967 Palazzo

23 Units | Miami, Florida

$3,450,000

Cash Flow in MIami is pleased to offer for sale 967 Palazzo, a 23-unit apartment complex located in Miami, Florida. The complex underwent extensive interior and exterior renovation in the last six months including windows, kitchen cabinets, new flooring, appliances, plumbing, doors and was recently tented. Since the completion of the renovation, the units have been fully leased with minimal turnover. The property is located within the east Little Havana quadrant which is defined by The Miami River to the north, Southwest 8th Street (Calle Ocho) to the South, Southwest 17th Avenue to the west and Southwest 4th Avenue to the east.

967 Palazzo consists of one three-story building situated on a 0.17-acre lot zoned T4-R. The unit mix is comprised of three studios, 14 one-bedroom/ one-bathroom units and six two-bedroom / one-bathroom units. The property offers a laundry facility, ample hallways, gated entrance and street parking. The residents are within walking distance from public transportation, commercial stores on Flagler Street, Ada Merritt K-8 School, Jose Marti Park, Riverside Park, Publix Supermarket and Southwest 8th Street (Calle Ocho).

Investment Highlights:

• Assumable Loan with Attractive Rate
• All One-bedroom / One-bathroom Units
• Excellent East Little Havana Location
• Walking Distance from Downtown Miami and Brickell
• Renovated Units
• Recently Tented

Summary:

• List Price: $3,450,000
• Units: 23
• Lot Size: 0.17 Acres
• Rentable Sq SF: 12,550
• Cap Rate: 4.68%
• Price/Unit: $150,000
• Price/SF: $274.90
• Year Built: 1925