Marlin Gardens Apartments
Closed1129 NW 3rd St, Miami, FL 33128
Property type
Multifamily
Unit / Space count
18
Price
$2,800,000
CAP
6.83%
Building size
12,263 sf
Rentable area
12,263 SF
Year built
1927
Year renovated
Occupancy
Zoning code
Lot size
0.17 Acres
Sold/status
Sold · Date unknown
Sale price
$2800000
Bedroom count
Property description
Marlin Gardens Apartments is an 18-unit, multifamily community located in Miami, FL, which is in Miami-Dade County. The subject property is a three-story building built in 1927 using reinforced concrete block construction with painted stucco exterior. The property is located at 1129 NW 3rd St., north of Flagler St., south of the Dolphin Expressway, between NW 15th Ave. and NW 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 (18) two-bedroom & one-bathroom apartments, totaling approximately 12,263 RSF. All units offer new kitchens with modern kitchen appliances, new bathrooms, tiled floors, central A/C's, impact resistant windows and balconies in select units. Common area amenities include security cameras and laundry facility for tenants convenience. Water, sewer and trash are included in the rent, however owner has installed individual water meters and has 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 "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 west of the property is the Marlins Stadium, home of the Miami Marlins and six miles west on the Dolphin Expressway is the Miami International Airport. Marlin 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 a complete renovation project, where the current owner invested in excess of $500,000 in capital improvements over the past 15 months. At list price this investment provides a new owner a 6.83% CAP rate day one of acquisition and the opportunity to increase rents conservatively 5% and achieve a 10.56% Cash on Cash return with minimal effort in the first year of ownership.
Property highlights
- Highly Sought After East Little Havana Rental Market
- Fully Renovated, Stabilized Investment Property
- Over $500,000 In Capital Improvements
- Complete Electrical System Overhaul
- Attractive Unit Mix - 100% Two-Bedroom Apartments
- New Impact Resistant Windows
- New Kitchen Cabinets, Counter Tops with Modern Appliance Packages
- New Bathroom Vanities, Toilets, Showers & Light Fixtures
- Resurfaced & Harden Floors with Tile in Common Areas
- LED Lighting in Hallways & Security Cameras Throughout Building
- Individual Water Meters Installed on All Units
- 40 Year Re-Certification Completed