1200 3Rd St Homestead, FL 33030

Property Details for 1200 3Rd St

Year built

1964

Property size

49,220 SF

Property type

Commercial real estate

APN

10-7813-053-0070

Description

This exceptional 73-unit apartment complex in Homestead, Florida, presents a compelling value-add investment opportunity. The property, situated on an 83,123 square foot lot, comprises ten two-story buildings totaling 49,220 square feet. Built in 1964, the complex currently boasts a 98% occupancy rate (as of October 1, 2024) and features a mix of one-, two-, and three-bedroom units, offering significant potential for rental income growth. The current Net Operating Income (NOI) is $599,394, with a pro-forma NOI projected at $784,619, resulting in a current cap rate of 5.55% and a pro-forma cap rate of 7.26%. The asking price is $10,800,000, translating to $147,945 per unit. All units include central air conditioning, vinyl flooring, and gas ranges. The property includes a gated entrance and a large laundry room. The complex benefits from its location near various amenities, including parks, shopping centers (Homestead Station), schools (West Homestead K-8 Center, Laura C. Saunders Elementary School, Homestead Middle School, Miami Dade College Homestead Campus), and major retailers like Walmart, Home Depot, and Publix. The property is zoned PUN and has a $6,491,000 assumable Fannie Mae mortgage with a fixed interest rate of 3.98%, interest-only until August 2029, and a due date of 2036. Offers are due October 30th. This property offers a rare opportunity to acquire a well-located, value-add multifamily asset in a growing South Florida market. The concrete block construction and concrete roofs provide substantial insurance savings. The property was originally 80 units, offering further upside potential.