Garden Gate Apartments is a 17-unit, multifamily community located in Miami, FL, which is in Miami-Dade County. The subject property is a three-story building built in 1924 using reinforced concrete block construction with painted stucco exterior.
The property is located at 959 SW 5th St., south of Flagler St., the Dolphin Expressway, just north of "Calle Ocho" and three blocks east of SW 12th Ave. (SR 933), a main traffic artery traveling north-south through Miami-Dade County. The immediate neighborhood consists of primarily multi-family buildings of similar age and construction as the subject property.
The investment opportunity consists of a highly attractive unit mix of (3) studios, (2) one-bedroom & one bath, (11) two-bedroom & one-bath and (1) three-bedroom one bath apartments, totaling approximately 10,743 RSF. All units offer fully equipped kitchens and wall unit A/C's. Water, sewer and trash are included in the rent. Tenants pay for electric, cable and telephone.
The asset is in the heart of "East Little Havana", a highly desirable rental market located west of downtown Miami and Brickell City Centre, the $1.05 billion mixed use project consisting of national brand retailers, hospitality, and restaurants. Few blocks south is the world famous "Calle Ocho", which serves as the hub of tourism, social, cultural and festive events. Just west of the property is the Marlins Stadium, home of the Miami Marlins and six miles west on the Dolphin Expressway is the Miami International Airport.
Garden Gate Apartments offers an investor the opportunity to purchase an irreplaceable, value-add investment property in one of the strongest rental markets in Miami-Dade County, where vacancies are virtually non-existent. Current rents at Garden Gate are well-below submarket averages. This investment opportunity provides a new owner the ability to increase rents conservatively 31.54% by implementing a capital improvement program to building exteriors, common area amenities and unit interiors, plus improved management.
