Opportunity to acquire an Income Producing Investment Property in South Florida. Garden Style Apartment Complex Built in 2014 composed of 12 Buildings with 108 Residential Units. The project is located in the City of Hialeah just south of I-75/Gratigny and just west of the Palmetto Expressway (SR-826). The project consists of 100,332 SF of living area on nearly 4 acres (173,504 SF). The units have Hurricane Impact Windows and Doors, Granite Counter Tops in the Kitchen, Ceramic Tile Floors, Central Air Conditioning, Washer and Dryer. Lower Operating Expenses with Separate Water and Electric Meters and Newer Construction with less repairs/maintenance and lower insurance premiums.
108 Residential Units with 3 Floorplans; 12 units are one-bedroom/one-bathroom, 20 units are two bedrooms/one bathroom and 76 units are two bedrooms/two bathrooms with 89% two bedroom units. The project has 243 parking spaces. Currently 100% occupied and rarely had vacancy in the past 4 years. Hialeah is the Sixth Largest City in Florida with over 225,000 residents with over 55% of Residents Renting according to a study in 2016. Palm West is rare opportunity to purchase a Newer Development in the desirable area of Hialeah for Investors.
Palm West Apartments is for sale for $24,900,000
Cap Rate: 5.1% EGI: $152,740 monthly NOI: $1,272,687