Off Market 3 structure Triplex in Coral Gables, 10 cap potential

[Gregory Avalone]

Price: $440,000 CASH or Hard Money ONLY

Est. Rehab: <$10,000

Cap Rate Potential: 10%

Est. MKT. Rent $4,800/month

Current Rent $2300/month

Layout: 7 Bd, 4 Ba (7731 sqft, 2241 sqft lot )

Off-Market fully legal 3-unit property with an amazing location by Coral Gables: South of Coral Way, and just blocks to Miracle Mile and downtown Coral Gables. Zoned T3-O. The units are in good rentable condition but could benefit from cosmetic updating. The ceiling and an interior wall of one unit need some paint and patching. Each unit has its own full-size washer and dryer, with separate water meter and electricity meter. Cap rate of 10% at market rent, which is incredible for this location. Properties trade at a 6-7% cap, typically. Unit 3 will be vacant at closing and unit 1 and 2 tenants are month to month.

Unit 1 – 2 bedroom/2 bathroom - $1,200/month - market rate $1,500
Unit 2 – 3 bedroom/1 bathroom - $1,100/month - market rate $1,700
Unit 3 – 3 bedroom (1 shotgun style)/1 bathroom – owner occupied - market rate $1,600
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CLOSED SALES
3192 SW 25th TERR - $515K – 3/2 & 2/1 - only 2 units - inc. $3,200/month– Cap Rate 5.6%
3144 SW 23rd ST - $515K – 3/2, 2/2 & 1/1 – only 2 units are legal – inc. $4,400/month – cap rate 7.6%
2921 SW 24th ST - $465K – 2/1 & 3/2 – only 2 units – inc. $3,500/mo – cap rate 6.7%
3344/6 SW 24th ST - $523K – 2/1 & 3/2 – only 2 units – inc. $3,500/mo – cap rate 6%