2014 SW 3 ST Miami, FL 33135
$2,500,000
2014 SW 3 ST Miami, FL 33135 Miami, FL 33135
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About this listing
Prime Little Havana 9-Unit Opportunity: Significant Rental Upside & Stable Income
Executive Summary:
Discover 2014 SW 3 ST, a meticulously maintained 9-unit apartment building in the heart of vibrant Little Havana. This stabilized asset, boasting 100% occupancy, presents a rare opportunity for investors to capitalize on significant rental upside. Currently achieving an average effective rent of $1,988, this property offers a clear path to a 19% increase, aligning with market rents of $2,300-$2,400 for 2/1 units.
Property Highlights:
Immediate Value Add: Achieve substantial rent increases by strategically adjusting month-to-month leases and renewals. Renovated Units: Three fully renovated units showcase high-end finishes (shaker cabinets, quartz countertops, stainless steel appliances, porcelain tile), commanding premium rents. Well-Maintained Asset: Recent upgrades include newer AC units (6), a completed 40-year recertification (2021), new rain gutters, a wireless camera system, and a newer laundry facility. Desirable Location: Prime Little Havana location, offering proximity to schools, entertainment, and employment opportunities. Solid Foundation: CBS construction (1971) with long-term ownership (40+ years) and gated parking for all units. Proven Income Stream: Current gross monthly income of $17,900, with a current in place cap rate of 6.18%. Projected Growth: Potential gross monthly income of $21,150, resulting in a projected cap rate of 6.35% after reassessment of taxes and insurance, achievable through strategic rent adjustments. Unit Features:
9 spacious 2-bedroom, 1-bathroom units (approximately 780 sq. ft. each). 6 units with private balconies. Central air conditioning in all units. On-site laundry facility. Investment Potential:
This property provides a unique blend of stable income and substantial growth potential. By leveraging the existing market rent disparity and the property's recent upgrades, investors can maximize returns in a highly desirable Little Havana location.
Alex Lizama
COLDWELL BANKER COMMERCIAL REALTY
3319 Sheridan Street Hollywood, Florida 33021
Phone number: 305-409-3045
E: alexpassiveincome2@gmail.com
Digital business card: https://realtybizcard.com/alexlizama
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Units
9
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Year Built
1971
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MLS ID
A11697955
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Floors
3
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Year Last Renovated
2024
