1265 Sharazad Blvd - Apartments FOR SALE


Opa Locka, FL 33054
$2,795,000 USD
305-697-7011
1265 Sharazad Blvd, Opa Locka, FL for Sale
$2,795,000 USD
Apartments - FOR SALE
1/18
null | 7.3% Cap Rate

1265 Sharazad Blvd
Opa Locka, FL 33054


HIGHLIGHTS

  • Ideal 1031 Exchange property
  • Freshly-renovated inc. impact glass and modern facade and completed 40-Year Recertification Completed
  • Steady occupancy of 92-100% from professional management company, willing to stay on to manage for fee.
  • Assumable mortgage available
  • Mix of majority Section 8 subsidized income and some traditional tenancies
  • Additional value-add available by adding laundry income, upgrading appliances in some units

OVERVIEW

The Alpha Commercial Advisors is pleased to present Bel-Air Apartments: A pristine, fully-renovated and stabilized 14-unit multifamily asset located in Opa-Locka, Florida. The rent roll is comprised primarily of Section 8 tenancies (10 of 14 units), with a balanced mix of efficiently-sized BR and 2BR units, substantial capital improvements, and optimized in-place income, allowing buyer to step into a money-making machine, and with option to keep current management company on board offering a secure, low-maintenance investment perfect for 1031 Exchange buyers. Add to that, assumable debt is available at 6.4% interest for buyers with existing multifamily portfolios. The property has a clean bill of health with 40-year recertification in place, further reducing acquisition friction. ***Projected NOI accounts for re-assessed taxes, 3% vacancy loss, and 6% management fee.***** Owner will stay on as property manager at a fee, for a seamless step-in to mailbox money, for any buyer who desires this option. Investment Highlights -Ideal unit mix with (6) 2BR-1BA units and 8 1BR-1BA units -Varied income mix with ten (10) Section 8 (annual leases) and four (4) flexible market-rate tenancies -Fully-renovated grounds feature impact glass, gated courtyard entry, security cameras, ample on-site parking, and clean modern facade -40-Year Recertification completed -All units individually metered for electric -Steady 92-100% occupancy from professional property management -Additional upside available by adding laundry income + upgrading finishes in remaining units Renovation Highlights -Upgraded kitchens w/granite countertops (most units) -Over 75% of bathrooms upgraded -Stainless steel appliances in more than 50% of units -2-3 new mini-split AC systems per unit -Recessed lighting & impact windows -Clean, durable finishes for long-term durability

FOR SALE DETAILS

PRICE

$2,795,000 USD

PRICE/SF

$236 USD /SF

# OF UNITS

14

PRICE/UNIT

$199,643

CAP RATE

7.3%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Mailbox-Money Asset w/ Majority Section 8

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1965

PARKING SPACES

15

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

R-3

APN/PARCEL ID

08-2121-002-2350

ASK ABOUT THIS PROPERTY

Jamie ManiscalcoThe Alpha CommercialMore Info
305-697-7011

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Jamie ManiscalcoThe Alpha CommercialMore Info
305-697-7011

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.