2014 SW 3rd St
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2014 SW 3rd St
9 Unit Apartment Building $2,500,000 ($277,778/Unit) 6.18% Cap Rate Miami, FL 33135
INVESTMENT HIGHLIGHTS
- 9-unit apartment building, all units are 2-bedrooms 1-bathroom.
- Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance.
- 40-year recertification that was completed on 4/29/2021.
- 6-units having a private balcony, Immaculate maintained property, gated parking.
EXECUTIVE SUMMARY
Prime Little Havana 9-Unit Opportunity: Significant Rental Upside & Stable Income
Executive Summary:
Discover 2014 SW 3 ST, a meticulously maintained 9-unit apartment building in the heart of vibrant Little Havana. This stabilized asset, boasting 100% occupancy, presents a rare opportunity for investors to capitalize on significant rental upside. Currently achieving an average effective rent of $1,988, this property offers a clear path to a 19% increase, aligning with market rents of $2,300-$2,400 for 2/1 units.
Property Highlights:
Immediate Value Add: Achieve substantial rent increases by strategically adjusting month-to-month leases and renewals.
Renovated Units: Three fully renovated units showcase high-end finishes (shaker cabinets, quartz countertops, stainless steel appliances, porcelain tile), commanding premium rents.
Well-Maintained Asset: Recent upgrades include newer AC units (6), a completed 40-year recertification (2021), new rain gutters, a wireless camera system, and a newer laundry facility.
Desirable Location: Prime Little Havana location, offering proximity to schools, entertainment, and employment opportunities.
Solid Foundation: CBS construction (1971) with long-term ownership (40+ years) and gated parking for all units.
Proven Income Stream: Current gross monthly income of $17,900, with a current in place cap rate of 6.18%.
Projected Growth: Potential gross monthly income of $21,150, resulting in a projected cap rate of 6.35% after reassessment of taxes and insurance, achievable through strategic rent adjustments.
Unit Features:
9 spacious 2-bedroom, 1-bathroom units (approximately 780 sq. ft. each).
6 units with private balconies.
Central air conditioning in all units.
On-site laundry facility.
Investment Potential:
This property provides a unique blend of stable income and substantial growth potential. By leveraging the existing market rent disparity and the property's recent upgrades, investors can maximize returns in a highly desirable Little Havana location.
Executive Summary:
Discover 2014 SW 3 ST, a meticulously maintained 9-unit apartment building in the heart of vibrant Little Havana. This stabilized asset, boasting 100% occupancy, presents a rare opportunity for investors to capitalize on significant rental upside. Currently achieving an average effective rent of $1,988, this property offers a clear path to a 19% increase, aligning with market rents of $2,300-$2,400 for 2/1 units.
Property Highlights:
Immediate Value Add: Achieve substantial rent increases by strategically adjusting month-to-month leases and renewals.
Renovated Units: Three fully renovated units showcase high-end finishes (shaker cabinets, quartz countertops, stainless steel appliances, porcelain tile), commanding premium rents.
Well-Maintained Asset: Recent upgrades include newer AC units (6), a completed 40-year recertification (2021), new rain gutters, a wireless camera system, and a newer laundry facility.
Desirable Location: Prime Little Havana location, offering proximity to schools, entertainment, and employment opportunities.
Solid Foundation: CBS construction (1971) with long-term ownership (40+ years) and gated parking for all units.
Proven Income Stream: Current gross monthly income of $17,900, with a current in place cap rate of 6.18%.
Projected Growth: Potential gross monthly income of $21,150, resulting in a projected cap rate of 6.35% after reassessment of taxes and insurance, achievable through strategic rent adjustments.
Unit Features:
9 spacious 2-bedroom, 1-bathroom units (approximately 780 sq. ft. each).
6 units with private balconies.
Central air conditioning in all units.
On-site laundry facility.
Investment Potential:
This property provides a unique blend of stable income and substantial growth potential. By leveraging the existing market rent disparity and the property's recent upgrades, investors can maximize returns in a highly desirable Little Havana location.
PROPERTY FACTS
| Price | $2,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $277,778 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 6.18% | Building Size | 9,249 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1971/2024 |
| Price | $2,500,000 |
| Price Per Unit | $277,778 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 9,249 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1971/2024 |
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Walk Score®
Very Walkable (88)
PROPERTY TAXES
| Parcel Number | 01-4103-014-2040 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,173,700 |
PROPERTY TAXES
Parcel Number
01-4103-014-2040
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,173,700
ZONING
| Zoning Code | R-3 |
| R-3 |
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2014 SW 3rd St
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