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Multifamily

Villa La Pinta

501 Southwest 6th Court, Miami, FL 33130

Listing Price: $6,300,000

Cap Rate
5.35%
Number of Units
29
Price/Unit
$217,241
Price/Gross SF
$389.03
Gross SF
16,194

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Villa La Pinta, a 29-unit apartment building with a full transient license located in the East Little Havana neighborhood of Miami, FL. SUBJECT PROPERTY Villa La Pinta is a 29-unit, three-story apartment building consisting of approximately 16,194 square-feet and comprising a 6,780 square-foot lot (according to the Miami Dade Property Appraiser). The property was built in 1925 and has undergone numerous recent renovations. All units feature new tile flooring, updated kitchens and bathrooms, electrical appliances and new mini-split air conditioning units. The majority of the plumbing has been recently upgraded with PVC and copper lines, a new boiler system was installed, the roof was recently replaced in 2016 and hurricane-resistant impact windows were installed in 2022. Additionally, Villa La Pinta received its most recent 10-year building recertification in 2016. The unit mix is comprised (1) small studio/office measuring approximately 280 square feet, (2) studios measuring approximately 420 square feet with an average in-place rent of $1,645 and (26) one-bedroom | one-bathroom apartments measuring approximately 522 square feet with an average in-place rent of $1,655. Residents are responsible for their own electricity, while water, sewer and trash are currently included in the rent. Common area amenities include an elevator, on-site laundry facilities and a lobby. The property has a $2,527,000 assumable Fannie Mae mortgage at 3.68% interest, with interest-only payments until March 1st, 2026 and a maturity date of February 1st, 2031. LOCATION Villa La Pinta is located on the corner of Southwest 6th Court and Southwest 5th Street, five blocks south of W Flagler Street, just two blocks north of the famous Southwest 8th Street (Calle Ocho) and just a 2-3 minute drive to Interstate 95. The surrounding neighborhood consists primarily of multifamily properties, condominiums and single-family homes. Local points of interest and retailers include Riverside Park (0.2 miles), Publix Supermarket at Miami River (0.4 miles), CVS (0.4 miles), Planet Fitness (0.4 miles), Calle Ocho Plaza (0.5 miles), the Manual Artime Theater (0.5 miles), Brickell City Centre (0.9 miles), Calle Ocho Walk of Fame (1 mile), The Wharf Miami (1 mile) and Loan Depot Park - Miami Marlins (1.5 miles). Additionally, Lummus Park Historic District (1.1 miles) and Jackson Memorial Hospital (2.5 miles) are each just a short drive from the property. Area education centers include Ada Merritt K-8 Center (0.2 miles), Riverside Elementary School (0.7 miles), Southside Preparatory Academy (1.1 miles) and Booker T. Washington Senior High School (1.8 miles). Villa La Pinta is in the Little Havana neighborhood of Miami. Little Havana is a vibrant neighborhood filled with Latin American art galleries and authentic Cuban restaurants. Calle Ocho (Southwest 8th Street) is a dynamic cultural destination lined with Latin inspired cuisine, bakeries, cigar shops, fruit stands, rum bars, art gallerias, music venues and more. Also, home to Calle Ocho is the famed Maximo Gomez Park also known as “Domino Park” where you will find locals gathered over heated games of dominos. Calle Ocho is lined with mosaic tiles depicting symbols of Cuban Heritage and murals with portraits of Cuban legends such as Jose Marti and Celia Cruz. Little Havana is also home to the Calle Ocho Music Festival, which is celebrated annually in March commemorating Carnaval Miami. Other popular attractions in Little Havana include Domino Park, The CubaOcho Museum & Performing Arts Center, Futurama 1637 Art Building and the Molina Fine Art Gallery. SUMMARY Villa La Pinta is offered for sale at $6,300,000 or $217,241 per unit. The property can be delivered subject to the existing Fannie Mae mortgage or free and clear of debt.

