98
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$18,500,000
Est. payment /mo
58,260 SqFt
New
931 SW 3rd ST Miami, FL 33130
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 58,260 sqft
Price per Sqft $317
MLS Listing ID A12044485
HOA Y/N No
Year Built 1947
Lot Size 2.160 Acres
Acres 2.16
Property Sub-Type Multi Family
Property Description
Rare Urban Garden Apartment Community in the Heart of East Little Havana. Spanning 2.16 acres across twocontiguous parcels totaling 79 units and 58,260 SF of building area, this community offers operational scale, enduring land value, & a residential character difficult to replicate in Miami's urban core.Presenting a rare opportunity to acquire a 79-unit garden apartment community spanning 2.16 acres — an increasingly scarce combination of scale, land, & 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 employment centers while remaining immersed in the culture, dining, and everyday conveniences that define Little Havana.
Location
State FL
County Miami-dade
Area 2410
Zoning T4-R
Interior
Interior Features InteriorFeatures
Fireplace No
Others
Tax ID 0141380031340
Virtual Tour https://www.propertypanorama.com/instaview/mia/A12044485
Listed by Mauricio Villasuso Fausto Commercial Realty Consultants Inc