Off-Market 21 Unit Apartment In Liberty City, 12 Cap Potential
New Listing. Property will need some rehab but is currently 50% occupied. Going through some renovations prior to closing including almost $40k in electrical work. Great property for a value add apartment building. Contact for details. 305-900-7391.
Liberty City Apartment -21 Units CBS -NDA Required to Disclose Address
Price: $1,425,000 CASH or Hard Money ONLY
Est. Rehab: $40k-$150k
Cap Rate Potential: 11%+
Est. MKT. Rent $19,350/month ($232,200/year)
Current Rent $6200/month (less than 50% occupied)
Layout: 27 Bd, 21 Ba
Incredible multi-family opportunity in prime Liberty City location, near the new Liberty Square development. This off-market building is CBS with gated parking, and 21 separate water and electric meters. It is currently under rented with tremendous value-add potential. The building boasts 6 - 2br Units and 15 -1br Units. Half the units are rented month to month, and the other half have been updated partially but still need some finishes, patchwork and appliances, which will allow you to rent for full market price, giving you an 11-12% cap rate. Some units have newer tile and windows. The building is currently undergoing upgrades to the electric and meter room (approximate cost is $38k). GFI outlets already installed. Roof is in good shape. 40-year re-certification is not done due to fire code compliance needed.
Potential annual income - $232,200
Loopnet Comp: http://www.loopnet.com/Listing/6020-NW-13th-Ave-Miami-FL/6924150/