Sago Palms
For sale1860 NW 24th Ave, Miami, FL 33125
Property type
Multifamily
Unit / Space count
6
Price
$2,850,000
Building size
11,077 sf
Rentable area
11,077 SF
Year built
2022
Year renovated
Occupancy
Zoning code
Lot size
0.19 Acres
Bedroom count
CAP
6.04%
Price per Unit
$475,000
Price per SF
$257.29
Property description
Sago Palms presents a rare opportunity to acquire a recently constructed multifamily asset in Miami, offering a total of 11,077 square feet across six well-designed residential units. Built in 2022, the property delivers modern construction quality and efficiency, minimizing near-term capital expenditure while providing investors with a stable, income-producing asset. Currently 100% occupied, Sago Palms offers immediate cash flow with a strong in-place tenant base. Each unit is thoughtfully configured as a spacious three-bedroom, two-bathroom layout, averaging approximately 1,000 square feet—an increasingly sought-after unit mix that caters to families and shared living arrangements. The property features central air conditioning throughout, along with private balconies that enhance tenant experience and livability. Covered parking further elevates the asset, providing convenience and added value for residents. Further enhancing the investment profile, the property includes a dedicated storage/flex space that can be utilized for a variety of purposes, offering an additional revenue stream with minimal overhead. Zoned T4-R, Sago Palms benefits from flexible residential zoning that supports long-term investment stability and potential upside. The combination of modern construction, large unit layouts, supplemental income potential, and desirable amenities positions the asset as an attractive option for multifamily and low-rise/garden investors seeking a turnkey investment with durable income and operational upside.
Property highlights
- Extremely Rare Opportunity To Acquire A Recently Constructed, Boutique Three-Story Multifamily Asset In The Heart Of Miami
- Attractive Seller Financing Available - Can Potentially Be At 6.92% Cash-On-Cash Return Day 1
- Building Was Constructed To Latest Building Code - Hurricane And Flood Proof
- Roof Is Concrete And Windows/Doors Are All Hurricane-Impact
- Low Insurance Costs - Current Policy Only Around $8.5K Including Wind
- Property Features All Large 3 Bedroom 2 Bathroom Units Around 1,000 Sq Ft Each
- Property Also Has Sizable Storage/Flex Space Around 1,100 Sq Ft Which Can Be Rented To Maximize Returns
- All Units Feature Modern Finishes & Layouts With Central Air-Conditioning, Private Balconies, Stainless Steel Appliances, In-Unit Washers & Dryers, Dishwashers, Premium Cabinetry, High-Quality Tile Flooring, Etc.
- Utilities Separately Metered Allowing For Low Operating Expenses
- Ample On-Site And Covered Parking For Tenants And Guests, A Rarity In The Area
- Prime Allapattah Location Close To Restaurants, Retailers, Schools, Healthcare, Public Transportation Stops, Recreation, And More
- Located Just North Of The Miami River And East Of NW 27th Ave Providing Easy Access To Downtown Miami, Brickell, Wynwood, Little Havana, Coral Gables, And Other Major Business Districts Anywhere In Miami-Dade Via SR-836 And I-95