Investment Highlights

  • 29-Unit, 3-Story Apartment Building with Numerous Recent Renovations
  • All Units Feature New Flooring, Updated Kitchens & Bathrooms, New Electrical Appliances and New Mini-Split A/C Units
  • All New Electrical, Plumbing Recently Upgraded with PVC and Copper Lines
  • Roof Replaced in 2016, Hurricane-Resistant Impact Windows Installed in 2022
  • Low Leverage Assumable Debt Available at 3.68% Interest-Only Until 3/1/2026
  • Zoned T4-R, Property Has Transient License From State of Florida (DBPR)

Exclusively Listed By

Multifamily

Villa La Pinta

Listing Price: $6,300,000

Cap Rate
5.35%
Number of Units
29
Price/Unit
$217,241
Price/Gross SF
$389.03
Gross SF
16,194

Investment Highlights

  • 29-Unit, 3-Story Apartment Building with Numerous Recent Renovations
  • All Units Feature New Flooring, Updated Kitchens & Bathrooms, New Electrical Appliances and New Mini-Split A/C Units
  • All New Electrical, Plumbing Recently Upgraded with PVC and Copper Lines
  • Roof Replaced in 2016, Hurricane-Resistant Impact Windows Installed in 2022
  • Low Leverage Assumable Debt Available at 3.68% Interest-Only Until 3/1/2026
  • Zoned T4-R, Property Has Transient License From State of Florida (DBPR)

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Villa La Pinta, a 29-unit apartment building with a full transient license located in the East Little Havana neighborhood of Miami, FL. SUBJECT PROPERTY Villa La Pinta is a 29-unit, three-story apartment building consisting of approximately 16,194 square-feet and comprising a 6,780 square-foot lot (according to the Miami Dade Property Appraiser). The property was built in 1925 and has undergone numerous recent renovations. All units feature new tile flooring, updated kitchens and bathrooms, electrical appliances and new mini-split air conditioning units. The majority of the plumbing has been recently upgraded with PVC and copper lines, a new boiler system was installed, the roof was recently replaced in 2016 and hurricane-resistant impact windows were installed in 2022. Additionally, Villa La Pinta received its most recent 10-year building recertification in 2016. The unit mix is comprised (1) small studio/office measuring approximately 280 square feet, (2) studios measuring approximately 420 square feet with an average in-place rent of $1,645 and (26) one-bedroom | one-bathroom apartments measuring approximately 522 square feet with an average in-place rent of $1,655. Residents are responsible for their own electricity, while water, sewer and trash are currently included in the rent. Common area amenities include an elevator, on-site laundry facilities and a lobby. The property has a $2,527,000 assumable Fannie Mae mortgage at 3.68% interest, with interest-only payments until March 1st, 2026 and a maturity date of February 1st, 2031. LOCATION Villa La Pinta is located on the corner of Southwest 6th Court and Southwest 5th Street, five blocks south of W Flagler Street, just two blocks north of the famous Southwest 8th Street (Calle Ocho) and just a 2-3 minute drive to Interstate 95. The surrounding neighborhood consists primarily of multifamily properties, condominiums and single-family homes. Local points of interest and retailers include Riverside Park (0.2 miles), Publix Supermarket at Miami River (0.4 miles), CVS (0.4 miles), Planet Fitness (0.4 miles), Calle Ocho Plaza (0.5 miles), the Manual Artime Theater (0.5 miles), Brickell City Centre (0.9 miles), Calle Ocho Walk of Fame (1 mile), The Wharf Miami (1 mile) and Loan Depot Park - Miami Marlins (1.5 miles). Additionally, Lummus Park Historic District (1.1 miles) and Jackson Memorial Hospital (2.5 miles) are each just a short drive from the property. Area education centers include Ada Merritt K-8 Center (0.2 miles), Riverside Elementary School (0.7 miles), Southside Preparatory Academy (1.1 miles) and Booker T. Washington Senior High School (1.8 miles). Villa La Pinta is in the Little Havana neighborhood of Miami. Little Havana is a vibrant neighborhood filled with Latin American art galleries and authentic Cuban restaurants. Calle Ocho (Southwest 8th Street) is a dynamic cultural destination lined with Latin inspired cuisine, bakeries, cigar shops, fruit stands, rum bars, art gallerias, music venues and more. Also, home to Calle Ocho is the famed Maximo Gomez Park also known as “Domino Park” where you will find locals gathered over heated games of dominos. Calle Ocho is lined with mosaic tiles depicting symbols of Cuban Heritage and murals with portraits of Cuban legends such as Jose Marti and Celia Cruz. Little Havana is also home to the Calle Ocho Music Festival, which is celebrated annually in March commemorating Carnaval Miami. Other popular attractions in Little Havana include Domino Park, The CubaOcho Museum & Performing Arts Center, Futurama 1637 Art Building and the Molina Fine Art Gallery. SUMMARY Villa La Pinta is offered for sale at $6,300,000 or $217,241 per unit. The property can be delivered subject to the existing Fannie Mae mortgage or free and clear of debt.

Exclusively Listed By

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