Union Street Partners LLC is pleased to bring to market Havana Stars, 13 units in the desirable East Little Havana section of Miami.
The offering consists of 850 SW 3rd Street, 5 units, and 851 SW 4th Street which is 8 units. Each building is on a 7,500 square foot, ( total land footprint is 15,000 SF ), which runs from SW 3rd Street to SW 4th Street. The units are all 1 BR 1 BATH units with rents ranging from $695 to $875 per month. Each unit has off street parking and is 100% occupied.
Renovated buildings in East Little Havana are renting in the $950+ range, while 1BR units in new construction buildings are renting for $1,200+ per month. The seller will also provide 40 year recertifications at closing for both properties.
A new owner can increase rental income in several ways to create value: increase rents to the current $875 range as leases expire, or renovate the units and common areas of the buildings to generate rents per month in the $950+ range.
The Havana Stars are located in the East Little Havana section of Miami, Florida. This is a location that has been trending upward over the last several years. The Brickell City Centre is a $1 billion dollar, 5 million square foot retail, hotel and apartment development project which is opening in November 2016. This is located .75 miles from the subject. The Miami Riverfront is 1/2 mile away which has new high end apartment condo construction. Calle Ocho is located 1/4 mile from the property and this street is in the midst of a rebirth. The area is attracting younger residents, a growing arts scene and has become a tourist stop for visitors to Miami.
The Havana Stars is an opportunity for a value added investor to acquire a high demand rental property in a location within walking distance of billions of dollars new construction.
