7155 NW 17TH AVE

7155 NW 17TH AVE

PRICE

$ 4,800,000

Description

This exceptional 24-unit multifamily property is currently on the market for $4,680,000. A recent appraisal as of August 4th, 2023, places the estimated market value at $5,375,000, highlighting the significant investment potential for prospective buyers.

Unit Mix and Financials:

The property boasts a mix of 16 one-bedroom/one-bathroom units and 8 two-bedroom/one-bathroom units. The current owner has invested $460,000 in capital expenditures, ensuring that the property is in top condition. With an impressive 100% occupancy rate and an effective lease rate of $1,596 per month, this property offers a stable income stream from day one. Additionally, there is considerable upside potential in rental income, with market rates at $1,700 for one-bedrooms and $2,100 for two-bedrooms. Investors will appreciate the attractive day one cap rate of 5.79%, with potential to increase to 7% within a year.

Location and Accessibility:

Situated close to Downtown Miami, Brickell, the Waterford Business District, Baptist Hospital, and the Miami Health District, the property enjoys a strategic location. It is conveniently located in an area that provides easy access to South Florida’s transportation infrastructure. This accessibility is a major draw for tenants seeking connectivity and convenience.

Proximity to Major Development Projects:

A significant selling point for this property is its proximity to the new project by the Related Group of Florida. Located just four blocks from the Liberty Square project, a master plan by the Related Group (Jorge Perez) to redevelop a 55-acre public housing area, the property is set to benefit from the neighborhood’s transformation. This redevelopment is expected to feature a blend of art and culture, educational facilities, health centers, parks, social services, and commercial and recreational services. The upcoming retail, education options, and community health centers, along with exceptional amenities such as a children’s playground, will enhance the area’s appeal.

This offering represents a unique opportunity for investors to acquire a high-performing asset in a rapidly developing area of Miami. With its strong occupancy rate, potential for rental income growth, and strategic location near significant development projects, 7155 NW 17th Avenue is an investment that promises both immediate returns and long-term growth.

Details

Property Use:
Multifamily
Property Type:
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Building Size:
15,210 Sq Ft
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No. Of Units
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Gallery

BROKERS

Vicente Rodriguez

vr@faustocommercial.com

305.510.6627