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910 SW 2 ST / 931 SW 3 ST 931 SW 3rd St 79 Unit Apartment Building $18,500,000 ($234,177/Unit) Miami, FL 33130
Investment Highlights
- 2.16 acre site, eligible by right for zoning variance to get large development potential with premium density
- Rare Urban Garden Apartment Community, offers operational scale, enduring land value, and a residential character
Executive Summary
Presenting a rare opportunity to acquire a 79-unit garden apartment community spanning 2.16 acres in East Little Havana — an increasingly scarce combination of scale, land, and low-density residential character within Miami's urban core. Originally developed in 1947, the property consists of multiple residential structures in a garden- style setting distinguished by expansive open areas, mature landscaping, and generous green space. The property features a diversified unit mix of 29 two-bedroom residences, 46 one-bedroom residences, and 4 studio apartments, providing broad tenant appeal and durable leasing flexibility. The site's configuration and significant land component create a setting that is increasingly difficult to replicate under today's development conditions. With current in-place gross income of $1,336,754 and pro forma gross income of $1,990,800, the portfolio presents a compelling value- add opportunity with clear rent upside — units currently average below market, offering an investor a 5.93% pro forma cap rate. Residents benefit from convenient access to Brickell, Downtown Miami, and the Health District while remaining immersed in the culture, dining, and everyday conveniences that define Little Havana.
Property Facts
| Price | $18,500,000 | Building Class | C |
| Price Per Unit | $234,177 | Lot Size | 2.16 AC |
| Sale Type | Investment | Building Size | 51,774 SF |
| No. Units | 79 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1946 |
| Apartment Style | Garden | ||
| Zoning | T4-R | ||
| Price | $18,500,000 |
| Price Per Unit | $234,177 |
| Sale Type | Investment |
| No. Units | 79 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.16 AC |
| Building Size | 51,774 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1946 |
| Zoning | T4-R |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 47 | - | 736 |
| 2+1 | 32 | - | 1,055 |
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Exceptionally walkable
100/100
Fairly drivable
40/100
Strong public transit
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $12,065,345 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$12,065,345
Contacts
-
Mauricio Villasuso -
Carlos Fausto Miranda -
Cristina Amaro -
Fausto Commercial Realty Consultants
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910 SW 2 ST / 931 SW 3 ST | 931 SW 3rd St
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