This 5 unit in the WOW district presents investors with a rare opportunity to acquire a renovated, income-producing 5-unit multifamily property in the heart of Allapattah, just minutes from Wynwood and the Rubell Museum.
Built in 1936, the property consists of approximately 2,800 square feet of living area on a 5,005-square-foot lot, with an attractive unit mix of three 2-bedroom/1-bath apartments and two 1-bedroom/1-bath apartments.
The property currently generates $10,100 per month in gross rental income, or $121,200 annually, with two units occupied by Section 8 tenants. The property has been renovated and well maintained, allowing a new owner to benefit from immediate in-place cash flow without having to undertake a significant renovation program upon acquisition.
The apartment interiors are in excellent condition, while recent exterior improvements—including a fresh coat of paint and a renovated driveway—provide strong curb appeal and a well-maintained appearance. These improvements help position the asset as a turnkey investment with limited anticipated near-term capital expenditures, making it particularly attractive to investors seeking to acquire an operating property and begin collecting rent from day one.
Adding to the property’s operating efficiency, each unit is separately metered for electricity, allowing tenants to be responsible for their own electric consumption and helping reduce the owner’s controllable operating expenses.