This property is part of a portfolio that may be purchased together or separately. See attached offering memorandum for details.
The 16 units are made up of 2 properties that are walking distance to each other. Both 313 SW 5th Avenue Homestead, FL and 441 NW 12th Street Florida City, FL are comprised of all 1 bedroom 1 bathroom units.There are 8 units in each building. 313 SW 5th Avenue was constructed in 1950 of concrete block with a flat concrete roof. 441 NW 12th Street was constructed in 1957 of concrete block with a Twin T concrete roof. These simply designed all concrete properties provide essential workforce housing in a high occupancy market. The properties are consistently 100% occupied. Area rents seem to be continually increasing as the demand for affordable housing expands throughout South Florida.
The properties are both conveniently located near US1 and the Florida Turnpike, two of Miami-Dade County’s main north/south arteries. It is also located blocks away from Downtown Homestead which is enjoying large amounts of new investment that includes a brand new Police Station, City Hall, the reopening of the historic Seminole Theater and the 65,000 SF Homestead Station currently under construction, which will include a movie of the theater, bowling alley, large arcade, multiple dinning and retail options. This expansion will bring new amenities and create new employment opportunities in the immediate area. The new Homestead Station development is within walking distance to the properties, less than 0.5 Miles from 313 SW 5th Avenue and less than 0.75 from 441 NW 12th Street. City officials are also planning on adding a bus rapid transit system based out of Homestead Station by 2021. This will help reduce transit time for residents commuting to work in central Miami. Along with the current investment in Downtown Homestead a new Campus for Miami-Dade College along with a student entertainment center and a residential park with interactive games and the ability to host special events are in the works.
Both 313 SW 5th Avenue and 441 NW 12th Street are located in IRS Designated Opportunity Zones. These zones were created in the Tax Cuts and Jobs Act. The designated properties allow for preferential tax treatment to help spur investment in low income communities.
For inquiries you may also contact Sam Mekras: (786)671-0154
