Havana Gardens Apartments
Closed629 SW 10th Ave, Miami, FL 33130
Property type
Multifamily
Unit / Space count
12
Price
$1,800,000
Building size
9,610 sf
Rentable area
9,610 SF
Year built
1925
Year renovated
Occupancy
Zoning code
Lot size
0.11 Acres
Sold/status
Sold · Date unknown
Sale price
$1800000
Bedroom count
CAP
6.84%
Property description
Havana Gardens Apartments is a 12-unit, multifamily community located in Miami, FL, which is in Miami-Dade County. The subject property is a 3-story building built in 1925 using reinforced concrete block construction with painted stucco exterior. The property is located at 629 SW 10th Ave, south of Flagler St., two blocks north of “Calle Ocho”, between SW 9th Ave., and SW 12th Ave. (SR 933), a main traffic artery traveling north-south through Miami-Dade County. The immediate neighborhood consists of primarily multi-family buildings of similar age and construction as the subject property. The investment opportunity consists of a highly attractive unit mix of spacious (12) two-bedroom apartments, totaling approximately 9,610 RSF. All units offer new kitchens cabinets with modern appliances, new bathrooms, new tiled floors, central A/C's and balconies in select units. Onsite amenities include a laundry facility for resient's convenience. Water, sewer and trash are included in the rent and owner has installed individual water meters with the ability to bill back tenants for water consumption lowering future operating costs. Tenants pay for electric, cable and telephone. The asset is in the heart of the "East Little Havana", a highly desirable rental market located west of downtown Miami and Brickell City Centre, the $1.05 billion mixed use project consisting of national brand retailers, hospitality, and restaurants. Few blocks south is the world famous “Calle Ocho”, which serves as the hub of tourism, social, cultural and festive events. Just north of the property is Flagler St., and the Marlins Stadium, home of the Miami Marlins. Just six miles west on the Dolphin Expressway is the Miami International Airport. Havana Gardens Apartments offers an investor the opportunity to purchase an irreplaceable, re-positioned, fully-stabilized, income producing property in one of the strongest rental markets in Miami-Dade County, where vacancies are virtually non-existent. In addition, the property has undergone recent major renovations, where the current owner invested in excess of $250,000 in capital improvements over the past 12 months. At list price this investment provides a new owner a 6.84% CAP rate on day one of acquisition and the opportunity to increase rents conservatively 5% and achieve a 10% Cash on Cash return with minimal effort within the first year of ownership.
Property highlights
- Highly Sought After East Little Havana Rental Market
- Recently Renovated, Stabilized Investment Property
- Over $250,000 in Capital Improvements
- Central A/C's and "Titan" tank-less Water Heaters
- Desirable Unit Mix -100% Spacious Two-Bedroom Apartments
- New Kitchen Cabinets, Counter Tops with Modern Appliance Packages
- New Bathroom Vanities, Toilets, Showers & Light Fixtures
- Resurfaced & Harden Floors with Tile in Common Areas
- New Lighting in Hallways with Security Cameras Throughout Building
- Individual Water Meters Installed on All Units
- 40 Year Re-Certification Completed