For Sale
$3,500,000

251 Madeira AveCoral Gables, FL 33134

11-unit apartment building, prime location

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 11-unit apartment building, located at 251 Madeira Avenue in Coral Gables, Florida, presents a rare investment opportunity. Priced at $3,500,000, this Class B property boasts 5,650 square feet on an 11,540 square foot lot, translating to a price per square foot of $619.47 and a price per unit of $318,181.82. The two-story building, constructed in 1962 of concrete block with concrete decks, features a recently replaced tile roof. The property includes a mix of unit types: six studios, five one-bedroom/one-bathroom units, and one spacious two-bedroom/two-bathroom unit. Each unit benefits from on-site parking. Situated in the heart of Coral Gables, this property enjoys a Walk Score of 93, providing easy access to numerous retail establishments, dining options, and employment centers. The surrounding area is home to a diverse range of businesses, including multinational corporations and consular offices. While the property is well-maintained, it offers significant potential for increased profitability through modest improvements and a revised leasing strategy to command higher rental rates. The permitted zoning is Multi-Family 2 (MF2). This is a chance to acquire a well-located, income-generating asset in one of America's most desirable cities.

Highlights

  • Exceptional 11-unit apartment building in Coral Gables, FL, priced at $3,500,000.
  • 5,650 sq ft building on an 11,540 sq ft lot; $619.47 PSF, $318,182 per unit.
  • Two-story, 1962 concrete block construction with recently replaced tile roof.
  • Unit mix: six studios, five one-bedroom/one-bathroom, one two-bedroom/two-bathroom; all with on-site parking.
  • High Walk Score of 93, prime Coral Gables location near businesses and amenities; MF2 zoning.

Property Details for 251 Madeira Ave

Property type
Apartment buildings
Square Feet
5,650 SF
Class
B
Year Built
1962
Buildings
1
Stories
2
Units
11

Location Insight

City
Coral Gables
County
Miami-Dade
State
Florida
Latitude
25.7560553
Longitude
-80.260622
251 Madeira Ave, Coral Gables, Florida

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251 Madeira Ave
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