Marlin Manor Apartments
Closed1528 NW 3rd St., Miami, FL 33125
Property type
Multifamily
Unit / Space count
24
Price
$3,010,000
Building size
15,187 sf
Rentable area
15,187 SF
Year built
1923
Year renovated
Occupancy
Zoning code
Lot size
0.17 Acres
Sold/status
Sold · Date unknown
Sale price
$3010000
Bedroom count
CAP
6.17%
Property description
Marlin Manor Apartments is a 24-unit, multifamily community located in Miami, FL, which is in Miami-Dade County. The subject property is a three-story building built in 1923 using reinforced concrete block construction with painted stucco exterior. The property is located at 1528 NW 3rd St., north of Flagler St., south of the Dolphin Expressway, between NW 17th Ave. and NW 12th Ave. (SR 933), main traffic arteries 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 (6) studios, (6) one-bedroom & one-bathroom units consisting of two different floor plans, and (12) two-bedroom & one-bathroom apartments, totaling approximately 15,187 RSF. All units offer new kitchens with modern appliances, new bathrooms, new flooring and wall A/C units. Water, sewer and trash are included in the rent. Residents 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. Immediately across the street from the property is the Marlins Stadium, home of the Miami Marlins and approximately six miles west on the Dolphin Expressway is the Miami International Airport. Marlin Manor Apartments offers an investor the opportunity to purchase a stabilized, irreplaceable investment property in one of the strongest rental markets in Miami-Dade County, where vacancies are virtually non-existent. In addition, since acquisition the property has undergone a major renovation where the current owner invested over $400,000 in capital improvements including new roof, building and structural upgrades, interior unit renovations with new kitchens cabinets, modern stainless steel appliances, bathroom vanities, showers, toilets and new flooring in units, as well as interior hallways. This investment provides great cash flow day one of acquisition and the opportunity to increase rents conservatively by 3%. Furthermore, a new owner can add value to the real estate by installing central A/C's, impact resistant windows and onsite laundry facility, which will significantly increase the investment's income and value.
Property highlights
- Highly Sought After Little Havana Rental Market
- Historically 100% Occupied Asset
- Directly across from Marlins Stadium
- Attractive Unit Mix of Studios, One & Two-Bedroom Apartments
- Over $400,000 in Capital Improvements
- Structural & Interior Unit Renovations
- New Kitchen Cabinets, Counter Tops & Modern Appliances
- New Bathroom Vanities, Toilets, Showers & Light Fixtures
- Reinforced & Hardened Floors
- New Flooring in Units & Throughout Common Areas
- Roof Replaced in 2017
- Easy Access to Public Transportation