Property details

Miami Beach Multifamily Properties For Sale, Southeast Region

Property Description

Miami Beach Multifamily Properties For Sale

Off-Market, Confidential Opportunity.

Three multifamily properties that can be purchased as a portfolio, or separate.

All of these properties are within .07 miles of each other.

Total of 144 Units.

1. 51 Units

51 unit, 98% occupied Class B- property, currently 65% Sec 8 occupied (all of the units can be Sec 8). The building was completely renovated in 2015.

This property isalso within the Housing Authority of the City of Miami Beach, Sec 8 Housing Choice Voucher Program. This is a very important point.

Miami Beach has worked with the current owner of these units because the subject property sits within the 10 Mile radius the City of Miami Beach has designated to allow for additional affordable housing, allowing the current owner to push up rents aggressively. This is not a contractual arrangement, however it has been beneficial for both parties.

Asking Price: $6,850,000
2018 NOI: $552,673
CAP Rate: 8.00%

2. 72 Units

72 is a 96% occupied, 72 unit, Class B- property, currently 65% Sec 8 occupied (all of the units can be Sec 8). The current owners have renovated units as the tenants have moved out. Upgrade costs have averaged $3,000.00 per unit with approximately 20 of the 72 units renovated. The roof was updated in 2012. Laundry facilities have also been upgraded.

*(Take note that as you review, that the Sec 8 2B/1B units are increasing to $1,300.00 per month; the 3B/1B units are increasing to $1,600.00, per month, per the Housing Authority of the City of Miami Beach, Sec 8 Housing Choice Voucher Program).

Asking Price: $9,700,000
2108 NOI: $754,914
CAP Rate: 7.7%

3. 21 Units

21 Units is directly across the street from the new distribution facility of a major company.

Backstory: The Sellers purchased the property, immediately began aggressively leasing up the units, moving up rents, as you will see, to a current average of $850.00 per unit (which will move to $1100.00 per unit as units roll over based on Miami Beach Sec. 8 Voucher Program). There is 100% occupancy.

Based on 2018 Budgeted NOI of $229,000.00, Selling at a CAP 8%.

Asking Price: $2,800,000
2018 NOI: $229,000
CAP Rate: 8.00%

Buyer is responsible for a 2.00% brokerage fee.



Multifamily / Apartment Properties For Sale



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Highlights

Status:
Available
Price:
$19,350,000
Cap Rate:
8.00%
 

Property Information

Property Type:
Apartments
Industry Type:
Apartment - Multifamily
Units/Spaces:
144
Purchase Tenure:
Fee Simple
 

Existing financing information

N/A

The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.