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Multifamily

Matera [Value-Add] Single Family Home & Condominium Portfolio

1701 Southwest 82nd Terrace, Miramar, FL 33025

Listing Price: $3,500,000

Cap Rate
5.14%
Number of Units
12
Price/Unit
$291,667
Price/Gross SF
$226.42
Gross SF
15,458

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Matera Single Family Home & Condominium Portfolio, a portfolio of 12 properties located in Palm Beach (2 condominiums), Broward (4 single family homes) and Miami Dade Counties (4 single family homes and 2 condominiums). SUBJECT PROPERTY The Matera Single Family Home & Condominium Portfolio consists of eight single-family homes and four condominiums varying in condition and built from 1950 to 2003. The portfolio consists of the following assets: Palm Beach County Properties: There are two condominium units located in the San Matera community of Palm Beach Gardens, FL, which was originally built in 2003. Each condominium is a two-bedroom | two-bathroom measuring approximately 1,149 square feet and currently vacant. Both units are in average condition with carpeted flooring, central air conditioning and in-unit washer & dryers. Common area amenities include large swimming pool, jacuzzi, fitness center, business/media center and tennis courts. The condominiums are proximate to The Gardens Mall, Whole Foods, Trader Joes and numerous office buildings and restaurants. Broward County Properties: There are four single family homes located in Broward County within the cities of Lauderdale Lakes, Sunrise, Hollywood and Miramar. Those assets are as follows: 4421 Northwest 34th Court (Lauderdale Lakes) is a single story three-bedroom | two-bathroom house measuring approximately 1,368 square feet and built in 1960. The property features ceramic tile flooring throughout, updated kitchen with stainless steel appliances including refrigerator, microwave, oven and dishwasher. The home also features a screened in patio and large backyard. The owner is in the process of putting a new roof on this house (with permits) as of this listing. The property is currently vacant and in average condition. Ownership is in the process of replacing the roof with permits and the work is expected to be finished in March or April 2022. 2151 Northwest 61st Avenue (Sunrise) is a single story three-bedroom | two-bathroom house measuring approximately 1,016 square feet and built in 1961. The property features ceramic tile flooring throughout, wall air conditioning units, large fenced in backyard, stainless steel appliances, and laundry room. The property is currently leased for $1,800 per month and in average condition. This property had a roof replacement in 2020. 2330 Farragut Street (Hollywood) is a single story three-bedroom | two-bathroom house measuring approximately 1,494 square feet and built in 1961. Central air conditioning and tile throughout. The property is currently vacant and in need of a full renovation. Ownership is currently in the process of correcting open code violations pertaining to the perimeter fence and gate entrance, exterior painting and soffit repair. 1701 SW 82nd Terrace (Miramar) is a single story two-bedroom | one-bathroom house with attached garage measuring approximately 1,149 square feet and built in 1983. The property features tile throughout and central air conditioning. The bathroom has been recently upgraded with new sink, toilet, and shower as well as tiles. The property also has a large fenced in backyard great for entertaining. The property is currently vacant and in good condition. Miami-Dade County Properties: There are four single family homes located in Miami County within the cities of Miami and North Miami, as well as two condominium units located in Miami Beach. Those assets are as follows: 350 Northeast 161st Street (North Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,563 square feet and built in 1956. The home is equipped with central air conditioning. The property is currently leased for $2,700 per month and in average condition, although there is an active lien for an addition that was added prior to the current owner. 880 NE 155th Terrace (Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,658 square feet and built in 1953. This property features central air-conditioning, tile flooring and stainless-steel electric appliances. The backyard features a large screened in patio & pool area great for entertaining. The property is currently leased for $2,600 per month and is in average condition (there is currently a code violation for electric). 1735 NE 147th Street (Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,548 square feet and built in 1952. This property features central air conditioning, a mix of tile and wood flooring throughout and single car garage currently being utilized as a storage room. The property is currently leased for $2,200 per month and will require a new roof and exterior structural repairs to Florida room in the near future. 10845 NW 2nd Court (Miami) was originally constructed as a single story three-bedroom | two-bathroom house measuring approximately 2,100 square feet and built in 1950. The property consists of central air conditioning, ceramic tile flooring, updated kitchen with stainless steel appliances and single car garage converted to a studio unit, which has a wall air conditioning unit. The home is now operating as a five-bedroom. The property is currently vacant and in need of a full renovation. There are two condominium units located in the Beachcomber in Miami Beach (North Beach), which was originally built in 1953. Each condominium is a one-bedroom | one-bathroom measuring approximately 632 square feet. 320 85th Street, Unit 2 is currently leased for $1,600 per month, while 320 85th Street, Unit 4 is currently vacant. The units feature stainless steel appliances, updated cabinetry, wood plank vinyl and tile flooring, gas stoves and wall air conditioning units. The units are in average condition. SUMMARY The Matera Single Family Home & Condominium Portfolio is being offered for sale at $3,500,000 or $291,667 per unit.

