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Multifamily

676 Palazzo

676 SW 2nd St, Miami, FL 33130

Listing Price: $2,844,000

Cap Rate
5.10%
Number of Units
18
Occupancy
95.0%
Price/Unit
$158,000
Price/Gross SF
$368.87
Gross SF
7,710

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for Sale, 676 Palazzo, an 18-unit apartment complex located in Miami, Florida. The complex underwent extensive interior and exterior renovations in the last six months including windows, kitchen cabinets, new flooring, appliances, plumbing, was recently tented and has a one-year old roof. Since the completion of the renovation, the units have been fully leased with minimal turnover. The property is located at 676 SW 2nd Street within the east Little Havana quadrant which is define by The Miami river to the north, Southwest 8th Street (Calle Ocho) to the South, Southwest 17th Avenue to the west and Southwest 4th Avenue to the east. 676 Palazzo consist of one three-story building situated on a 0.10-acre lot zoned T4-R. The units have individual folio’s and are approximately 437 square feet. The property offers a laundry facility, ample hallways, gated entrance, and street parking. The residents are within walking distance from public transportation, commercial stores on Flagler Street, Ada Merritt K-8 School, Jose Marti Park, Riverside Park, Publix Supermarket and FIRST Little Havana – a 196 market-rate apartments complex which is expected to be completed at the end of 2021. 676 Palazzo has a Freddie Mac assumable loan in place. The balance of the loan is $1,875,000 approximately with a rate of 3.69 percent with 9 years remaining on the original term.

Investment Highlights

  • Assumable Loan with Attractive Rate
  • All One-bedroom / One-bathroom Units
  • Excellent East Little Havana Location
  • Walking Distance from Downtown Miami and Brickell
  • Impact Windows and Renovated Units
  • Recently Tented
  • New Roof

Exclusively Listed By

Financing By

Listing Price: $2,844,000

Cap Rate
5.10%
Number of Units
18
Occupancy
95.0%
Price/Unit
$158,000
Price/Gross SF
$368.87
Gross SF
7,710

Investment Highlights

  • Assumable Loan with Attractive Rate
  • All One-bedroom / One-bathroom Units
  • Excellent East Little Havana Location
  • Walking Distance from Downtown Miami and Brickell
  • Impact Windows and Renovated Units
  • Recently Tented
  • New Roof

Investment Overview

Marcus & Millichap, as exclusive listing broker, is pleased to offer for Sale, 676 Palazzo, an 18-unit apartment complex located in Miami, Florida. The complex underwent extensive interior and exterior renovations in the last six months including windows, kitchen cabinets, new flooring, appliances, plumbing, was recently tented and has a one-year old roof. Since the completion of the renovation, the units have been fully leased with minimal turnover. The property is located at 676 SW 2nd Street within the east Little Havana quadrant which is define by The Miami river to the north, Southwest 8th Street (Calle Ocho) to the South, Southwest 17th Avenue to the west and Southwest 4th Avenue to the east. 676 Palazzo consist of one three-story building situated on a 0.10-acre lot zoned T4-R. The units have individual folio’s and are approximately 437 square feet. The property offers a laundry facility, ample hallways, gated entrance, and street parking. The residents are within walking distance from public transportation, commercial stores on Flagler Street, Ada Merritt K-8 School, Jose Marti Park, Riverside Park, Publix Supermarket and FIRST Little Havana – a 196 market-rate apartments complex which is expected to be completed at the end of 2021. 676 Palazzo has a Freddie Mac assumable loan in place. The balance of the loan is $1,875,000 approximately with a rate of 3.69 percent with 9 years remaining on the original term.

Exclusively Listed By

Financing By

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