Union Street Partners LLC is pleased to offer this 10 unit apartment building for sale in Hialeah, Florida. The building was constructed in 1965 and consists of 8 - 1 bedroom 1 bathroom units and 2 - studios. The current ownership has owned this in excess of 15 years and the current rents are $800 for the 1 BR units and $600 and $650 for the studios.
The building has an excellent occupancy history and the property was granted a 40 year recertification in May 2015. There are 10 off street parking spots and each apartment has a wall unit AC. The building is 100% occupied and has an excellent occupancy history. There are also laundry machines on site which are owned by the seller which provide additional income. A new owner could create value by implementing a $50 rent increase for all units as leases expire of which 5 are month to month. This increase is well within the market.
The Hialeah submarket in Miami - Dade County Florida is considered one of the strongest rental markets not only in South Florida but the entire state. This property is located 1 block from the Hialeah Racetrack which was reopened in 2013. The Racetrack is in the beginning of a $1 billion dollar renovation which will include construction of a hotel, restaurants, theatre and casino. Hialeah is also the 5th largest city in the state and according to the U.S. Census, the population has grown almost 6% over the last 5 years to 237,000 residents.
Year to date there have been only 8 multifamily sales out of 414 buildings which have 10 or more units in the city. The reason for this historically minimal turnover compared to other cities in South Florida is simple: its a great submarket to be an owner. Steady population growth, a solid working middle class and essentially no new multifamily construction has been just a few of the reasons current owners rarely sell.
