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Harlem Gardens Apartments 700 Harlem Tenants Cir 126 Unit Apartment Building $10,000,000 ($79,365/Unit) 5.30% Cap Rate Clewiston, FL 33440
Executive Summary
AFFORDABLE OVERVIEW:
100% Project-Based Section 8 HAP Contract renewed under HUD Mark-to-Market.
Tax advantage: Land donated, ad valorem tax exempt; property only pays ˜$22K non-ad valorem assessments (fire, drainage, recreation).
Reserves: Replacement reserve funded; prior HUD finding resolved April 2025
PROPERTY DESCRIPTION
Discover a premier investment opportunity in Clewiston, FL. 126-unit, 112,572-SF community with HAP contracts in place, delivering stable subsidized income and 99% occupancy. Balanced mix of 1- to 4-bedroom units (avg. 893 SF) with market rents averaging $1,189/month, positioned below the influx of Class A product. Ideal affordable housing investment or value-add reposition with upside through interior renovations and operational efficiencies creating a rare chance to capture immediate scale.
100% Project-Based Section 8 HAP Contract renewed under HUD Mark-to-Market.
Tax advantage: Land donated, ad valorem tax exempt; property only pays ˜$22K non-ad valorem assessments (fire, drainage, recreation).
Reserves: Replacement reserve funded; prior HUD finding resolved April 2025
PROPERTY DESCRIPTION
Discover a premier investment opportunity in Clewiston, FL. 126-unit, 112,572-SF community with HAP contracts in place, delivering stable subsidized income and 99% occupancy. Balanced mix of 1- to 4-bedroom units (avg. 893 SF) with market rents averaging $1,189/month, positioned below the influx of Class A product. Ideal affordable housing investment or value-add reposition with upside through interior renovations and operational efficiencies creating a rare chance to capture immediate scale.
Property Facts Under Contract
| Price | $10,000,000 | Building Class | C |
| Price Per Unit | $79,365 | Lot Size | 18.12 AC |
| Sale Type | Investment | Building Size | 112,572 SF |
| Cap Rate | 5.30% | Average Occupancy | 99% |
| No. Units | 126 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Garden |
| Price | $10,000,000 |
| Price Per Unit | $79,365 |
| Sale Type | Investment |
| Cap Rate | 5.30% |
| No. Units | 126 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 18.12 AC |
| Building Size | 112,572 SF |
| Average Occupancy | 99% |
| No. Stories | 1 |
| Year Built | 1972 |
| Opportunity Zone |
Yes |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 12 | - | 650 |
| 2+1 | 51 | - | 792 |
| 3+1 | 51 | - | 980 |
| 4+1 | 12 | - | 1,200 |
1 1
Property Taxes
| Parcel Number | 1-34-43-21-A00-0002-0100 | Improvements Assessment | $9,240,308 |
| Land Assessment | $904,750 | Total Assessment | $10,145,058 |
Property Taxes
Parcel Number
1-34-43-21-A00-0002-0100
Land Assessment
$904,750
Improvements Assessment
$9,240,308
Total Assessment
$10,145,058
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Harlem Gardens Apartments | 700 Harlem Tenants Cir
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