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The Shenandoah 2162 SW 14th Ter 24 Unit Apartment Building $8,000,000 ($333,333/Unit) Miami, FL 33145
Executive Summary
CBRE, as exclusive advisor, is pleased to present The Shenandoah (the “Property”)—a fully renovated, 24-unit residential community located in the highly desirable Shenandoah neighborhood of Miami, Florida.
All 24 units are two bedroom/one bathrooms and were gut renovated in 2020 with over $2.4 million ($100,000 per unit) with high end finishes. Unit finishes include stainless steel appliances, granite countertops, Italian wood cabinetry, tile flooring throughout, hurricane impact windows, 9’ ceilings, digital thermostats, and more. In addition, renovation in 2020 also included all new electrical (panels, wiring, meters) and plumbing, new irrigation, new lines (100% PVC 6” to the street), new central A/C, 100% replacement of all interior sheetrock and framing, landscaping and sprinkler system.
All the units are the same size and finishes but the rents vary from $1,900 to $2,300. Market rents should average $2,200 which is +/-$150 higher than the gross rents at the property. The current gross income at the property is $590,000.
New construction two-bedroom units in the immediate rent up to $2,500 average rents in the submarket for 2BR units average $2,286.
The community features an array of amenities including reserved off-street parking area, laundry facility, storage area, gated entrance and more.
All 24 units are two bedroom/one bathrooms and were gut renovated in 2020 with over $2.4 million ($100,000 per unit) with high end finishes. Unit finishes include stainless steel appliances, granite countertops, Italian wood cabinetry, tile flooring throughout, hurricane impact windows, 9’ ceilings, digital thermostats, and more. In addition, renovation in 2020 also included all new electrical (panels, wiring, meters) and plumbing, new irrigation, new lines (100% PVC 6” to the street), new central A/C, 100% replacement of all interior sheetrock and framing, landscaping and sprinkler system.
All the units are the same size and finishes but the rents vary from $1,900 to $2,300. Market rents should average $2,200 which is +/-$150 higher than the gross rents at the property. The current gross income at the property is $590,000.
New construction two-bedroom units in the immediate rent up to $2,500 average rents in the submarket for 2BR units average $2,286.
The community features an array of amenities including reserved off-street parking area, laundry facility, storage area, gated entrance and more.
Property Facts
| Price | $8,000,000 | Building Class | C |
| Price Per Unit | $333,333 | Lot Size | 0.54 AC |
| Sale Type | Investment | Building Size | 24,470 SF |
| No. Units | 24 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1925/2020 |
| Apartment Style | Low-Rise | Parking Ratio | 1.18/1,000 SF |
| Zoning | 3900 | ||
| Price | $8,000,000 |
| Price Per Unit | $333,333 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.54 AC |
| Building Size | 24,470 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1925/2020 |
| Parking Ratio | 1.18/1,000 SF |
| Zoning | 3900 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | $2,200 | - |
Walk Score®
Very Walkable (77)
Property Taxes
| Parcel Number | 01-4110-059-0320 | Improvements Assessment | $3,500,880 |
| Land Assessment | $1,899,120 | Total Assessment | $5,400,000 |
Property Taxes
Parcel Number
01-4110-059-0320
Land Assessment
$1,899,120
Improvements Assessment
$3,500,880
Total Assessment
$5,400,000
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The Shenandoah | 2162 SW 14th Ter
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