2911-2931 E 4th Ave
Hialeah, FL 33013
Hialeah Racetrack Apartments · Multifamily Property For Sale · 19 Units

Union Street Partners LLC is pleased to present the Racetrack Apartments in Hialeah, Florida. This offering consists of 19 units on a 18,224 square foot corner lot in the desirable East Hialeah market. There are 2 - 4 plexes which are all one bedroom one bathroom units and an adjacent 11 unit building which consists of 8 studios, 1 - 2 BR and 2 - 1 BR units. Each unit is separately metered for electric and the landlord pays for water. Current rents are in the $750 per month range for 1 BR units, $650 for studios and 2 BR unit $875. A rent increase will be implemented as of January 1, 2018 with 1BR rents increasing to $835, studios $700 and 2 BR $950. Renovated buildings in the immediate area have rents for 1 BR units over $1000 and $1250+ for 2BR units. The property is directly across the street from the Hialeah Racetrack and has excellent visibility along East 4th Avenue. There are 22 off street parking spaces. The units are 100% occupied and Hialeah is considered one of the strongest rental markets in not only South Florida but the entire state. Most multifamily owners in Hialeah rarely sell as evidenced by approximately 12 apartment building transactions over the last 12 months. The reason for this is simple: Its a great market to be an owner in. Hialeah has a stable and high demand rental market and there is very little new multifamily construction in the city. Hialeah is also the tenth-largest city in the United States among cities with a population density of more than 10,000 people per square mile. The Racetrack Apartments is a great opportunity for a value added investor to purchase units with below market rents in a predictable market with outstanding fundamentals.