Description

REDUCED! Seller willing to consider reasonable cap rate for this property located in high-end, exclusive area (Not for investors seeking cap rates of 8%, 9%, etc). This is a VERY unique opportunity to invest in a multifamily in AAA Coral Gables, Florida. Both University of Miami students & professionals alike are attracted to this bldg due to its proximity to the university and business districts of Coral Gables and South Miami. The bldg usually maintains a high occupancy level at above average rental rates, even in down economic cycles. Owners have maintained this 1965 structure in great shape throughout the years, as typical of owners in this area. In 2006, the building passed the forty-year building re-certification requirement. In addition, the roof is currently under warranty. The building does have a pool and laundry on site. The 40 units consist of 24 two-story loft-type apartments PLUS 9 studios and 7 single-story apartments. Owner is ready to negotiate! Will consider pricing alternatives and Seller-financing combinations. If you wish to receive more details and financials, please complete the attached Confidentiality Agreement or go to www.1500venera.com

A building of this size is rarely available for purchase in this AAA location. The building is located immediately adjacent to Whole Foods, across the street from small walking park, and one block to Sunset Place Shopping Mall. According to Coral Gables Chamber of Commerce' s website, the average household income in the city is $128,288 and over 50% of all residents have college degrees.