The Heart Of Little Havana
FINANCIAL SUMMARY – MULTI-FAMILY
OFFERING PRICE: $8,500,000
PRICE PER SQUARE FOOT: $390.95
PRICE PER UNIT: $236,111
OCCUPANCY: 98.00%
NET OPERATING INCOME (CURRENT): $449,324
NET OPERATING INCOME (PRO FORMA): $481,664
CAP RATE (CURRENT): 5.29%
CAP RATE (PRO FORMA): 5.67%
Eleventrust is proud to present 8cho Apartments. 829 SW 18th Ave. is a completely remodeled 36 unit multifamily apartment buildings in the heart of Little Havana just steps away from the famous “Calle 8”. The building was built in 1923 and consists of (2) buildings (3) stories high each building housing (18) units. The lot is closed to 13k Sq. Ft. currently zoned T4-R.
8cho Apartments was gutted to its 4 walls for a complete rehab with concrete slab, new wood slabs, hurricane impact windows, new PVC plumbing, individual waterly metered, new electrical with LED lighting, central AC, granite countertops with under-mount sinks, stainless steel appliances glass top stove and top mount microwave, washer and dryer, blinds. All the apartments are 2 bedrooms and 1 bathroom with walking glass shower, and stainless steel fixtures around the apartment.
The investor has the opportunity to acquire a stabilized, turn-key asset with low foreseeable future maintenance costs in a sub-market positioned for increased appreciation.
Location Summary
? With a population north of 76,163 residents, Little Havana is the center of social, cultural and political activity in Miami. Hispanic culture permeates everything in Little Havana - colorful murals, monuments to heroes past and present, elderly men playing dominoes as they discuss politics and cigar rollers deep at work amidst Little Havana’s ever-present aroma of Cuban coffee. These scenes of daily life in Little Havana play out amidst a backdrop of pulsating traditional Cuban and Afro-Cuban music, storefronts, unique art galleries, and quaint typical restaurants.
Little Havana landmarks include: Calle Ocho, the main drag of Little Havana, where fruit stands, art galleries, Cuban restaurants, and cigar shops line the avenue and Walkway of the Stars, which honors Latin American celebrities including Gloria Estefan and Celia Cruz. At Domino Park, there are daily heated daily domino games among practiced locals. Take a break and grab a show at the Tower Theater, a restored Art Deco theater and cultural venue.
On the last Friday of each month, Little Havana hosts Viernes Culturales, or Cultural Fridays, a monthly gallery night showcasing the cultural arts scene of the neighborhood. Little Havana offers a taste of multi-cultural Miami at its best.
Bedroom
Living Room
Kitchen
PROPERTY FEATURES:
- NUMBER OF UNITS- 36
- BUILDING SF- 21,742
- LAND SF -12,720
- LAND ACRES -.30
- YEAR BUILT -1923
- YEAR RENOVATED- 2020
- # OF PARCELS- 1
- ZONING TYPE- T4-R
- BUILDING CLASS- A
- NUMBER OF STORIES- 2
- NUMBER OF BUILDINGS- 2
- LOT DIMENSION- 107.80 x 118
- WASHER/DRYER- Yes
- HVAC Central AC
- FIRE SPRINKLERS- Yes
UTILITIES:
- WATER- Paid by Tenant
- TRASH- Paid by Owner
- ELECTRIC -Paid by Tenant
CONSTRUCTION:
- FOUNDATION- Concrete Slab
- FRAMING- Concrete
- EXTERIOR -Stucco
- ROOF- Flat
- LANDSCAPING -Grass, Palm Trees
Eleventrust is a full-service, boutique, Multi-family brokerage firm that offers advisory and property management services. For a complete Offering Memorandum for Ocho Apartments, other multi-family listings in the Upper East Side market or a free property analysis, please contact Rafael Fermoselle ([email protected]), David Fermoselle ([email protected]), or Sharif Bula ([email protected]).