Multifamily

Flamingo Garden

Listing Price: $4,875,000

Cap Rate
5.62%
Number of Units
36
GRM
10.33
Occupancy
95.00%
Price/Unit
$135,417
Price/Gross SF
$179.11
Gross SF
27,218

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flamingo Garden Apartments, a 36-unit garden-style apartment community located in Miami, Florida. The property consists of 10 one-story residential buildings spread out over a low density 2.85 acre site.

Flamingo Garden is in a very good rental location. It is bordered to the north by Northwest 95th Street which is a major east-west thoroughfare that travels through Miami-Dade County and provides quick access to Interstate 95 to the east. The eastern and western borders of the property are quiet residential streets lined with single family homes. North Shore Medical Center is one block to the east and Miami Central Senior High School and William H. Turner Technical Arts High School are two blocks to the west. Miami Dade College is just two miles to the northwest. Each of these provides an abundant employment base.

The property offers an excellent mix of eight one-bedroom and 28 two-bedroom apartments. Each apartment has a separate kitchen with all electric appliances, wall unit air-conditioning and a separate hot-water heater. Furthermore, each has an individual front stairway entrance and back door that opens onto a large open courtyard. Residents are responsible for electricity, telephone and cable, while water, sewer and trash are included in rent. Most apartment interiors are original or with minimal upgrades, which makes this offering an excellent value add opportunity. With interior and exterior renovations, the rents could be substantially increased. Additionally, with almost three acres of land, the property could be a future redevelopment opportunity.

Flamingo Gardens is offered for sale at $4,875,000 with the assumption of the existing first mortgage in favor of Freddie Mac in the amount of $2,714,000. The loan is fixed at a rate of 4.52 percent until October 2027 and then adjusts every six months for an additional 10 years. Payments are interest only through September 2020 and then adjust to a 30-year amortization. This loan may be prepaid with a 4 percent penalty, adjusting downward by 1 percent every other year.

Investment Highlights

  • Great Mix of Over 75 Percent Two-Bedroom Floor Plans
  • Over $96,000 of Current Loss to Lease
  • Offered with 4.52 Percent Fixed Rate Assumable Financing
  • Situated on Almost 3 Acres of Land for Potential Future Development
  • Value Add Opportunity Through Interior and Exterior Renovations
  • Excellent Miami-Dade County Rental Location

Exclusively Listed By

Listing Price: $4,875,000

Cap Rate
5.62%
Number of Units
36
GRM
10.33
Occupancy
95.00%
Price/Unit
$135,417
Price/Gross SF
$179.11
Gross SF
27,218

Investment Highlights

  • Great Mix of Over 75 Percent Two-Bedroom Floor Plans
  • Over $96,000 of Current Loss to Lease
  • Offered with 4.52 Percent Fixed Rate Assumable Financing
  • Situated on Almost 3 Acres of Land for Potential Future Development
  • Value Add Opportunity Through Interior and Exterior Renovations
  • Excellent Miami-Dade County Rental Location

Investment Overview

Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Flamingo Garden Apartments, a 36-unit garden-style apartment community located in Miami, Florida. The property consists of 10 one-story residential buildings spread out over a low density 2.85 acre site.

Flamingo Garden is in a very good rental location. It is bordered to the north by Northwest 95th Street which is a major east-west thoroughfare that travels through Miami-Dade County and provides quick access to Interstate 95 to the east. The eastern and western borders of the property are quiet residential streets lined with single family homes. North Shore Medical Center is one block to the east and Miami Central Senior High School and William H. Turner Technical Arts High School are two blocks to the west. Miami Dade College is just two miles to the northwest. Each of these provides an abundant employment base.

The property offers an excellent mix of eight one-bedroom and 28 two-bedroom apartments. Each apartment has a separate kitchen with all electric appliances, wall unit air-conditioning and a separate hot-water heater. Furthermore, each has an individual front stairway entrance and back door that opens onto a large open courtyard. Residents are responsible for electricity, telephone and cable, while water, sewer and trash are included in rent. Most apartment interiors are original or with minimal upgrades, which makes this offering an excellent value add opportunity. With interior and exterior renovations, the rents could be substantially increased. Additionally, with almost three acres of land, the property could be a future redevelopment opportunity.

Flamingo Gardens is offered for sale at $4,875,000 with the assumption of the existing first mortgage in favor of Freddie Mac in the amount of $2,714,000. The loan is fixed at a rate of 4.52 percent until October 2027 and then adjusts every six months for an additional 10 years. Payments are interest only through September 2020 and then adjust to a 30-year amortization. This loan may be prepaid with a 4 percent penalty, adjusting downward by 1 percent every other year.

Exclusively Listed By

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