Historical Multifamily Sale Listing - Riverwalk II Homestead, FL 112 Units

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Riverwalk II Homestead, FL 112 Units

301 SE 6th Ave, Homestead, FL 33030

N/A

112 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
112
Building Size:
103,200 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.22%
No. Stories:
2
Year Built:
1994
Lot Size:
8.19 AC
Listing ID
18265929
Last Updated
260 days ago

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

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.

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

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