This property is Off-Market

301 SE 6th Ave
Homestead, FL 33030 ·

112 Units · Multifamily For Sale

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Riverwalk II Homestead, FL 112 Units

Price N/A Property Use Type Investment
No. Units 112 Cap Rate 7.22%
Building Size 103,200 SF No. Stories 2
Property Type Multifamily Year Built 1994
Property Sub-type Garden/Low-Rise Lot Size 8.19 AC
Listing ID: 18265929 Date Created: 07/16/2013 Last Updated: 02/04/2014

Description

Franklin Street is pleased to be the exclusive advisor for the sale of Riverwalk II Apartments, a 112 unit, garden style apartment complex located in the city of Homestead, FL.  Riverwalk II represents a truly rare opportunity for an investor to acquire a stabilized, 90' s vintage, 100+ unit complex in Miami-Dade County. Approximately 80% of the property' s units are set aside and must be rented to tenants who earn not more than 60% of the Area Median Income (AMI) and 20% of the property' s units are set aside and must be rented to tenants who are both farmworkers and earn not more than 50% of the AMI. The property was originally developed under a Land Use Restriction Agreement with construction financing provided by the Florida Housing Finance Agency.

The property' s Homestead location is roughly 30 minutes south of the city of Miami as well as Miami International Airport. Major area streets include Campbell Drive (SW 312th Street) to the north, US-1 to the west and Florida' s Turnpike to the east. Florida' s Turnpike connects the city of Homestead to the city of Miami and surrounding areas to the North as well as the FL Keys to the South. One of the most significant additions to the local market is Homestead Hospital of the Baptist Health Network, which opened in May 2007.

Highlights

  • Strong Unit Mix with 75% 2&3 Bedroom Units
  • Mid 1990' s Construction
  • Rare 100+ unit Miami-Dade Opportunity
  • $330,000 in recent capital improvements
  • Close proximity to Florida' s Turnpike & US1

Research

301 SE 6th Ave, Homestead, FL 33030 (Miami-Dade County)

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