THE FLATS ON 18TH AVENUE

Alec Demetriou, Joseph Thomas and The Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to offer for sale The Flats on 18^th Avenue, an eight-unit multifamily property located in the Little Havana neighborhood of Miami, Florida.

SUBJECT PROPERTIES

The Flats on 18^th Avenue were constructed in 1966 of concrete block and stucco with (8) two-bedroom | one-bathroom apartments each measuring approximately 710 square feet. The building spans 5,672 rentable square feet and is situated on a 12,180 square foot lot, according to the Miami Dade Property Appraiser.

The average in-place rent is currently $2,238 per month, most units have retained their original finishes including terrazzo flooring, wood cabinetry, standard white appliances and modest bathrooms. The property offers on-site washer and dryer for added tenant convenience and additional revenue.  Parking for tenants is located at the front and rear of the building.

LOCATION

The Flats on 18^th Avenue are located just one block south of SW 1^st Street and north of SW 3^rd Street along SW 18^th Avenue. The location offers easy access to major thoroughfares including West Flagler Street, Tamiami Trail, Dolphin Expressway (836) and Interstate 95.

The surrounding neighborhood consists primarily of single-family homes, multifamily properties, various commercial properties, as well as several new developments in the area. The Little Havana neighborhood continues to experience growth, with a 9.11% population increase since 2010 (Experian). The average household income within a five-mile radius is $87,308.

Little Havana is home to the iconic Calle Ocho (SW 8^th Street), a cultural hub known for its Cuban heritage, restaurants, cigar shops, and entertainment venues and is located less than a mile from the property. Little Havana is also home to LoanDepot Park (home of Major League Baseball’s Miami Marlins), the Calle Ocho Music Festival and the CubaOcho Musem & Performing Arts Center.  Surrounding area retailers and points of interest include Publix Supermarket at Altos Plaza (0.5 miles), Presidente Supermarket (0.5 miles), Sedanos (0.7 miles), Loan Depot Park (0.7 miles), Domino Park (0.8 miles), Regions Bank (0.8 miles), TD Bank (1.2 miles), Shenandoah Park (1.4 miles), and Planet Fitness (1.5 miles). Additional points of interest just a short drive from the property include Vizcaya Museum & Gardens (3.1 miles), Downtown Miami (2.2 miles), Brickell City Center (2.5 miles), Coconut Grove (3.2 miles) and Wynwood (3.6 miles).  Nearby educational facilities include Citrus Grove Middle School (0.7 miles), Miami Senior High School (0.8 miles), Riverside Elementary School (0.8 miles) and Miami Dade College Padron Campus (1.0 miles).

SUMMARY

The Flats on 18^th Avenue is being offered for sale free and clear of debt at $2,080,000 or $260,000 per unit.