CORAL GROVE APARTMENTS

Adam Marcuvitz, Joseph Thomas and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale Coral Grove Apartments, a 73-unit apartment complex located in Homestead, Florida.  The property is encumbered by an assumable Fannie Mae mortgage with a balance of $6,491,000, a fixed interest rate of 3.98%, interest-only through August 2029 and due in 2036.  Please contact listing agents for more details.

SUBJECT PROPERTY

Coral Grove Apartments is comprised of (10) two-story apartment buildings constructed in 1964 totaling 73 units with 49,220 square feet situated on an 83,123 square foot lot (according to the Miami Dade County Property Appraiser).  Originally constructed as 80 units, the property was converted to 73 units by a previous owner who combined 14 apartments to create larger two-bedroom and three-bedrooms.

The current unit mix includes (52) one-bedroom | one-bathroom apartments with an average in-place rent of only $1,296, (8) one-bedroom | one-and-a-half-bathroom apartments with an average in-place rent of only $1,300, (6) two-bedroom | one-bathroom apartments with an average in-place rent of $1,500, (1) two-bedroom | two-bathroom apartment with an average in-place rent of $1,560 and (6) three-bedroom | two-bathroom apartments with an average in-place rent of $2,060, offering a substantial value-add opportunity for an incoming investor.  All units include central air-conditioning, vinyl flooring and gas ranges. The property is gated and includes a large laundry room.

LOCATION

Coral Grove Apartments is situated along the corner of SW 4th Street and SW 12th Avenue, just one block west of Roby George Park.  The surrounding neighborhood consists primarily of multifamily properties, single-family homes, and various commercial properties.  There is a substantial amount of development taking place in the area, including new rental properties and for-sale townhome and single-family home communities.

The City of Homestead is located in-between Miami (approximately 26 miles north) and Key Largo (approximately 25 miles south). Homestead is also located adjacent to Everglades National Park and Biscayne National Park and is a major agricultural region.  Homestead Station is a downtown shopping center that includes a ShowBiz movie theater, Cybrarium digital library and various other local and national tenants.  Homestead Station will serve as the City of Homestead’s Trolley Hub and will connect you to surrounding neighborhoods in Miami-Dade, Broward, and Monroe Counties.  Prepaid fares will enhance speedy boarding times, real-time arrival information and shortened commutes.  Losner Park is also getting a major upgrade which will transform the park into a top-tier destination.  The same architects who designed the Beijing Olympic Games are behind the new design, which will honor Florida’s ecosystem and the surrounding National Parks.  The revamped Losner Park will feature a performance space, an Everglades garden, a children’s area, and a veterans memorial.

Surrounding retailers and points of interest include EVO Entertainment + IMAX (1.1 miles), Aldi (1.5 miles), Home Depot, Bravo Supermarket and Chase Bank (1.6 miles), J.D. Redd Park (1.7 miles), Walmart Supercenter (1.8 miles), Best Buy and BJ’s Wholesale (1.9 miles).  Additionally, Homestead Plaza (1.9 miles), Presidente Supermarket (2.0 miles), Publix Supermarket at Towne Square (2.2 miles) and Baptist Health Homestead Hospital (4.4 miles) are all located just a short drive from the property.

Area education centers include West Homestead K-8 Center (0.5 miles), Laura C. Saunders Elementary School (0.7 miles), Homestead Middle School (1.4 miles) and Miami Dade College Homestead Campus (1.5 miles).

SUMMARY

Coral Grove Apartments is offered for sale at $10,800,000 or $147,945 per unit (as 73 units) or $135,000 per unit (as 80 units).