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Multifamily

Coral Way Commons

2726 SW 21st St, Miami, FL 33145

Listing Price: $3,150,000

Cap Rate
2.24%
Number of Units
12
Occupancy
95.0%
Price/Unit
$262,500
Price/Gross SF
$367.65
Gross SF
8,568

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Coral Way Commons, a 12-unit apartment building contiguous to the highly sought-after Shenandoah neighborhood of Miami, Florida. The property is being offered for sale by the same family that has owned and operated it for almost 50 years. The Shenandoah neighborhood sits between The Roads to the east, Coral Gables to the west, Little Havana to the north and Coconut Grove to the south. With its proximity to Downtown Miami, this urban neighborhood consists of over 5,000 households. Dating back to the early 1900’s, the tree lined streets and very distinct historic architecture are what makes it so desirable to its residents. Coral Way Commons is comprised of one two-story, 12-unit apartment building situated on a 14,000 square foot lot. It was constructed in 1970 of concrete block with painted exterior and offers a very desirable mix of 4 one-bedrooms and 8 two-bedroom apartments. Amenities include central heating and air-conditioning, individual hot-water heaters, ceramic tile flooring and 14 off-street parking spaces. Electricity is separately metered and paid for by the residents, while water, sewer, and trash removal are paid by the owner. Several capital improvements have been completed at the property including new exterior paint, hurricane impact windows and doors, and the complete renovation of four apartments. Furthermore, the 40/10-year recertification was recently completed. The property is a block north of Coral Way which is a main corridor connecting the Brickell area to Coral Gables. Coral Way is mostly made up of commercial buildings with some residential buildings and newer developments. Coral Way Commons offers an excellent opportunity for an investor to add value through completing the units renovating and moving the rents to the market. The property is being offered for sale at $3,150,000, which equates to $262,500 per unit and $367 per square foot.

Investment Highlights

  • Contiguous to the Highly Sought-After Shenandoah Submarket
  • Desirable Mix of One- and Two-Bedroom Units
  • Very Strong Rental Market with Minimal Vacancy
  • Select Units Have Been Completely Renovated
  • New Impact Windows
  • Central Heating and Air-Conditioning
  • Completed 40/10-Year Recertification

Exclusively Listed By

Financing By

Multifamily

Coral Way Commons

Listing Price: $3,150,000

Cap Rate
2.24%
Number of Units
12
Occupancy
95.0%
Price/Unit
$262,500
Price/Gross SF
$367.65
Gross SF
8,568

Investment Highlights

  • Contiguous to the Highly Sought-After Shenandoah Submarket
  • Desirable Mix of One- and Two-Bedroom Units
  • Very Strong Rental Market with Minimal Vacancy
  • Select Units Have Been Completely Renovated
  • New Impact Windows
  • Central Heating and Air-Conditioning
  • Completed 40/10-Year Recertification

Investment Overview

Marcus & Millichap, as exclusive listing agent, is excited to bring to market Coral Way Commons, a 12-unit apartment building contiguous to the highly sought-after Shenandoah neighborhood of Miami, Florida. The property is being offered for sale by the same family that has owned and operated it for almost 50 years. The Shenandoah neighborhood sits between The Roads to the east, Coral Gables to the west, Little Havana to the north and Coconut Grove to the south. With its proximity to Downtown Miami, this urban neighborhood consists of over 5,000 households. Dating back to the early 1900’s, the tree lined streets and very distinct historic architecture are what makes it so desirable to its residents. Coral Way Commons is comprised of one two-story, 12-unit apartment building situated on a 14,000 square foot lot. It was constructed in 1970 of concrete block with painted exterior and offers a very desirable mix of 4 one-bedrooms and 8 two-bedroom apartments. Amenities include central heating and air-conditioning, individual hot-water heaters, ceramic tile flooring and 14 off-street parking spaces. Electricity is separately metered and paid for by the residents, while water, sewer, and trash removal are paid by the owner. Several capital improvements have been completed at the property including new exterior paint, hurricane impact windows and doors, and the complete renovation of four apartments. Furthermore, the 40/10-year recertification was recently completed. The property is a block north of Coral Way which is a main corridor connecting the Brickell area to Coral Gables. Coral Way is mostly made up of commercial buildings with some residential buildings and newer developments. Coral Way Commons offers an excellent opportunity for an investor to add value through completing the units renovating and moving the rents to the market. The property is being offered for sale at $3,150,000, which equates to $262,500 per unit and $367 per square foot.

Exclusively Listed By

Financing By

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