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Mixed-Use

Flagler Apartments

1274 W Flagler St, Miami, FL 33135

Listing Price: $6,845,000

Cap Rate
5.44%
Number of Units
30
Occupancy
100.0%
Price/Unit
$228,167
Price/Gross SF
$373.02
Gross SF
18,350

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flagler Apartments which is located at 1274 W Flagler Street in Miami, Florida. The subject building was constructed in 1925 and it sits on a 0.20 acre lot. The unit mix is comprised of Seven (7) retail spaces, twenty-seven (27) studios and three (3) one-bedroom / one-bathroom apartment units.

The property has undergone extensive interior renovations in the last two years. Those renovations included new kitchen cabinets, new appliances, new plumbing, new bathrooms, and new flooring. The property obtained the 40-year recertification in 2015.

Location Overview

Little Havana is one of the most sought-after rental markets in South Florida. This rental market has become one the fastest growing neighborhoods in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the properties. Little Havana is centrally located with the Jackson Memorial Hospital and The Hospital District to the north, PortMiami, Brickell and Downtown Miami to the east, Coral Gables and Coconut Grove to the south and the Miami International Airport to the west. The proximity to major employers in South Florida, convenient access to major thoroughfares and public transportation are a few of the reasons Little Havana has become one of the most desirable locations to live. Due to the demand for rental units, there has been an upward pressure in rental rates which has made the supply for rental units scarce. Since 2020, there have been 17 multifamily buildings completions adding 1,185 units to this neighborhood, which solidifies the investors belief in the area and strength in the rental market.

Investment Highlights

  • Value Add Opportunity.
  • Upside in Rental Income.
  • Minimal Interior Capital Improvements Needed.
  • Mixed-use Building with Retail and Multifamily.
  • Prime Location between W Flagler Street and 12th Avenue in Little Havana.
  • 40 Year Recertification.
  • Historically 100% Occupied.

Exclusively Listed By

Mixed-Use

Flagler Apartments

Listing Price: $6,845,000

Cap Rate
5.44%
Number of Units
30
Occupancy
100.0%
Price/Unit
$228,167
Price/Gross SF
$373.02
Gross SF
18,350

Investment Highlights

  • Value Add Opportunity.
  • Upside in Rental Income.
  • Minimal Interior Capital Improvements Needed.
  • Mixed-use Building with Retail and Multifamily.
  • Prime Location between W Flagler Street and 12th Avenue in Little Havana.
  • 40 Year Recertification.
  • Historically 100% Occupied.

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flagler Apartments which is located at 1274 W Flagler Street in Miami, Florida. The subject building was constructed in 1925 and it sits on a 0.20 acre lot. The unit mix is comprised of Seven (7) retail spaces, twenty-seven (27) studios and three (3) one-bedroom / one-bathroom apartment units. The property has undergone extensive interior renovations in the last two years. Those renovations included new kitchen cabinets, new appliances, new plumbing, new bathrooms, and new flooring. The property obtained the 40-year recertification in 2015. Location Overview Little Havana is one of the most sought-after rental markets in South Florida. This rental market has become one the fastest growing neighborhoods in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the properties. Little Havana is centrally located with the Jackson Memorial Hospital and The Hospital District to the north, PortMiami, Brickell and Downtown Miami to the east, Coral Gables and Coconut Grove to the south and the Miami International Airport to the west. The proximity to major employers in South Florida, convenient access to major thoroughfares and public transportation are a few of the reasons Little Havana has become one of the most desirable locations to live. Due to the demand for rental units, there has been an upward pressure in rental rates which has made the supply for rental units scarce. Since 2020, there have been 17 multifamily buildings completions adding 1,185 units to this neighborhood, which solidifies the investors belief in the area and strength in the rental market.

Exclusively Listed By

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