Description

The product consists of an intact, seven-story, 60-unit, multi-family apartment building located in the Little Havana. The 60 units are comprised of 42 one bedroom units and 18 two bedroom units. Although it never filed its condo papers, the building was constructed assuming a sell-out as a condominium. Condo docs can be filed at a later date to enable individual unit sales.

Prospective investors have a unique opportunity to acquire an in-tact multi-family asset that should generate above market returns while allowing for 2 possible exit strategies:

" Lease the property and project an exit as an apartment building, i.e. a capitalization rate exit.
" Lease the property, collect income through positive cash flows and when the for sale condominium market returns, file condo docs and execute a hybrid lease and own business plan.

NEW CONSTRUCTION

A brand new building will attract prospective tenants and achieve higher rents while keeping property maintenance costs down.


WELL BELOW REPLACEMENT COST

Current replacement costs for a concrete block construction building are estimated at $200 per square foot and higher.

Asset is located blocks from the Miami River, Interstate-95 and downtown
Miami, and Jackson Memorial Hospital is just 2 miles away.