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Multifamily

Kingman Road Portfolio

29151 Kingman Rd, Homestead, FL 33033

Listing Price: $5,988,000

Cap Rate
3.87%
Number of Units
24
Occupancy
97.0%
Price/Unit
$249,500
Price/Gross SF
$256.95
Gross SF
23,304

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale, Kingman Road Portfolio, a 24-unit complex comprised of 12 duplexes situated on 2.76-acre lot. The buildings were constructed between 1967 and 1976. All the units are two-bedroom/one-bathroom units of approximately 925 square feet according to the tax record. These units provide an ample floor and include washer and dryer on each unit. The buildings are concrete block construction with shingle roof. The property is fenced and offers off-street parking and an ample green space. Kingman Road Portfolio is centrally located within the Homestead submarket. Within a two-and-a-half-mile radius there are major employers such as Baptist Health Homestead Hospital and Homestead Air Reserve Base. In addition, the subject property is within walking distance from South Dixie Highway. This is a major retail and commercial corridor. Businesses vary from auto dealers, restaurants, grocery stores, shopping centers and gas stations. Location Overview Homestead is a city within Miami-Dade County between Biscayne National Park to the east and Everglades National Park to the west. Homestead is primarily a Miami suburb and a major agricultural area. It is a principal city of the Miami metropolitan area. The city of Homestead is located near the southern terminus of the Homestead Extension of Florida’s turnpike where it ends at its junction with U.S.1. Homestead is immediately north and east of Florida City and these two cities comprise the greater Homestead-Florida City area. The principal roadways linking Homestead with the rest of Miami-Dade County are US1, the Florida Turnpike and State Road 997. The city of Homestead operates two local circulator Homestead Trolley lines. This free service operates daily and transits principal residential, business, and commercial areas, as well as the historic downtown district and Miami-Dade College’s Homestead Campus. In recent years the city of Homestead has experienced a rapid growth in business and population. There is multiple recently completed multifamily and single-family developments and many more under construction. Another important fact is the vicinity to the Florida Keys and its hospitality industry. Most of the employees of hotels, retail stores and restaurants in the keys live in Homestead.

Investment Highlights

  • 2.76 Acre-Lot zoned BU-1A – Neighborhood Business District
  • Fenced Community
  • Ample Floor Plan of Two-Bedroom/One-Bathroom Units
  • Upside in Rental Income
  • Possible Seller Financing for a Qualified Buyer
  • Ample Green Space and Off-Street Parking

Exclusively Listed By

Financing By

Multifamily

Kingman Road Portfolio

Listing Price: $5,988,000

Cap Rate
3.87%
Number of Units
24
Occupancy
97.0%
Price/Unit
$249,500
Price/Gross SF
$256.95
Gross SF
23,304

Investment Highlights

  • 2.76 Acre-Lot zoned BU-1A – Neighborhood Business District
  • Fenced Community
  • Ample Floor Plan of Two-Bedroom/One-Bathroom Units
  • Upside in Rental Income
  • Possible Seller Financing for a Qualified Buyer
  • Ample Green Space and Off-Street Parking

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale, Kingman Road Portfolio, a 24-unit complex comprised of 12 duplexes situated on 2.76-acre lot. The buildings were constructed between 1967 and 1976. All the units are two-bedroom/one-bathroom units of approximately 925 square feet according to the tax record. These units provide an ample floor and include washer and dryer on each unit. The buildings are concrete block construction with shingle roof. The property is fenced and offers off-street parking and an ample green space. Kingman Road Portfolio is centrally located within the Homestead submarket. Within a two-and-a-half-mile radius there are major employers such as Baptist Health Homestead Hospital and Homestead Air Reserve Base. In addition, the subject property is within walking distance from South Dixie Highway. This is a major retail and commercial corridor. Businesses vary from auto dealers, restaurants, grocery stores, shopping centers and gas stations. Location Overview Homestead is a city within Miami-Dade County between Biscayne National Park to the east and Everglades National Park to the west. Homestead is primarily a Miami suburb and a major agricultural area. It is a principal city of the Miami metropolitan area. The city of Homestead is located near the southern terminus of the Homestead Extension of Florida’s turnpike where it ends at its junction with U.S.1. Homestead is immediately north and east of Florida City and these two cities comprise the greater Homestead-Florida City area. The principal roadways linking Homestead with the rest of Miami-Dade County are US1, the Florida Turnpike and State Road 997. The city of Homestead operates two local circulator Homestead Trolley lines. This free service operates daily and transits principal residential, business, and commercial areas, as well as the historic downtown district and Miami-Dade College’s Homestead Campus. In recent years the city of Homestead has experienced a rapid growth in business and population. There is multiple recently completed multifamily and single-family developments and many more under construction. Another important fact is the vicinity to the Florida Keys and its hospitality industry. Most of the employees of hotels, retail stores and restaurants in the keys live in Homestead.

Exclusively Listed By

Financing By

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