Multifamily

West Trade Condominiums

3239 W Trade Ave, Miami, FL 33133

Listing Price: $2,235,000

Cap Rate
5.02%
Number of Units
10
GRM
12.27
Occupancy
97.0%
Price/Unit
$223,500
Price/Gross SF
$325.47
Gross SF
6,867

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale West Trade Condominiums, a 10-unit condominium building located in Miami, Florida. One hundred percent of the condominiums are being offered for sale by the current owner who has owned and operated them as rental apartments for approximately 15 years. The property is bordered by Bird Avenue, SW 32nd Avenue and South Dixie Highway (US-1) and is one of only a handful of apartment buildings that actually sits directly on South Dixie Highway and benefits from the astronomical daily car count of close to 100,000.

West Trade Condominiums was constructed in 1975 and consists of one three-story, walk-up building with parking on two sides. The property is comprised of a very rare mix of four ground-floor one-bedroom apartments and six townhome apartments that occupy the second and third floors. Five consist of two-bedrooms with two and one-half bathrooms and the remaining is a one one-bedroom with one and one-half bathrooms. The majority of apartments have been completely renovated including all new kitchens with solid wood designer cabinetry, high-end stainless-steel appliances with built-in microwaves, marble countertops and backsplashes, wood or ceramic tile flooring and staircases, glass railings, upgraded lighting and plumbing fixtures, built in pantries and closets, designer glass showers, freestanding bathroom vanities and the additional of washers and dryers. The building exterior has been renovated with all impact glass windows and sliders, a new parking lot overlay, security cameras, LED lighting, exterior painting and landscaping. All apartments have an outdoor balcony or patio, individual hot-water heater and central heating and air-conditioning. Residents are required to pay for electricity, while water, sewer, trash removal and pest control are included in the rent.

The property benefits from an outstanding location on the northern border of Coconut Grove, just up the street from the University of Miami and 100 yards from a Milams Market and Home Depot. Walgreens is one block to the south. Brickell and Downtown Miami can be accessed via Dixie Highway (US-1) in less than ten minutes and Downtown Coral Gables, the Grove and Dadeland can be accessed within just a few minutes drive. Every conceivable retailer and restaurant, whether fast food or high end, is in the surrounding area, as well as some of the most famous hotels in Florida such as the Biltmore Hotel and the Ritz-Carlton Coconut Grove. Situated on the southeast side of US-1, the property is contiguous to a residential community known for its historical history with homes in the multimillion-dollar range. Grove Key Marina, Coral Reef Yacht Club, Regatta Park, Peacock Park, Kirk Munroe Park and Tennis Center, Blanche Park, Elizabeth Virrick Park and Library, Douglas Park, Cocowalk and the Shops at Merrick Park are all within a distance.

Investment Highlights

  • 100% of condominium community being sold
  • 60% two-story townhome style apartments
  • Majority of apartments completely renovated
  • All hurricane impact windows and sliders
  • Many exterior property upgrades completed
  • Highly sought-after Coconut Grove submarket

Exclusively Listed By

Multifamily

West Trade Condominiums

Listing Price: $2,235,000

Cap Rate
5.02%
Number of Units
10
GRM
12.27
Occupancy
97.0%
Price/Unit
$223,500
Price/Gross SF
$325.47
Gross SF
6,867

Investment Highlights

  • 100% of condominium community being sold
  • 60% two-story townhome style apartments
  • Majority of apartments completely renovated
  • All hurricane impact windows and sliders
  • Many exterior property upgrades completed
  • Highly sought-after Coconut Grove submarket

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for sale West Trade Condominiums, a 10-unit condominium building located in Miami, Florida. One hundred percent of the condominiums are being offered for sale by the current owner who has owned and operated them as rental apartments for approximately 15 years. The property is bordered by Bird Avenue, SW 32nd Avenue and South Dixie Highway (US-1) and is one of only a handful of apartment buildings that actually sits directly on South Dixie Highway and benefits from the astronomical daily car count of close to 100,000.

West Trade Condominiums was constructed in 1975 and consists of one three-story, walk-up building with parking on two sides. The property is comprised of a very rare mix of four ground-floor one-bedroom apartments and six townhome apartments that occupy the second and third floors. Five consist of two-bedrooms with two and one-half bathrooms and the remaining is a one one-bedroom with one and one-half bathrooms. The majority of apartments have been completely renovated including all new kitchens with solid wood designer cabinetry, high-end stainless-steel appliances with built-in microwaves, marble countertops and backsplashes, wood or ceramic tile flooring and staircases, glass railings, upgraded lighting and plumbing fixtures, built in pantries and closets, designer glass showers, freestanding bathroom vanities and the additional of washers and dryers. The building exterior has been renovated with all impact glass windows and sliders, a new parking lot overlay, security cameras, LED lighting, exterior painting and landscaping. All apartments have an outdoor balcony or patio, individual hot-water heater and central heating and air-conditioning. Residents are required to pay for electricity, while water, sewer, trash removal and pest control are included in the rent.

The property benefits from an outstanding location on the northern border of Coconut Grove, just up the street from the University of Miami and 100 yards from a Milams Market and Home Depot. Walgreens is one block to the south. Brickell and Downtown Miami can be accessed via Dixie Highway (US-1) in less than ten minutes and Downtown Coral Gables, the Grove and Dadeland can be accessed within just a few minutes drive. Every conceivable retailer and restaurant, whether fast food or high end, is in the surrounding area, as well as some of the most famous hotels in Florida such as the Biltmore Hotel and the Ritz-Carlton Coconut Grove. Situated on the southeast side of US-1, the property is contiguous to a residential community known for its historical history with homes in the multimillion-dollar range. Grove Key Marina, Coral Reef Yacht Club, Regatta Park, Peacock Park, Kirk Munroe Park and Tennis Center, Blanche Park, Elizabeth Virrick Park and Library, Douglas Park, Cocowalk and the Shops at Merrick Park are all within a distance.

Exclusively Listed By

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