Royal Palm Apartments
Closed160-183 NW 9th Street, Homestead, FL 33030
Property type
Multifamily
Unit / Space count
27
Price
$2,000,000
Building size
18,043 sf
Rentable area
18,043 SF
Year built
1956
Year renovated
Occupancy
96.3%
Stories
1
APN
10-7812-003-0490, 0500, 0350, 0501
Zoning code
R-3
Lot size
1.61 Acres
Unit mix
27x
-br
Bedroom count
Price per Unit
$74,074
Price per SF
$110.85
Property description
Royal Palm Apartments is a 27-unit multi-family, community located in Homestead, Florida, which is in Miami-Dade County. The subject property consists of 4 buildings which were built between 1955-1966 with reinforced concrete, stucco exterior, flat roofs and situated on approximately 1.61 acres of lot. The property is located on NW 9th street between Krome avenue and NW 2nd Ave. The neighborhood consists primarily of multi-family, and single-family homes of similar age and construction as the subject property. The property is conveniently located 2 blocks west from SR 997, a 36.7-mile-long state highway that runs north-south in western Miami-Dade County. West to the subject property you’ll find the Homestead Air Reserve Base which serves as the base for the United States Air Force. Homestead is a major agricultural area which is home to Biscayne National Park and Everglades National Park. Just of north of the property is the famous Knaus Berry Farm, a roadside stand that offers fresh vegetables on an 80-acre farm. 16 miles west of the property is the Homestead-Miami Speedway, which has promoted races such as NASCAR, the Verizon IndyCar Series, and the Championship Cup Series. The investment opportunity consists of (23) one-bedroom & one bath apartments, (2) two - two bedroom & one units, and (2) two – three-bedroom one bath apartments totaling 18,043 RSF. All units have tile floors and fully equipped kitchens. The property provides amenities such as tenant parking and a laundry facility. Water and trash is included in the rent. The asset offers great cash flow from day one with an opportunity to increase rents by approximately 7-8% overall.