1490 Oakwood Dr 7 Unit Apartment Building $1,600,000 ($228,571/Unit) 3.30% Cap Rate Miami Springs, FL 33166

This charming 7-unit multifamily property in the heart of Miami Springs presents a rare opportunity for investors seeking stable cash flow with upside potential. With all units currently rented—six on month-to-month terms and one under a 10-month lease—the asset offers immediate income and flexibility for repositioning.
The property has been owned by the same investor for over two decades, reflecting long-term stability and consistent performance. Current rents are significantly below market, creating a clear path for value-add strategies through rent increases and light renovations. The building is in solid condition and requires no major upgrades, allowing new ownership to focus on cosmetic improvements and operational optimization.
The property includes four active utility meters, with the potential to add a fifth. All seven units are legally permitted, including a detached 1-bedroom unit, offering a diverse mix of layouts and rental appeal. With projected gross annual income of $153,600 and a pro forma NOI of $105,900, this asset is ideal for investors seeking both immediate returns and long-term growth.
Located in one of Miami-Dade’s most desirable submarkets, the site benefits from proximity to Miami International Airport, the upcoming soccer stadium, and a vibrant mix of restaurants, retail, and entertainment. Miami Springs is known for its strong appreciation rates and tenant demand, making this a prime location for multifamily investment.