West Havana Gardens Apartments
Closed324 SW 19th Ave, Miami, FL 33135
Property type
Multifamily
Unit / Space count
8
Price
$1,100,000
Building size
3,509 sf
Rentable area
3,509 SF
Year built
1930
Year renovated
Occupancy
Zoning code
Lot size
0.20 Acres
Sold/status
Sold · Date unknown
Sale price
$1100000
Bedroom count
Property description
West Havana Gardens Apartments is an 8-unit, multifamily community located in Miami, FL, which is in Miami-Dade County. The subject property is a 2-story building built in 1930 using reinforced concrete block construction with painted stucco exterior. The property is located at 324 SW 19th Ave, south of the Dolphin Expressway, and Flagler St., and north of “Calle Ocho”, between SW 22nd Ave. and SW 12th Ave. (SR 933), a main traffic artery traveling north-south through Miami-Dade County, The immediate neighborhood consists of primarily single family, multi-family and condominium buildings of similar age and construction as the subject property. The investment opportunity consists of an attractive unit mix of (1) one-bedroom & one-bathroom and (7) two-bedroom & one-bathroom apartments, totaling approximately 3,509 RSF. All units offer fully equipped kitchens with modern appliances, tiled floors, central a/c's and impact resistant windows. Common area amenities include onsite laundry facility and assigned parking for the convenience of tenants and guests. Water, sewer and trash are included in the rent. Tenants pay for all other utilities. The asset is in the heart of "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. West Havana Gardens Apartments offers an investor the opportunity to purchase an irreplaceable, fully-stabilized, income producing property in one of the strongest rental markets in Miami-Dade County, where vacancies are virtually non-existent. At list price this investment provides a new owner with long term tenants, stable passive income with low management obligations day one of acquisition and the opportunity to immediately increase rents 7% and achieve a near double digit Cash on Cash return with minimal effort within the first year of ownership.
Property highlights
- Highly Sought After Little Havana Rental Market
- Historically 100% Occupied Investment Property
- Long Term Tenants with Immediate Opportunity to Raise Rents
- Unique Unit Mix of (7) Two-Bedroom & (1) One-Bedroom Apartments
- Central A/C's and Impact Resistant Windows
- Assigned Tenant & Guest Parking
- Onsite Laundry Facility
- Close to Marlins Stadium, Downtown Miami & Brickell City Centre
- Easy Access to Public Transportation, Dolphin Expressway, I-95, Calle Ocho
- Conveniently Located Near Major Retailers, Dining and Employment Hubs
- 40 Year Re-Certification Completed