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Multifamily

Sharazad Portfolio

1219 Sharazad Blvd, Opa-locka, FL 33054

Listing Price: $6,100,000

Cap Rate
3.41%
Number of Units
38
Occupancy
95.0%
Price/Unit
$160,526

Investment Overview

Marcus & Millichap as exclusive listing agent is pleased to offer for sale 1219-1241 Sharazad Boulevard, a 38-unit apartment building located at 1219-1241 Sharazad Boulevard in the city of Opa Locka, in Miami-Dade County. The property consists of five one-story buildings with a unit mix of six studios, eight one-bedroom/one-bath, and 24 two-bedroom/one-bath units. Water, sewer, and trash removal is included in the rental for the units in the 1241 Building which is 12 Units. In buildings 1219, 1221, 1225, and 1231 units are individually metered for water and tenants pay for their own consumption. The buildings were constructed in 1952-1956. The current ownership has renovated a majority of the unit’s kitchens and bathrooms as well as put tile floors throughout. The landscaping is rocked and is very minimal so there is little maintenance. Also, most of the windows have been replaced with impact resistant windows. Seven of the tenants are subsidized by the government while the remaining are market rate. A majority of the leases are annual while approximately ten are month to month providing a new owner the immediate upside through raising rents. The property is strategically located approximately one mile east of the Amazon Mega-Warehouse which boasts over 850,000-square feet of distribution space and has created hundreds of jobs. The Mega-Warehouse is Amazon's largest facility in South Florida and is a part of the Miami-Opa Locka Executive Airport, located in the Carrie Meek International Business Park.

Investment Highlights

  • Portfolio of 5 Buildings Encompassing 0.95 Contiguous Acres Zoned 100 DU/Acre
  • Excellent Unit Mix of Over 63 Percent Two Bedroom Units
  • Majority of the Units Have Updated Kitchens, Bathrooms and Tile Floor
  • Impact Windows and Minimal Landscaping Upkeep
  • Close Proximity to Amazon Mega Warehouse and Opa Locka Airport
  • Over 68 Percent of Units are Individually Metered for Water

Exclusively Listed By

Financing By

Multifamily

Sharazad Portfolio

Listing Price: $6,100,000

Cap Rate
3.41%
Number of Units
38
Occupancy
95.0%
Price/Unit
$160,526

Investment Highlights

  • Portfolio of 5 Buildings Encompassing 0.95 Contiguous Acres Zoned 100 DU/Acre
  • Excellent Unit Mix of Over 63 Percent Two Bedroom Units
  • Majority of the Units Have Updated Kitchens, Bathrooms and Tile Floor
  • Impact Windows and Minimal Landscaping Upkeep
  • Close Proximity to Amazon Mega Warehouse and Opa Locka Airport
  • Over 68 Percent of Units are Individually Metered for Water

Investment Overview

Marcus & Millichap as exclusive listing agent is pleased to offer for sale 1219-1241 Sharazad Boulevard, a 38-unit apartment building located at 1219-1241 Sharazad Boulevard in the city of Opa Locka, in Miami-Dade County. The property consists of five one-story buildings with a unit mix of six studios, eight one-bedroom/one-bath, and 24 two-bedroom/one-bath units. Water, sewer, and trash removal is included in the rental for the units in the 1241 Building which is 12 Units. In buildings 1219, 1221, 1225, and 1231 units are individually metered for water and tenants pay for their own consumption. The buildings were constructed in 1952-1956. The current ownership has renovated a majority of the unit’s kitchens and bathrooms as well as put tile floors throughout. The landscaping is rocked and is very minimal so there is little maintenance. Also, most of the windows have been replaced with impact resistant windows. Seven of the tenants are subsidized by the government while the remaining are market rate. A majority of the leases are annual while approximately ten are month to month providing a new owner the immediate upside through raising rents. The property is strategically located approximately one mile east of the Amazon Mega-Warehouse which boasts over 850,000-square feet of distribution space and has created hundreds of jobs. The Mega-Warehouse is Amazon's largest facility in South Florida and is a part of the Miami-Opa Locka Executive Airport, located in the Carrie Meek International Business Park.

Exclusively Listed By

Financing By

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