1338 NE 1st Ave
Property Description
Excellent opportunity to acquire an income-producing multifamily investment property in the most desirable parts of Homestead, Florida. The property features an attractive unit mix consisting entirely of spacious 2-bedroom/1-bathroom units, offering an attractive rental configuration with strong tenant appeal. The property currently offers an approximate 6.00% capitalization rate based on in-place rents, which are below prevailing market levels due to long-term tenancy. This provides investors with an attractive combination of immediate cash flow and meaningful upside potential through future rental increases as opportunities arise. One of the property's most compelling advantages is its exceptionally low operating expense structure, with tenants responsible for all utilities, including water, electricity, and trash collection. This arrangement significantly reduces the landlord's ongoing expenses, helping net operating income and overall investment returns. The property is situated on a spacious double lot, offering potential for additional residential units toward the rear of the property, subject to zoning, density requirements, and municipal approvals. This presents an opportunity for investors to expand the property's income-producing capacity and unlock additional value. Another significant advantage is that the property successfully completed its 40-year building recertification in 2025, with the next recertification anticipated in approximately 10 years, subject to applicable requirements. This provides investors with added peace of mind and greater predictability regarding future capital expenditures. Additionally, the property offers an attractive financing opportunity through an assumable private mortgage carrying a 6.50% interest rate, subject to lender approval and applicable terms, potentially allowing qualified buyers to benefit from existing financing saving money and time on closing. Ideally located near Downtown Homestead, shopping, dining, schools, and major transportation corridors, including US-1 and the Florida Turnpike, the property benefits from its convenient location in the growing South Miami-Dade market. With an approximate 6.00% in-place cap rate, below-market rents, tenant-paid utilities, completed building recertification, assumable financing, and potential for additional development on a double lot, 1338 NE 1st Avenue presents a compelling multifamily investment opportunity combining immediate cash flow with substantial long-term value-add potential.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,050,000 |
| No. of Units: | 4 |
| Year Built: | 1974 |
| Lot Size: | 0.38 Acres |
| Opportunity Zone: | No |
| Price per unit: | $262,500 |
| Property Website | Click Here |
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