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Multifamily

Hialeah Park Apartments

390 E 16th St, Hialeah, FL 33010

Listing Price: $1,080,000

Cap Rate
5.50%
Number of Units
6
Occupancy
95.0%
Price/Unit
$180,000

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer the unique opportunity to acquire Hialeah Park Apartments, a six-unit apartment building located in the southeast section of Hialeah, Florida. The building is situated just six blocks south of the famous Hialeah Park Casino. Hialeah Park Apartments was constructed in 1953 and consists of a one-story building on a .16-acre site zoned B-1 commercial. The building is comprised of five studio apartments and one two-bedroom and one-bathroom apartment. Each apartment has updated kitchens, bathrooms, and flooring. Additionally, the building has had numerous capital improvements including resurfacing the parking lot, impact windows, updated mini split and central air conditioning, the roof has been repaired, new LED exterior lighting and more. The building received it’s 10-year recertification in 2021 and benefits additionally from having a short-term operating license. A new owner has the benefit of purchasing a turn-key property and then operating it as annual or short-term rentals. Hialeah Park Apartments is located in Hialeah which is widely recognized as one of the strongest rental markets in the entire state. The property fronts on a corner lot on East 4th Avenue which is a main commercial thoroughfare with many retailers. Subway, CVS, Sedano’s Supermarket, Pizza Hut, and many other retailers are a short walk away. Also, the Hialeah bus stop and train station are just a few blocks away which makes commuting easy. Finally, directly to the north is the Hialeah Park Casino which is set on 200 lush acres and includes a casino, horse racetrack, and is currently going through a revitalization. There will be an outlet shopping village, full-service hotel, and theater developed as a byproduct of the revitalization. Many other developments are taking place throughout Hialeah which will continue to benefit the property.

Investment Highlights

  • Prime East Hialeah Location Just South of Hialeah Park Casino
  • Many Capital Improvements Completed Under Current Ownership
  • Building is Zoned B-2 Commercial and Has a Short-Term Rental License
  • Almost 7 Percent Pro-Forma Cap Rate
  • Low Operating Expenses and Price Point

Exclusively Listed By

Financing By

Multifamily

Hialeah Park Apartments

Listing Price: $1,080,000

Cap Rate
5.50%
Number of Units
6
Occupancy
95.0%
Price/Unit
$180,000

Investment Highlights

  • Prime East Hialeah Location Just South of Hialeah Park Casino
  • Many Capital Improvements Completed Under Current Ownership
  • Building is Zoned B-2 Commercial and Has a Short-Term Rental License
  • Almost 7 Percent Pro-Forma Cap Rate
  • Low Operating Expenses and Price Point

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer the unique opportunity to acquire Hialeah Park Apartments, a six-unit apartment building located in the southeast section of Hialeah, Florida. The building is situated just six blocks south of the famous Hialeah Park Casino. Hialeah Park Apartments was constructed in 1953 and consists of a one-story building on a .16-acre site zoned B-1 commercial. The building is comprised of five studio apartments and one two-bedroom and one-bathroom apartment. Each apartment has updated kitchens, bathrooms, and flooring. Additionally, the building has had numerous capital improvements including resurfacing the parking lot, impact windows, updated mini split and central air conditioning, the roof has been repaired, new LED exterior lighting and more. The building received it’s 10-year recertification in 2021 and benefits additionally from having a short-term operating license. A new owner has the benefit of purchasing a turn-key property and then operating it as annual or short-term rentals. Hialeah Park Apartments is located in Hialeah which is widely recognized as one of the strongest rental markets in the entire state. The property fronts on a corner lot on East 4th Avenue which is a main commercial thoroughfare with many retailers. Subway, CVS, Sedano’s Supermarket, Pizza Hut, and many other retailers are a short walk away. Also, the Hialeah bus stop and train station are just a few blocks away which makes commuting easy. Finally, directly to the north is the Hialeah Park Casino which is set on 200 lush acres and includes a casino, horse racetrack, and is currently going through a revitalization. There will be an outlet shopping village, full-service hotel, and theater developed as a byproduct of the revitalization. Many other developments are taking place throughout Hialeah which will continue to benefit the property.

Exclusively Listed By

Financing By

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