251 Madeira AveCoral Gables, FL 33134

Property Details for 251 Madeira Ave

Year built

1962

Property size (Sq ft)

5,650 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Coral Gables

County

Miami-Dade

State

Florida

Latitude

25.7561

Longitude

-80.2606

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