8Cho Apartments
- Fully Renovated, Turn-Key — new slab systems, impact windows, PVC plumbing, upgraded electrical and central A/C; minimal near-term capital.
- Measurable Rent Upside — in-place rents average $218 below the $2,225 market.
- Tenant-Paid Utilities — individually metered water; owner-paid water & sewer only $1,418/year.
- Contemporary Unit Finishes — in-unit washer/dryers, stainless appliances, granite counters, walk-in glass showers.
- In-Place Density — 36 units in place, about 3.5x by-right density.
Urban Core Proximity — Brickell 1.9 mi, Downtown Miami 2.9 mi, Coral Gables 3.5 mi, MIA airport 5.9 mi.
Renter-Driven Trade Area — 17,204 renter households within one mile (79% of occupied housing units).
Property Description
ElevenTrust Real Estate has been exclusively retained to market 8cho Apartments, a fully renovated 36-unit multifamily property at 821–829 SW 18th Avenue in Miami's Little Havana, one block south of Calle Ocho. The offering is two three-story buildings with 36 two-bedroom/one-bath residences, totaling about 19,800 rentable square feet on a 12,720 square foot lot. The property is 98% occupied. The buildings were renovated top to bottom, and all work was completed with permits. Improvements include new concrete and wood slab systems, hurricane impact windows, PVC plumbing, upgraded electrical with LED lighting, and central air conditioning. Every residence has a stainless steel appliance package, granite countertops with under-mount sinks, a glass-top range with an over-the-range microwave, a walk-in glass shower and an in-unit washer and dryer. The uniform two-bedroom plan simplifies leasing, turns and underwriting, and puts every unit in the deepest segment of the renter pool. Water and electric are individually metered, so utilities are largely tenant-paid. The 36 units on this site are roughly 3.5 times the density current T4-R zoning under Miami 21 appears to allow by right. That scale is rarely available in a submarket where most multifamily trades are 5 to 20 units, and the value lies in the in-place density rather than redevelopment. The location puts residents close to Miami's core employment centers: 1.9 miles to Brickell, 2.9 miles to Downtown Miami, 3.5 miles to Coral Gables, 4.3 miles to Wynwood and 5.9 miles to Miami International Airport, with direct access to US-41, SR-836 and I-95. About 79% of occupied housing within one mile is renter-occupied, roughly 17,204 renter households. Calle Ocho is one block north, with Sanguich, Old's Havana, Ball & Chain, the Tower Theater and Máximo Gómez (Domino) Park a short walk away. Publix at Altos Plaza and Shenandoah Park cover daily needs and recreation, and a Chipotle and Wingstop are coming soon half a block from the property.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $11,250,000 |
| No. of Units: | 36 |
| Cap Rate: | 4.44% |
| GRM /GIM: | 12.84 |
| Average Occupancy: | 98 |
| Year Built: | 1925 |
| Year Renovated: | 2020 |
| Building Size: | 19,800 Sq ft |
| Lot Size: | 0.29 Acres |
| No. of Stories: | 3 |
| Zoning Code: | T4-R |
| Opportunity Zone: | No |
| Price per unit: | $312,500 |
| Parking Spaces: | Street Parking |
FINANCIAL DETAILS
| Income/expense info: | Actual |
|---|---|
| Gross income: | 876468 |
| Effective Gross income: | 859128 |
| Operating expenses: | 359995 |
| Net operating income: | 499133 |
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