SW 223rd/SW 116th Portfolio

Description:

This portfolio consists of two quadplexes located within three blocks of each other in the southern part of unincorporated Miami-Dade County. The building components are in superior condition compared with similar buildings in the area. Current rents of $1,575-$2,100 (avg. $1,838, meeting the "1% rule") can easily be bumped up to $1,900-$2,150 range, and pushed even further if an investor wants to complete additional interior renovations with a new stainless steel appliance package, bathroom remodel for 223rd Street, and other minor improvements.




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 116th 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 223rd 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.