ORENGO PORTFOLIO

PRICE

Description

Miami Central Multi-Family 103 Unit Portfolio. Total of 11 buildings, of mostly 2 bedroom units, approved and equipped for HUD housing, and all in the municipality of Opa-Locka. Opa-Locka is experiencing strong growth due to its central Miami location and its proximity to significant economic and civic amenities, such as nearby Opa-Locka Airport a massive freight and cargo hub, Miami-Dade College Campus, and the Amazon Logistics Mega-Hub, amongst more. Your tenants will appreciate the ease of access to jobs, as well as great access to major highways, restaurants, shopping centers, entertainment venues and more.

All buildings are of later construction, all concrete and solid structures. Approx 70% of the units have been fully renovated, including many with central a/c and new windows. All 40 year re-certifications are up to date. All roofs are of recent vintage except 3 of the buildings, which are en queue to be repaired. Due to some of their use by government programs, the building have been rigorously kept to the absolute highest condition and with no deferred maintenance. The buildings are all approved for government rental programs. Currently 25 of the units are rented to HUD or Citrix, but the full portfolio can and should be rented to government contracts in order to maximize income. Furthermore these government programs yield very low headache and low management, with guaranteed rents coming in monthly like clockwork. Just set it and forget it- and count your monthly coupons. For 2024, rents are to be guaranteed by the government at up to $2,324 for 2 bedrooms units. At proforma rents, before considering 2024’s increments, this portfolio will be generating Total Gross Revenue $2,410,800 and $1,825,094 Net Operating Income, with 2024 guaranteeing closer to $2M in NOI, and this at asking price an 11% Cap.

Miami Central is changing. Relentless Growth in Miami’s Demographics is Pushing a Wave of Population Growth into Miami’s Urban Core. Central Miami neighborhoods and municipalities like Opa-Locka are seeing a wave of growth and gentrification like never before. New and high income tenants seeking reasonably priced housing close

Details

Property Use:
Property Type:
Status:
Building Size:
77,218
Building Class:
Oportunity Zone:
Year Built:
No. Of Units
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LOT SIZE:
130,000
Parkin Ratio:
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Gallery

BROKERS

Frank Campos

fc@faustocommercial.com

7868057408