17050 NW 55th Avenue, Miami FL 33055
Fausto Commercial is pleased to present the Barbella Gardens Apartments at 17050 NW 55th Avenue in Miami Florida. This is an 11-unit apartment community located in the city of Miami. The property consists of 8 three-bedroom/two-bathroom apartments and 2 two-bedroom/one-bathroom apartments units totaling 15,506 Square Feet. This property was built in 1994 and it is fully renovated. It’s situated on a 30,311 Square Feet of land. The property is being offered for sale at $2,850,000 representing a 3.77% cap rate based on current in-place income which is significantly under market. After increasing rents to market average, the year one cap is expected to rise to 5.33%. The three-bedroom/two bathroom are renting in the area between $1,700 and $1,800 and the two-bedroom/one-bathroom are renting for $1,500.
These beautiful apartments feature titles throughout, updated kitchens, updated bathrooms, stainless steal appliances and central A/C. The building is centrally located near Miami Lakes, walking distance from the YMCA, shopping centers, Palmetto Expressway, I75 and Turnpike.