Marcus & Millichap, as exclusive listing agent, is pleased to offer for sale Garcia Apartments, a 62-unit building located at 2150 NW 9th Street in Miami, Florida. The property is being offered for sale by the original developer who has owned the property for over 45 years. Garcia Apartments is a five-story, elevator served building constructed of concrete block with a concrete roof. The property has 24 one-bedroom / one-bathroom units with approximately 675 square feet and 38 two-bedroom / one-bathroom units with approximately 825 square feet. The units have balconies or patios, central air-conditioning, tiled floors and most of the units have been updated over the last few years.
Garcia Apartments is situated on a 1.32 acre site that has a T6-8-O zoning. The property provides residents with gated on-site parking, private pool and sun deck, secured entrances with call box, on-site laundry facilities, and security cameras. Water, sewer, and trash removal are included in the monthly rent and residents are responsible for electric, cable, and telephone. The building has historically been fully occupied and the current rents appear to be well below comparable rental rates.
Several capital improvements have been completed over the last several years including new roof, elevator update and replacing the balcony railings. The owners have kept the property in excellent condition during their ownership which will benefit a new owner for many years to come. There are also two cell towers leased by Sprint and T-Mobile which generates an additional income of $53,477 annually. In addition, the owner has converted three common-area spaces into non-conforming efficiency units. A new owner can chose to continue the current operations, or convert the three efficiencies back into a common area space, such as a fitness center or other common area amenity.
The property is in a fantastic location and is centrally located in the Little Havana market. Within a five mile radius of the property there are over 450,000 residents as well as all the major economic drivers and employment centers. The Miami International Airport is only three miles west of the subject property, the hospital district is less than two miles to the east, Marlins Park is less than a mile southeast and downtown Miami is less than three miles east and PortMiami is just over three miles to the east of the Garcia Apartments.
