751 nw 1 street miami, fl, 33128...(786) 586-5821 (305) 213-9788 (305) 799-0332...
TRANSCRIPT
751 NW 1 StreetMiami, Fl, 33128
Sale Price: $3,599,000Units: 15Consists of:• 15 units (1/1’s)
Proposed Delivery Date:End of 2020
Unit Specs: EZ 2 Own Homes Realty• 15 (1/1’s) Orlando: 786-586-5821• Size- Approx. 640 sf Tommy: 305-799-0332• Rent- $1,600 Annemarie: 305-213-9788
Rare Opportunity to Acquire a New Construction Apartment Development in South Florida.
Flagler 15 is a Boutique Building consisting of 15 Residential Units. Prime location in Little
Havana less than one mile from Downtown Miami. The project consists of 9,768 SF of Living
Area on 7,500 Sq Ft Lot. Project is Estimated to be completed by the end of 2020. Building
consists of 15 One-Bedroom/One-Bathroom Units. Street Parking available and conveniently
located close to Public Transportation. Project can potentially be Rented Daily or Short-Term.
The unit amenities include Hurricane Impact Windows and Doors, Granite Counter Tops in the
Kitchen, Ceramic Tile Floors, Central Air Conditioning, Washer and Dryer. Lower Operating
Expenses with Separate Water and Electric Meters. Benefits of owning a New Construction
Building with Lower Repairs/Maintenance and Lower Insurance Premiums.
Flagler 15 Project Overview:
Pro Forma
751 NW 1 Street "Flagler 15"15 Units
REVENUE
One Month
Avg % of EGI
Twelve
Month Avg % of EGIIncome From Rental Monthly Rental
Units Unit SF Rent / SF Per unit Unit 1: (1/1's) 15 650 2.46$ $1,600 $24,000 288,000
15 650
Total Monthly Rental Revenue $24,000.00 288,000
DEDUCTIONSCurrent Vacancy & other deductions 2% 480 2.04% 5,760 2.04%
OTHER INCOMEWater & Sewer (Amount below is Net) N/A N/AMisc Inc. - -
Effective Gross Income 23,520 100.00% 282,240 100.00%
OPERATING EXPENSESInsurance 560 2.38% 6,720 2.38%Electricity 100 0.43% 1,200 0.43%Water & Sewer (each unit pays their W/S) 300 1.28% 3,600 1.28%Waste/landscaping/pest 750 3.19% 9,000 3.19%
Management Fees/ Office Expenses 2,100 8.93% 25,200 8.93%Legal & Accounting 150 0.64% 1,800 0.64%Repairs & Maintenance 313 1.33% 3,750 1.33%Real Estate Taxes ( 2% of 80% of purchase price) 4,798 20.40% 57,576 20.40%
Total Operating Expenses 9,071 38.57% 108,846 38.57%
NET OPERATING INCOME 14,450 61.43% 173,394 61.43%
PER UNITPURCHASE PRICE 3,599,000$ 239,933$
CAP RATE 4.8%
8.24.20
COST BREAKDOWN
PALMETTO EXPRESSWAY
Price: $3,599,000 Building Size: 9,768 SF
No. Unit: 15 Residential Lot Size: 7,500 SF
Property Type: Multi-Family No. Stories: 3
Property Sub-type: Apartments Parking: Street Parking
Apartment Style: Garden Folio: 01-0200-070-1160
Sale Type Investment
Cap Rate 4.8%
EGI: $23,520 monthly
NOI: $173,394
15 Residential Units
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Amid rising demand, investors acquire apartment portfolio in Little Havana The plan is to upgrade the 8 buildings and flip them this year By Ina Cordle | April 19, 2019 04:30PM
Abiel Ballesteros with 676 Southwest Second Street, and 529 Southwest Seventh Court (Credit: Google Maps)
A group of investors has acquired a 103-unit apartment portfolio in Miami’s Little Havana, with plans to upgrade the properties and flip them amid heightened demand in the neighborhood. The venture paid $10.45 million for the properties. Abiel Ballesteros, the owner of United Dream Real Estate, along with investment partners Rene Sanchez, Sam Jazayri, Luis Becker and Gerardo Murzi, bought the eight buildings from Argentinean investor Ezequiel Steinman. Steinman had purchased the properties between 2009 and 2013 and had renovated most of them, said Ballesteros, who also represented the buyers in the deal. Jose Melgar of Douglas Elliman represented the seller.
The deal works out to $101, 456 per unit. Ballesteros said the units are 97 percent occupied with a mix of 75 percent one-bedroom apartments, 15 percent two-bedrooms and 10 percent studios. The average rent is $800 a month. The investors’ plan is to paint the apartments, renovate the kitchens and bathrooms as needed, and raise the rents. Then they will try to resell the buildings this year, either individually or as a portfolio, he said. The buildings are 676 Southwest Second Street, with 18 units, built in 1933; 529 Southwest Seventh Court, with eight units, built in 1922; 967 Southwest Fifth Street, with 19 units, built in 1925; 977 Southwest Fifth Street with four units, built in 1924; 1142 Southwest Fourth Street with 20 units, built in 1935; 1012 Southwest Fourth Street with 11 units built in 1925; 1036 Southwest Fifth Street with 15 units built in 1925; and 1648 Southwest Seventh Street with eight units built in 1924. The group is banking on increasing investor interest in Little Havana, amid a surge of redevelopment. Earlier this month, Key International sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street in Little Havana for $10.1 million to an undisclosed foreign buyer. And in November, New York-based Gateway Realty paid $5.6 million for a five-building rental portfolio with 57 apartments in Little Havana. Meanwhile, developer Ricky Trinidad’s Metronomic is planning several developments in Little Havana, including a series of two-story residential projects called La Elaina, and a five-story office building called SieteOcho at 640 Southwest Eighth Avenue. Metronomic is also planning to build TriniSuites Dos y Medio, a five-story, 20-unit rental building next to Miami Dade College’s InterAmerican Campus.
@ez2ownhomes
EZ 2 Own Homes Realty, LLC
16400 NW 59 Avenue, Miami Lakes, Fl 33014
Orlando Valdes Annemarie Daruna Thomas Hurst
(786) 586-5821 (305) 213-9788 (305) 799-0332
[email protected] [email protected] [email protected]
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