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1050 NW 2nd St
Miami, FL 33128
Florida Apartments · Multifamily Property For Sale
·
24 Units
Investment Highlights
- Well located near Loan Depot Park
- Ability to add on-site parking
- Upside in rental income
- Very strong rental market
- On-Site Laundry Room
- Good mix of Studios, 1-Bedrooms & 2-Bedrooms
Executive Summary
The Florida Apartments offers an investor the opportunity to acquire the property and immediately add value by increasing the rental income to market levels.? The current rent is about $200 below market rents for similar buildings.? The building is a 24-unit, three-story residential building with a mix of Studios at about 425 SF, one-bedroom/one-bathroom units at around 584 SF and two bedroom/one-bathroom units at about 800 SF.? The property has some off-street parking on the east side of the building and a large yard on the west side that could be better used as parking or converted to an amenity.? The building has a T4-R zoning and is situated on a .31 acre lot.? The tenants are responsible for electric and the owner pays for water, sewer and trash removal.?
1050 NW 2nd Street is located on NW 2nd Street between NW 8th Avenue and NW 12th Avenue.? The property’s neighborhood is located between Flagler Street and NW 7th Street, just north of Flagler Street, a main retail and commercial corridor.? The area is very densely populated and is a very strong rental market.? Little Havana extremely high occupancy can be contributed to its excellent location right in the middle of South Florida’s major employment centers including the Health District to the north, Downtown Miami, Brickell and Port Miami to the east, Coconut Grove to the South and Coral Gables and Miami International Airport to the West.
1050 NW 2nd Street is located on NW 2nd Street between NW 8th Avenue and NW 12th Avenue.? The property’s neighborhood is located between Flagler Street and NW 7th Street, just north of Flagler Street, a main retail and commercial corridor.? The area is very densely populated and is a very strong rental market.? Little Havana extremely high occupancy can be contributed to its excellent location right in the middle of South Florida’s major employment centers including the Health District to the north, Downtown Miami, Brickell and Port Miami to the east, Coconut Grove to the South and Coral Gables and Miami International Airport to the West.
Property Facts
| Price Per Unit | $183,333 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.64% | Lot Size | 0.31 AC |
| Gross Rent Multiplier | 10.97 | Building Size | 12,870 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1925/2010 |
| Zoning | R-3, Miami | ||
| Price Per Unit | $183,333 |
| Sale Type | Investment |
| Cap Rate | 4.64% |
| Gross Rent Multiplier | 10.97 |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.31 AC |
| Building Size | 12,870 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1925/2010 |
| Zoning | R-3, Miami |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
Site Amenities
- Laundry Facilities
- Picnic Area
- Playground
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 14 | $1,063 | 425 |
| 1+1 | 5 | $1,341 | 584 |
| 2+1 | 5 | $1,622 | 800 |
Property Taxes
| Parcel Number | 01-4102-005-2240 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $3,033,176 |
Property Taxes
Parcel Number
01-4102-005-2240
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$3,033,176
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