1200 SW 3rd St | Homestead, FL 33030
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- LoopNet Team
1200 SW 3rd St
Homestead, FL 33030
Coral Grove Apartments · Multifamily Property For Sale
·
73 Units
INVESTMENT HIGHLIGHTS
- Offers for Coral Grove Apartments shall be due by the end of business on Wednesday, October 30th, 2024
- Originally constructed in 1964 as 80 units (10 x 8-unit buildings) all of which were 1-bedroom apartments
- Offered for sale below 9x current gross rents. This drops to a 7.7 GRM at market rates (as 73 units) and a 7.5 GRM as conversion back to 80 units
- $6,491,000 assumable Fannie Mae mortgage with 3.98% interest rate Fixed until 2036 (interest-only until August 2029)
- $10,800,000 represents $147,945 per unit as 73 units and a basis of $135,000 per unit if converted back to the 80-unit configuration
- Built of concrete block and concrete roofs, which offer a substantial insurance savings over a traditional wood-truss roofing system
PROPERTY FACTS
| No. Units | 73 | Lot Size | 1.91 AC |
| Property Type | Multifamily | Building Size | 49,220 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Garden | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1964/1993 |
| Zoning | R-3 - Residential Multi-Family | ||
| No. Units | 73 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 1.91 AC |
| Building Size | 49,220 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/1993 |
| Zoning | R-3 - Residential Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Tile Floors
- Kitchen
- Refrigerator
- Oven
- Range
- Breakfast Nook
- Dining Room
- Lawn
- Smoke Free
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Fenced Lot
- Laundry Facilities
- Property Manager on Site
- Gas Range
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 52 | - | 500 |
| 1+1.5 | 8 | - | 500 |
| 2+1 | 6 | - | 500 |
| 2+2 | 1 | - | 1,000 |
| 3+2 | 6 | - | 1,000 |
PROPERTY TAXES
| Parcel Number | 10-7813-053-0070 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $5,676,445 |
PROPERTY TAXES
Parcel Number
10-7813-053-0070
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$5,676,445
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