Renaissance at Sugar Hill 1431 NW 71st St 132 Unit Apartment Building $18,800,000 ($142,424/Unit) 2.15% Cap Rate Miami, FL 33147

*** PRICE REDUCTION!!!***
*** SELLER VERY MOTIVATED!!!***
***GREAT OPPORTUNITY!!!***
-Adjacent to property are 8 VACANT LOTS(great for redevelopment) included in sale as a package deal.
-Current rents are for 2 bedrooms and 3 bedrooms.
-96 Units @ 2-Bed units: monthly rent is $978; monthly utility allowance is $161
-36 Units @ 3-Bed units: monthly rent is $1,089; monthly utility allowance is $241
-Max rents could go up to $2037 and $2317 if using the S42 LIHTC.
-Gross building area is 109,092 square feet, of that 107,436 is rentable area
-The property has been renovated.
-12 Two -Story Buildings
-All units are income restricted based on the restrictive covenants tied to the HFA Bonds that were originally apart of the financing.
-Rent cannot exceed 30% of tenant's annual income, excluding utilities
-That income restriction is 100 % of the units at or below 60% AMI. The county has recently approved the AMI to 80%. (Letters attached to listing)
-All units are set aside for family affordable housing
-Annual property inspections are required to ensure compliance with federal Housing Quality Standards
-Units must meet energy efficiency standards set forth by HUD.
-The first mortgage, being HUD- insured, is ASSUMABLE around 7.4 million and the interest rate is at 2.52%. Written approval is required from HUD, generally
provided within 90 days. This great considering todays interest rates.
-Non-Profit Exemption: property is currently exempt from taxes since it's owned by a non-profit