Investment Highlights

  • Portfolio of 12 Properties: (8) Single Family Homes and (4) Condominiums
  • Value Add Opportunity Through Renovation & Moving Rents to Market Levels
  • Attractive Levered IRR's from 16.9% - 23.3% Depending on Hold Period
  • Irreplaceable, Well Insulated Entry Level Housing Properties in Dense, Growing South Florida Markets
  • Locations in Palm Beach (2), Broward (4) and Miami-Dade (6)

Exclusively Listed By

Financing By

Multifamily

Matera [Value-Add] Single Family Home & Condominium Portfolio

Listing Price: $3,500,000

Cap Rate
5.14%
Number of Units
12
Price/Unit
$291,667
Price/Gross SF
$226.42
Gross SF
15,458

Investment Highlights

  • Portfolio of 12 Properties: (8) Single Family Homes and (4) Condominiums
  • Value Add Opportunity Through Renovation & Moving Rents to Market Levels
  • Attractive Levered IRR's from 16.9% - 23.3% Depending on Hold Period
  • Irreplaceable, Well Insulated Entry Level Housing Properties in Dense, Growing South Florida Markets
  • Locations in Palm Beach (2), Broward (4) and Miami-Dade (6)

Investment Overview

Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Matera Single Family Home & Condominium Portfolio, a portfolio of 12 properties located in Palm Beach (2 condominiums), Broward (4 single family homes) and Miami Dade Counties (4 single family homes and 2 condominiums). SUBJECT PROPERTY The Matera Single Family Home & Condominium Portfolio consists of eight single-family homes and four condominiums varying in condition and built from 1950 to 2003. The portfolio consists of the following assets: Palm Beach County Properties: There are two condominium units located in the San Matera community of Palm Beach Gardens, FL, which was originally built in 2003. Each condominium is a two-bedroom | two-bathroom measuring approximately 1,149 square feet and currently vacant. Both units are in average condition with carpeted flooring, central air conditioning and in-unit washer & dryers. Common area amenities include large swimming pool, jacuzzi, fitness center, business/media center and tennis courts. The condominiums are proximate to The Gardens Mall, Whole Foods, Trader Joes and numerous office buildings and restaurants. Broward County Properties: There are four single family homes located in Broward County within the cities of Lauderdale Lakes, Sunrise, Hollywood and Miramar. Those assets are as follows: 4421 Northwest 34th Court (Lauderdale Lakes) is a single story three-bedroom | two-bathroom house measuring approximately 1,368 square feet and built in 1960. The property features ceramic tile flooring throughout, updated kitchen with stainless steel appliances including refrigerator, microwave, oven and dishwasher. The home also features a screened in patio and large backyard. The owner is in the process of putting a new roof on this house (with permits) as of this listing. The property is currently vacant and in average condition. Ownership is in the process of replacing the roof with permits and the work is expected to be finished in March or April 2022. 2151 Northwest 61st Avenue (Sunrise) is a single story three-bedroom | two-bathroom house measuring approximately 1,016 square feet and built in 1961. The property features ceramic tile flooring throughout, wall air conditioning units, large fenced in backyard, stainless steel appliances, and laundry room. The property is currently leased for $1,800 per month and in average condition. This property had a roof replacement in 2020. 2330 Farragut Street (Hollywood) is a single story three-bedroom | two-bathroom house measuring approximately 1,494 square feet and built in 1961. Central air conditioning and tile throughout. The property is currently vacant and in need of a full renovation. Ownership is currently in the process of correcting open code violations pertaining to the perimeter fence and gate entrance, exterior painting and soffit repair. 1701 SW 82nd Terrace (Miramar) is a single story two-bedroom | one-bathroom house with attached garage measuring approximately 1,149 square feet and built in 1983. The property features tile throughout and central air conditioning. The bathroom has been recently upgraded with new sink, toilet, and shower as well as tiles. The property also has a large fenced in backyard great for entertaining. The property is currently vacant and in good condition. Miami-Dade County Properties: There are four single family homes located in Miami County within the cities of Miami and North Miami, as well as two condominium units located in Miami Beach. Those assets are as follows: 350 Northeast 161st Street (North Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,563 square feet and built in 1956. The home is equipped with central air conditioning. The property is currently leased for $2,700 per month and in average condition, although there is an active lien for an addition that was added prior to the current owner. 880 NE 155th Terrace (Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,658 square feet and built in 1953. This property features central air-conditioning, tile flooring and stainless-steel electric appliances. The backyard features a large screened in patio & pool area great for entertaining. The property is currently leased for $2,600 per month and is in average condition (there is currently a code violation for electric). 1735 NE 147th Street (Miami) is a single story three-bedroom | two-bathroom house measuring approximately 1,548 square feet and built in 1952. This property features central air conditioning, a mix of tile and wood flooring throughout and single car garage currently being utilized as a storage room. The property is currently leased for $2,200 per month and will require a new roof and exterior structural repairs to Florida room in the near future. 10845 NW 2nd Court (Miami) was originally constructed as a single story three-bedroom | two-bathroom house measuring approximately 2,100 square feet and built in 1950. The property consists of central air conditioning, ceramic tile flooring, updated kitchen with stainless steel appliances and single car garage converted to a studio unit, which has a wall air conditioning unit. The home is now operating as a five-bedroom. The property is currently vacant and in need of a full renovation. There are two condominium units located in the Beachcomber in Miami Beach (North Beach), which was originally built in 1953. Each condominium is a one-bedroom | one-bathroom measuring approximately 632 square feet. 320 85th Street, Unit 2 is currently leased for $1,600 per month, while 320 85th Street, Unit 4 is currently vacant. The units feature stainless steel appliances, updated cabinetry, wood plank vinyl and tile flooring, gas stoves and wall air conditioning units. The units are in average condition. SUMMARY The Matera Single Family Home & Condominium Portfolio is being offered for sale at $3,500,000 or $291,667 per unit.

Exclusively Listed By

Financing By

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