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LBM Apartments 1362 SW 2nd St 20 Unit Apartment Building $3,990,000 ($199,500/Unit) 5.94% Cap Rate Miami, FL 33135
Investment Highlights
- Newer roofs, Upgraded PVC plumbing, 40-Year Recertification completed, Stabilized income, Immediate value-add potential
Executive Summary
High-performing 20-unit multifamily asset in the heart of Little Havana generating $356,580 in gross annual rent & $236,901 in NOI. Strong in-place income with plenty of upside—current rents are below Section 8 levels, offering immediate value-add potential through rental increases. Other features: newer roofs, upgraded PVC plumbing, & a history of consistent 100% occupancy. Unit mix: (1) 1-bed/2-bath, (14) 1-bed/1-bath, (4) 2-bed/1-bath, & (1) 2-bed/2-bath. Priced at just $199,500 per unit—rare for Little Havana with this level of stabilized income. 40-Year Recertifications have been completed. Attachments include the current rent roll, 2025 operating statement, & certification reports. Freddie Mac loan is assumable with a 3.83% interest rate, approx. $1,720,000 balance, & 2030 maturity.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$356,580
|
$44.47
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$356,580
|
$44.47
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$119,678
|
$14.92
|
| Net Operating Income |
$236,902
|
$29.54
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $356,580 |
| Annual Per SF | $44.47 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $356,580 |
| Annual Per SF | $44.47 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $119,678 |
| Annual Per SF | $14.92 |
| Net Operating Income | |
|---|---|
| Annual | $236,902 |
| Annual Per SF | $29.54 |
Property Facts
| Price | $3,990,000 | Building Class | C |
| Price Per Unit | $199,500 | Lot Size | 0.26 AC |
| Sale Type | Investment | Building Size | 8,019 SF |
| Cap Rate | 5.94% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1914/1979 |
| Property Subtype | Apartment | Parking Ratio | 0.99/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | 3901 - Residential Multi-Family | ||
| Price | $3,990,000 |
| Price Per Unit | $199,500 |
| Sale Type | Investment |
| Cap Rate | 5.94% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 8,019 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1914/1979 |
| Parking Ratio | 0.99/1,000 SF |
| Zoning | 3901 - Residential Multi-Family |
Amenities
Unit Amenities
- Air Conditioning
Site Amenities
- 24 Hour Access
- Courtyard
- Gated
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 500 |
| 2+1 | 5 | - | - |
| 2+2 | 1 | - | - |
1 1
Walk Score®
Walker's Paradise (94)
Property Taxes
| Parcel Number | 01-4102-006-2220 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,211,409 |
Property Taxes
Parcel Number
01-4102-006-2220
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,211,409
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LBM Apartments | 1362 SW 2nd St
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