SW 223RD/SW 116TH PORTFOLIO

2-4 Units | Apartments | Low-Rise

Created date: October 24, 2023

Date last updated: October 24, 2023

THE OPPORTUNITY

The building components are in superior condition compared with similar buildings in the area. In-place rents of $1,575-$2,100 can easily be bumped up to $1,900-$2,150 range – and pushed even further if an investor wants to complete additional interior renovation upgrades with a new stainless steel appliance package, bathroom remodels for 223^rd street, and other minor improvements.

Portfolio Description

This portfolio consists of two quadplexes located within three blocks of each other in the southern part of unincorporated Miami-Dade County. Concrete block (CBS) construction with hurricane shutters on all windows and openings qualifies these buildings for significant wind mitigation credits. Seller has completed a number of system upgrades including electrical panels, rewiring, and insulation. The 116^th Ave building received a completely new architectural shingle roof (including new supporting trusses strapped to current building codes) along with a complete re-wire and upgrade to each unit’s electric system, complete replacement of service plumbing lines, new windows, exterior doors, kitchens, bathrooms, drywall, doors and trim in 2014. Complete architectural drawings and permit approvals are available for review upon request. For 223^rd street, these units received new solid wood custom built kitchens in 2023 and a roof replacement in 2021. Both buildings are in compliance with the Miami Dade 40-year recertification program and have current operating permits with Miami Dade Fire Department. Complete 4-point and wind mitigation inspections were also completed in 2023 and are available upon request.

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Broker Details

Jesse Bailey Jesse Bailey

Portfolio Key Information

Listing Status:	Available
Multifamily type:	2-4 Units \| Apartments \| Low-Rise
Price:	$ 1,425,000
No. of Units:	8
No. of Stories:	1
Opportunity Zone:	No
Price per unit:	$178,125