Franklin Street closed the sale of Marlin Gardens Apartments, an 18-unit rental community in Miami, Florida. The property is located on 1129 NW 3rd Street in Miami’s Little Havana submarket. The purchase price of $2.7 million, or $150,000 per door, represents the highest price per door for a 1920s-era multifamily property of over 10 units sold in Little Havana in the past decade. It is also the highest overall sales price for a 1920s-built apartment building sold in the Little Havana neighborhood within the last 12 months.
Franklin Street’s South Florida multifamily investment sales team, which included Hernando Perez and Oscar Banegas, represented the seller, 1129 NW 3rd Street, LLC, and secured the buyer, Cribella of Florida, LLC. The seller is a locally-based investor while the buyer resides in Nicaragua. This is the third multifamily property that Franklin Street has sold for the same owner in a span of four months. Franklin Street’s Ryan Cassidy and Evan Seacat provided insurance for the asset.
“South Florida continues to show a strong demand for multifamily investments as investors are willing to pay top of the market prices for assets such as Marlin Gardens,” said Perez, director of multifamily investment sales at Franklin Street. “In a market where single-family home values continue to rise, more and more individuals are inclined to rent, keeping Miami’s rental market competitive and in high demand.”
“With the recent social-economic troubles in many Latin American countries, Miami is experiencing an increased influx of foreign capital being deployed into the market, strengthening an already strong real estate sector,” said Banegas, investment associate.
Built in 1927, Marlin Gardens features a unit mix of all 2-bedroom/1-bath units, with central A/C’s, and individual water meters. The owner completed a full rehab of the property by installing impact-resistant windows, kitchen cabinets, counter tops, modern appliance packages, bathroom vanities, toilets, showers, light fixtures, and LED lighting in the hallways. The renovation included a complete electrical overhaul, resurfaced and hardened floors with tile throughout the common area hallways. In addition, the building is ideally situated approximately two blocks from the world-famous Miami Marlins Stadium and walking distance to Flagler Street and Calle 8.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.