2014 SW 3 ST Miami FL. This property has a current monthly gross income of $17,900, which results in a cap rate of 5.43% at the offered price. However, the projected and potential monthly gross income is $22,955, which would result in a cap rate of 6.22%. This could be achieved as leases renew and increase the rents on the month to month tenants. 9-unit apartment building, all units are 2 -bedrooms 1-bathroom , approximately 780 sq,ft each. 6-units having a private balcony, Immaculate maintained property, gated parking on both sides of the property with a total of 9 parking spaces, plus additional public parking, all units are equipped with central air conditioner. Laundry facility on site for tenant, with newer equipment. 3-units are fully renovated . Both renovated and unrenovated units are renting below market averages. Market rents for the area for 2/1's rang e between $2400-$2500. The renovated units are equipped with the Finest of Materials. New Kitchen with White Wood Shaker Cabinets, Beautiful Quartz Countertops and Hexagon Glass Tile Backsplash, with Brand New Stainless Steel Appliances p orcelain Tiles throughout the Apartment , new Bathroom with all new Porcelain non slip tiles, Lighted Mirror, New White Wood Vanity, All New Doors Throughout. Highlights: Great location Little Havana neighborhood. Centrally located close proximity to great schools, entertainment, and employment. 6- A/C have been replaced within the last few years. 40-year recertification that was completed on 4 /29/2021. With an average effective rent of $1,944, an investor has the opportunity to increase rental rates by 28% to be competitive within the market as units turn. Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance. New rain gutters, wireless camera system, electric gate, wash, & dyer are newer, built 1971 cbs-concrete block and stucco construction. Long term ownership over 40+years. Alex Lizama COLDWELL BANKER COMMERCIAL REALTY 3319 Sheridan Street Hollywood, Florida 33021 Phone number: ... E: ... Digital business card: https://realtybizcard.com/alexlizama
