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$3,700,000
Est. payment /mo
9,693 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 9,693 sqft
Price per Sqft $381
MLS Listing ID A12089238
HOA Y/N No
Year Built 2020
Lot Size 0.264 Acres
Property Sub-Type Mixed Use
Property Description
Rare opportunity to acquire a fully occupied, newer-construction mixed-use property in the heart of Hialeah. Built in 2020, the three-story building includes 12 one-bedroom, one-bathroom apartments and two ground-floor retail spaces occupied by one commercial tenant. The property generates $25,192 in monthly rental income, or $302,304 annually, offering a 5.23% in-place cap rate with the potential to reach approximately 5.65% as below-market residential rents are increased to market. Each apartment offers approximately 650 SF and features impact windows and doors, central A/C, granite kitchen countertops, ceramic tile flooring, and an in-unit washer and dryer. Separate water and electric meters help control operating expenses. The approximately 1,300 SF retail component diversifies the income stream. Situated on an 11,508 SF lot along highly visible Palm Avenue, the property provides 13 parking spaces. This stabilized asset combines strong current cash flow, newer construction, limited anticipated capital needs, and identifiable rental upside in one of South Florida's most supply-constrained rental markets.
Location
State FL
County Miami-dade
Area 31
Zoning 6500
Interior
Flooring Tile
Exterior
Private Pool Yes
Others
Tax ID 04-31-06-045-0470
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Listed by Real Estate Empire Group, Inc.
Nearby Locations
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Milton Knight
Principal Real Estate Broker License ID: 0663675
Principal Real Estate Broker License ID: 0663675