Investment Overview

The Victoria Apartments is a gut renovated 20-unit, three-story apartment building located on NW 2nd Street between NW 8th and NW 12th Avenues. The owners of the property just completed an extensive renovation that includes but is not limited to structural work, new Impact windows and doors, replacing the sewer lines with PVC piping, completely renovated units including cabinets, appliances, updated bathrooms, flooring, installing washer/dryer hookups in the units, converting the air conditioning from wall units to mini splits, turf exterior, new stucco on the entire exterior of the property and new paint. The roof was replaced in 2016 and the 40/10 year inspections were done in 2015. The building has a unit mix of 11 one-bedroom/one-bathroom units and nine two-bedroom/one-bathroom units. The building was originally developed in 1925. The property is situated a few blocks east of the Marlins Park and two blocks north of Flagler Street. Victoria Apartments has a Walk Score of 87 which is considered “Very Walkable and most errands can be done on foot.” Within a 5-mile radius there is a population of over 500,000 people and Little Havana is in the middle of all the major employment centers of Miami-Dade County. The hospital district is just to the north of the property, Miami International Airport is to the west, the PortMiami, Downtown Miami, and Brickell are to the east, Coral Gables and Coconut Grove are to the south of the subject. An investor has the opportunity to purchase a fully renovated property that will have little to no capital improvement requirements over the next few years. The investor can focus on the operations of the property to keep expenses low and moving rents higher due to the renovations at the property. The property is being offered for sale at $5,200,000 which equates to $260,000 per unit and $391 a square foot. Based on the current Net Operating Income at list price the property is being offered at over a 6 percent cap rate. The property is being offered for sale at $5,200,000 which equates to $260,000 per unit and $391 a square foot. Based on the current Net Operating Income at list price the property is being offered at over a 6 percent cap rate.