1200 3Rd StHomestead, FL 33030

Property Details for 1200 3Rd St

Year built

1964

Property size (Sq ft)

49,220 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 73-unit apartment complex in Homestead, Florida, presents a compelling value-add investment opportunity. The property, situated on an 83,123 square foot lot, comprises ten two-story buildings totaling 49,220 square feet. Built in 1964, the complex currently boasts a 98% occupancy rate (as of October 1, 2024) and features a mix of one-, two-, and three-bedroom units, offering significant potential for rental income growth. The current Net Operating Income (NOI) is $599,394, with a pro-forma NOI projected at $784,619, resulting in a current cap rate of 5.55% and a pro-forma cap rate of 7.26%. The asking price is $10,800,000, translating to $147,945 per unit. All units include central air conditioning, vinyl flooring, and gas ranges. The property includes a gated entrance and a large laundry room. The complex benefits from its location near various amenities, including parks, shopping centers (Homestead Station), schools (West Homestead K-8 Center, Laura C. Saunders Elementary School, Homestead Middle School, Miami Dade College Homestead Campus), and major retailers like Walmart, Home Depot, and Publix. The property is zoned PUN and has a $6,491,000 assumable Fannie Mae mortgage with a fixed interest rate of 3.98%, interest-only until August 2029, and a due date of 2036. Offers are due October 30th. This property offers a rare opportunity to acquire a well-located, value-add multifamily asset in a growing South Florida market. The concrete block construction and concrete roofs provide substantial insurance savings. The property was originally 80 units, offering further upside potential.

Location Insight

City

Homestead

County

Miami-Dade

State

Florida

Latitude

25.4667

Longitude

-80.4921

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