Skip to main content

Multifamily

Summit 2268

2268 NW 7th St, Miami, FL 33125

Listing Price: $5,145,000

Cap Rate
4.14%
Number of Units
21
Occupancy
100.0%
Price/Unit
$245,000
Price/Gross SF
$326.60
Gross SF
15,753

Investment Overview

Marcus & Millichap, as exclusive listing broker, is please to offer for sale, Summit 2268, a 21-unit apartment complex located in Miami, Florida. The complex underwent over one million (1MM+) gut renovation between 2018 and 2020. Since the completion of the renovation, all the units have been leased and experienced minimal turnover. The complex is located at 2268 NW 7th Street within the Little Havana neighborhood. Summit 2268 consist of one three-story building situated on a 0.44-acre lot. The unit mix is comprised of three one-bedroom/one-bathroom units and 18 two-bedroom/one-bathroom units. The amenities include service elevator, laundry facility, gated entrance, new fire alarm system, patio and balcony in selected units, ample hallways, interior central courtyard, one parking space per unit and additional parking for visitors and handicap. The residents are within walking distance from public transportation, Citrus Grove Elementary and Middle School, Publix Super Market and Altos Plaza, West Flagler Street and all its retail activity as well as LoanDepot Park. In addition, there is convenient access to the Dolphin Express Way, and Interstate-95. Summit 2268 is located within the highly sought-after Little Havana neighborhood. 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 property. 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. 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.

Investment Highlights

  • Over $1M in Capital Improvements
  • Turn-Key Property with Upside in Rental Income
  • 85 Percent of the Units are Two-Bedroom / One-Bathroom
  • Excellent Little Havana Location
  • Gated Entrance to the Building
  • Close Proximity to Jackson Memorial and Hospital District

Exclusively Listed By

Listing Price: $5,145,000

Cap Rate
4.14%
Number of Units
21
Occupancy
100.0%
Price/Unit
$245,000
Price/Gross SF
$326.60
Gross SF
15,753

Investment Highlights

  • Over $1M in Capital Improvements
  • Turn-Key Property with Upside in Rental Income
  • 85 Percent of the Units are Two-Bedroom / One-Bathroom
  • Excellent Little Havana Location
  • Gated Entrance to the Building
  • Close Proximity to Jackson Memorial and Hospital District

Investment Overview

Marcus & Millichap, as exclusive listing broker, is please to offer for sale, Summit 2268, a 21-unit apartment complex located in Miami, Florida. The complex underwent over one million (1MM+) gut renovation between 2018 and 2020. Since the completion of the renovation, all the units have been leased and experienced minimal turnover. The complex is located at 2268 NW 7th Street within the Little Havana neighborhood. Summit 2268 consist of one three-story building situated on a 0.44-acre lot. The unit mix is comprised of three one-bedroom/one-bathroom units and 18 two-bedroom/one-bathroom units. The amenities include service elevator, laundry facility, gated entrance, new fire alarm system, patio and balcony in selected units, ample hallways, interior central courtyard, one parking space per unit and additional parking for visitors and handicap. The residents are within walking distance from public transportation, Citrus Grove Elementary and Middle School, Publix Super Market and Altos Plaza, West Flagler Street and all its retail activity as well as LoanDepot Park. In addition, there is convenient access to the Dolphin Express Way, and Interstate-95. Summit 2268 is located within the highly sought-after Little Havana neighborhood. 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 property. 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. 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.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower