Description
Sale of 19 rental condo units within a complex of 240 units, in Miami-Dade, near the City of Homestead. All units are 2/2/.5, with 1,075 Sq. Ft. of Living Area. Below market rents, and non-producing vacant units reflect inaccurate poor annual returns. However, according to the Miami Association of Realtors’ Commercial division’s report, the median market rent for this unit is $2,100. Investment analyses using the median rent, and realistic expenses, result in a 7% CAP Rate for a cash purchase, and a 7% Cash on Cash Return for a financed purchase, using mortgage assumptions (see attachment). May be sold in groups of 6, 6 and 7, and Seller’s first-position financing is possible. 40-yr. recertification passed in ’15. Impact windows and exterior paint fully paid by a previous assessment.