property Type:Multi-Family Number of Units:13 Status:Existing Year Built:1953
Stories:1 Building Size:8,649 SF Land Area:.17 AC (7,501 SF)
For Sale Price:$1,495,000 Price/Unit:$115,000.00 Cap Rate:- GRM:-

Parking:2.06 Parking Spaces / 1,000 SF

This property consists of 13 units on a 15,000 square foot double lot which extends an entire city block. The first building is a 2 story structure which contains 8 units with off street parking. This was built in 1930 and all of the units are one bedroom one bathroom. The second building is a 5 unit one story building constructed in 1953. This also has off street parking and a laundry facility on site. All of the units are one bedroom one bathroom. The average rents are in the $675 per month range, approximately 10% below market. There are 14 off street parking spaces for tenants and each unit is separately metered for electric. A new owner could create value by improving the overall curb appeal of the property along with a modest rehab of select units. Rents for one bedroom one bath units in Little Havana with off street parking are in the $750 per month range. The building has an excellent occupancy history and is currently 100% occupied
This property is located in the Little Havana submarket of Miami-Dade County. Downtown Miami is 3/4 of a mile from the site and the new Brickell City Centre project is .6 miles away. This is a 3 million square foot mixed use high end retail, office and residential development which will be completed in 2018. The Miami River is .5 miles away and this area is also in the midst of a development boom.

Across the street from the property is a school and church along with several new apartment complexes which have been built recently.

This location is definitely on the upswing. Development immediately to the east of the site continues to push values in the area higher as development land becomes more scarce along with affordable rentals. This is a great opportuntiy to control rental units within a 5 minute walk of one of the most active and rapidly appreciating markets in the entire country

Sale Notes:
Union Street Partners LLC is pleased to bring to market Havana Stars, 13 units in the desirable East Little Havana section of Miami.

The offering consists of 850 SW 3rd Street, 5 units, and 851 SW 4th Street which is 8 units. Each building is on a 7,500 square foot, ( total land footprint is 15,000 SF ), which runs from SW 3rd Street to SW 4th Street. The units are all 1 BR 1 BATH units with rents ranging from $695 to $875 per month. Each unit has off street parking and is 100% occupied.

Renovated buildings in East Little Havana are renting in the $950+ range, while 1BR units in new construction buildings are renting for $1,200+ per month. The seller will also provide 40 year recertifications at closing for both properties.

A new owner can increase rental income in several ways to create value: increase rents to the current $875 range as leases expire, or renovate the units and common areas of the buildings to generate rents per month in the $950+ range.

Union Street Partners
Gregory P Celentano

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