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Sago Palms 1860 NW 24th Ave 6 Unit Apartment Building $2,950,000 ($491,667/Unit) 5.17% Cap Rate Miami, FL 33125
Investment Highlights
- Rare Opportunity To Acquire Newly Constructed Multifamily Asset In The Heart Of Miami With Seller Financing Available
- Property Features All Large 3 Bedroom 2 Bathroom Units Around 1,000 Sq Ft Each With Modern, Premium Finishes And High-End Appliances
- Separately Metered Utilities For Low Operating Expenses And Ample On-Site/Covered Parking Spaces
- Constructed To Latest Building Codes - Hurricane And Flood Proof - Concrete Roof + Hurricane-Impact Windows/Doors - Low Insurance Costs
- Property Also Has Sizable Storage/Flex Space Around 1,100 Sq Ft Which Can Be Rented For Variety Of Uses To Maximize Returns
- Prime Allapattah Location Close To Restaurants, Retailers, Schools, Healthcare, Public Transportation Stops, Recreation, And More
Executive Summary
Sago Palms presents an extremely rare opportunity to acquire a recently constructed multifamily asset in Miami, offering a total of 11,077 square feet across six well-designed residential units. Built in 2022, the property delivers modern construction quality and efficiency, minimizing near-term capital expenditure while providing investors with a stable, income-producing asset.
Each unit is thoughtfully configured as a spacious three-bedroom, two-bathroom layout, averaging approximately 1,000 square feet—an increasingly sought-after unit mix that caters to families and shared living arrangements. The property features central air conditioning throughout, along with private balconies that enhance tenant experience and livability. Utilities are separately metered as well for both water and electricity, providing efficient operations and maximizing net operating income. Covered parking further elevates the asset, providing added value to tenants given the scarcity of parking in the area.
Further enhancing the investment profile, the property includes a large, dedicated storage/flex space that can be utilized for a variety of purposes, offering an additional revenue stream with minimal overhead. Zoned T4-R, Sago Palms benefits from flexible residential zoning that supports long-term investment stability and potential upside. The combination of modern construction, large unit layouts, supplemental income potential, and desirable amenities positions the asset as an attractive option for multifamily and low-rise/garden investors seeking a turnkey investment with durable income and operational upside.
Each unit is thoughtfully configured as a spacious three-bedroom, two-bathroom layout, averaging approximately 1,000 square feet—an increasingly sought-after unit mix that caters to families and shared living arrangements. The property features central air conditioning throughout, along with private balconies that enhance tenant experience and livability. Utilities are separately metered as well for both water and electricity, providing efficient operations and maximizing net operating income. Covered parking further elevates the asset, providing added value to tenants given the scarcity of parking in the area.
Further enhancing the investment profile, the property includes a large, dedicated storage/flex space that can be utilized for a variety of purposes, offering an additional revenue stream with minimal overhead. Zoned T4-R, Sago Palms benefits from flexible residential zoning that supports long-term investment stability and potential upside. The combination of modern construction, large unit layouts, supplemental income potential, and desirable amenities positions the asset as an attractive option for multifamily and low-rise/garden investors seeking a turnkey investment with durable income and operational upside.
Property Facts
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Washer/Dryer
- Tile Floors
- Kitchen
- High Speed Internet Access
- Ice Maker
- Tub/Shower
- Walk-In Closets
- Freezer
- Wheelchair Accessible (Rooms)
- Large Bedrooms
Site Amenities
- Security System
- Storage Space
- Multi Use Room
- Individual Locking Bedrooms
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 6 | - | 1,000 |
1 1
Very walkable
80/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 01-3134-030-0540 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,243,330 |
Property Taxes
Parcel Number
01-3134-030-0540
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,243,330
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Sago Palms | 1860 NW 24th Ave
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