Oct 11, 2017
Two single-story apartment complexes in Hialeah, with a combined total of 15 units, have sold for more than $1.2M — $81K per unit, or $230 per SF.
Both buildings are fully leased. One apartment building is located at 83 West Eighth St., with nine studio units that rent for $650 to $750 per month. The second property, a block away at 85 West 10th St., has six one-bedroom, one-bath units with rents between $750 and $850 per month.The two buildings together have 5,300 SF.
“This is a very strong price on a per square foot basis for this area,” said Franklin Street Director of Multifamily Investment Sales Hernando Perez, who brokered the sale. “Hialeah has a very stable rent market with little new construction over the past decade. Working-class families tend to settle for lengths of time, so it’s a great city in which to be a landlord.”
The buyer was 83-85 S LLC. The seller was Oak Tree Investments Holding LLC of Miami. Oak Tree had purchased the properties in 2014 and 2015 for $985K.
Franklin Street Investment Sales Associate Dan Dratch said that his colleagues had first met the Oak Tree Investments team in relation to another property and ended up getting them a good deal on insurance. When they decided to sell the Hialeah units, they gave Franklin Street the exclusive listing.
"It’s a perfect example of how our collaborative platform is designed to work and adds value to our clients,” Dratch said in a statement.