Marlin Gardens Apartments is an 18-unit, multifamily community located in Miami, FL, which is in Miami-Dade
County. The subject property is a three-story building built in 1927 using reinforced concrete block construction
with painted stucco exterior.
The property is located at 1129 NW 3rd St., north of Flagler St., south of the Dolphin Expressway, between NW
15th Ave. and NW 12th Ave. (SR 933), a main traffic artery traveling north-south through Miami-Dade County.
The immediate neighborhood consists of primarily multi-family buildings of similar age and construction as the
subject property.
The investment opportunity consists of a highly attractive unit mix of (18) two-bedroom & one-bathroom
apartments, totaling approximately 12,263 RSF. All units offer new kitchens with modern kitchen appliances,
new bathrooms, tiled floors, central A/C's, impact resistant windows and balconies in select units. Common area
amenities include security cameras and laundry facility for tenants convenience. Water, sewer and trash are
included in the rent, however owner has installed individual water meters and has the ability to bill back tenants
for water consumption lowering future operating costs. Tenants pay for all other utilties.
The asset is located in the heart of "East Little Havana", a highly desirable rental market located west of
downtown Miami and Brickell City Centre, the $1.05 billion mixed use project consisting of national brand
retailers, hospitality, and restaurants. Few blocks south is the world famous “Calle Ocho”, which serves as the hub
of employment, tourism, social, cultural and festive events. Just west of the property is the Marlins Stadium,
home of the Miami Marlins and six miles west on the Dolphin Expressway is the Miami International Airport.
Marlin Gardens Apartments offers an investor the opportunity to purchase an irreplaceable, re-positioned,
fully-stabilized, income producing property in one of the strongest rental markets in Miami-Dade County, where
vacancies are virtually non-existent. In addition, the property has undergone a complete renovation project, where
the current owner invested in excess of $500,000 in capital improvements over the past 15 months. At list price
this investment provides a new owner a 6.83% CAP rate day one of acquisition and the opportunity to increase
rents conservatively 5% and achieve a 10.56% Cash on Cash return with minimal effort in the first year of
ownership.
