1628 SW 3rd Street 1628 SW 3rd St 12 Unit Apartment Building $2,200,000 ($183,333/Unit) 5% Cap Rate Miami, FL 33135

1628 SW 3rd Street offers an investor the opportunity to acquire the property and immediately add value by increasing the rental income to market levels. The current rent is about $175 below market rents for similar buildings. The building is a 12-unit, two-story residential building with all one-bedroom & one bathroom units with about 514 SF. The property has off-street parking in the rear of the property and the electric has been updated throughout the property. The building has a T4-L zoning and is situated on a .17 acre lot. The tenants are responsible for electric and the owner pays for water, sewer and trash removal.
1628 SW 3rd Street is located on SW 3rd Street between SW 12th Avenue and SW 17th Avenue. The property’s neighborhood is located between Flagler Street and SW 8th Street, two main retail and commercial corridors. The area is very densely populated and is a very strong rental market. Little Havana extremely high occupancy can be contributed to its excellent location right in the middle of South Florida’s major employment centers including the Health District to the north, Downtown Miami, Brickell and Port Miami to the east, Coconut Grove to the South and Coral Gables and Miami International Airport to the West.