Multifamily

Flagler Terrace Apartments

40 NW 18th Ave, Miami, FL 33125

Listing Price: $1,320,000

Cap Rate
4.54%
Number of Units
8
GRM
12.43
Occupancy
95.0%
Price/Unit
$165,000
Price/Gross SF
$259.84
Gross SF
5,080

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flagler Terrace Apartments, an eight-unit building located at 40 NW 18th Avenue in Miami, Florida. Flagler Terrace Apartments is a two-story building constructed of concrete block with a flat roof. The property's unit mix is comprised of two one-bedroom / one-bathroom and six two-bedroom / one-bathroom units. The units have terrazzo floors, wall air-conditioning units and impact resistant windows. Utilities such as water, sewer and trash removal are included in the monthly rent.

Flagler Terrace Apartments is located in the highly sought-after Little Havana neighborhood. This rental market has become the epicenter for rental properties in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the property. Little Havana is centrally located with 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; therefore, there is very little supply of units. Over the last five years, there have been several new commercial and residential developments in the neighborhood which enhances the quality of life for residents and visitors of Little Havana. In addition, Flagler Terrace Apartments is within walking distance from Marlins Park, West Flagler Street and 22nd Avenue.

Flagler Terrace Apartments is a unique opportunity for an investor to acquire a property with little capital improvements required and upside in rental income. The property is being offered free and clear.

Investment Highlights

  • Upside in Rental Income
  • Impact Resistant Windows
  • Off-Street Parking
  • Concrete Block Construction
  • 75 Percent Two-Bedroom Units
  • Historically 100% Occupied

Exclusively Listed By

Multifamily

Flagler Terrace Apartments

Listing Price: $1,320,000

Cap Rate
4.54%
Number of Units
8
GRM
12.43
Occupancy
95.0%
Price/Unit
$165,000
Price/Gross SF
$259.84
Gross SF
5,080

Investment Highlights

  • Upside in Rental Income
  • Impact Resistant Windows
  • Off-Street Parking
  • Concrete Block Construction
  • 75 Percent Two-Bedroom Units
  • Historically 100% Occupied

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flagler Terrace Apartments, an eight-unit building located at 40 NW 18th Avenue in Miami, Florida. Flagler Terrace Apartments is a two-story building constructed of concrete block with a flat roof. The property's unit mix is comprised of two one-bedroom / one-bathroom and six two-bedroom / one-bathroom units. The units have terrazzo floors, wall air-conditioning units and impact resistant windows. Utilities such as water, sewer and trash removal are included in the monthly rent.

Flagler Terrace Apartments is located in the highly sought-after Little Havana neighborhood. This rental market has become the epicenter for rental properties in Miami-Dade County. There are over 510,000 residents within a five-mile radius of the property. Little Havana is centrally located with 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; therefore, there is very little supply of units. Over the last five years, there have been several new commercial and residential developments in the neighborhood which enhances the quality of life for residents and visitors of Little Havana. In addition, Flagler Terrace Apartments is within walking distance from Marlins Park, West Flagler Street and 22nd Avenue.

Flagler Terrace Apartments is a unique opportunity for an investor to acquire a property with little capital improvements required and upside in rental income. The property is being offered free and clear.

Exclusively Listed By

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