Borinquen Apartments

$8,600,000
For sale

4405

Property ID

29,321 SqFt

Size

Description

Borinquen Apartments: Eleventrust is proud to present 425 SW 10th Ave.​

located in the heart of Little Havana just blocks away from Brickell and Downtown and minutes away from Coral Gables and Coconut Grove.​

The property was built in 1930 with concrete slab, flat roof, wall ACs and it has (2) separate structures and each are (3) floors.​

Borinquen has (36) studios averaging 461 Sq.​ Ft.​ and (22) one-bed and one-bath averaging 517 Sq.​ Ft.​

Which total 27,970 Rentable Sq.​ Ft.​

The building sits on 15,000 Sq.​ Ft.​ lot that is currently zoned T4-R.​ The property passed the 40 year re-certification, elevator & laundry on site.​

It also has an office with security cameras.​

The property is currently 100% occupied under the HUD program with potential to increase rents with proper notice.​

Property has to be managed by a registered/approved management company from HUD.​

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Address

Address: 425 SW 10th Ave, Miami, FL 33130
  • Country: United States
  • Province / State: Florida
  • City / Town: Miami
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  • Property ID 4405
  • Price $8,600,000
  • Property Type Multifamily
  • Property status For sale
  • Year Built 1930
  • Size 29,321 SqFt
  • Units 58
  • Cap Rate 3.82%
  • Zoning T4-R
  • Lot Area 15,000(sq ft)
  • Price Per Sqft $293.31
  • Investment Type Value Add
  • Class C
  • Net Rentable (sq ft) 27,970
  • Pro-Forma Cap Rate 5.21%
  • Occupancy 100%
  • NOI $328,789
  • Pro-Forma NOI $447,701
  • Buildings 2
  • Stories 3
  • APN 01-4102-003-0010
  • Price/Unit $148,275.86

Contact

Cynthia Hill

Property Agent
+1 305-967-7200
chsellsflorida@gmail.com
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