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Mailbox-Money Asset w/ Majority Section 8 1265 Sharazad Blvd 14 Unit Apartment Building $2,777,000 ($198,357/Unit) 7.63% Cap Rate Opa Locka, FL 33054
Investment Highlights
- Ideal 1031 Exchange property
- Steady occupancy of 92-100% from professional management company, willing to stay on to manage for fee.
- Mix of majority Section 8 subsidized income and some traditional tenancies
- Freshly-renovated inc. impact glass and modern facade and completed 40-Year Recertification Completed
- Assumable mortgage available
- Additional value-add available by adding laundry income, upgrading appliances in some units
Executive Summary
The Alpha Commercial Advisors is pleased to present Bel-Air Apartments: A pristine, fully-renovated and stabilized 14-unit multifamily asset located in Opa-Locka, Florida. The rent roll is comprised primarily of Section 8 tenancies (10 of 14 units), with a balanced mix of efficiently-sized BR and 2BR units, substantial capital improvements, and optimized in-place income, allowing buyer to step into a money-making machine, and with option to keep current management company on board offering a secure, low-maintenance investment perfect for 1031 Exchange buyers. Add to that, assumable debt is available at 6.4% interest for buyers with existing multifamily portfolios. The property has a clean bill of health with 40-year recertification in place, further reducing acquisition friction.
***Projected NOI accounts for re-assessed taxes, 3% vacancy loss, and 6% management fee.*****
Owner will stay on as property manager at a fee, for a seamless step-in to mailbox money, for any buyer who desires this option.
Investment Highlights
-Ideal unit mix with (6) 2BR-1BA units and 8 1BR-1BA units
-Varied income mix with ten (10) Section 8 (annual leases) and four (4) flexible market-rate tenancies
-Fully-renovated grounds feature impact glass, gated courtyard entry, security cameras, ample on-site parking, and clean modern facade
-40-Year Recertification completed
-All units individually metered for electric
-Steady 92-100% occupancy from professional property management
-Additional upside available by adding laundry income + upgrading finishes in remaining units
Renovation Highlights
-Upgraded kitchens w/granite countertops (most units)
-Over 75% of bathrooms upgraded
-Stainless steel appliances in more than 50% of units
-2-3 new mini-split AC systems per unit
-Recessed lighting & impact windows
-Clean, durable finishes for long-term durability
***Projected NOI accounts for re-assessed taxes, 3% vacancy loss, and 6% management fee.*****
Owner will stay on as property manager at a fee, for a seamless step-in to mailbox money, for any buyer who desires this option.
Investment Highlights
-Ideal unit mix with (6) 2BR-1BA units and 8 1BR-1BA units
-Varied income mix with ten (10) Section 8 (annual leases) and four (4) flexible market-rate tenancies
-Fully-renovated grounds feature impact glass, gated courtyard entry, security cameras, ample on-site parking, and clean modern facade
-40-Year Recertification completed
-All units individually metered for electric
-Steady 92-100% occupancy from professional property management
-Additional upside available by adding laundry income + upgrading finishes in remaining units
Renovation Highlights
-Upgraded kitchens w/granite countertops (most units)
-Over 75% of bathrooms upgraded
-Stainless steel appliances in more than 50% of units
-2-3 new mini-split AC systems per unit
-Recessed lighting & impact windows
-Clean, durable finishes for long-term durability
Property Facts
| Price | $2,777,000 | Building Class | C |
| Price Per Unit | $198,357 | Lot Size | 0.27 AC |
| Sale Type | Investment | Building Size | 11,858 SF |
| Cap Rate | 7.63% | Average Occupancy | 100% |
| No. Units | 14 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 1.26/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-3 - Moderate density multifamily residential | ||
| Price | $2,777,000 |
| Price Per Unit | $198,357 |
| Sale Type | Investment |
| Cap Rate | 7.63% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.27 AC |
| Building Size | 11,858 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1965 |
| Parking Ratio | 1.26/1,000 SF |
| Zoning | R-3 - Moderate density multifamily residential |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- Courtyard
- Fenced Lot
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | - | 565 |
| 1+1 | 8 | - | 400 |
1 1
Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Number | 08-2121-002-2350 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,419,000 |
Property Taxes
Parcel Number
08-2121-002-2350
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,419,000
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Mailbox-Money Asset w/ Majority Section 8 | 1265 Sharazad Blvd
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