20 Unit Building in Little Havana with Assumable Freddie Mac Loan
FOR SALE
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$3,900,000
1362 Southwest 2nd Street, Miami, FL 33135
5.84%
CAP
Property Description
NOI
$227,760
Cap Rate
5.84%
High-performing 20-unit multifamily asset in the heart of Little Havana generating $339,480 in gross annual rent & $227,776 in NOl. Strong in-place income with plenty of upside-current rents are below Section 8 levels, offering immediate value-add potential through rental increases. Other features: newer roofs, upgraded PVC plumbing, & a history of consistent 100% occupancy. Unit mix: (1) 1-bed/2-bath, (14) 1-bed/1-bath, (4) 2-bed/1-bath, & (1) 2-bed/2-bath. Priced at just $195,000 per unit-rare for Little Havana with this level of stabilized income. 40-Year Recertifications have been completed. Attachments include the current rent roll, 2024 operating statement, & certification reports. Freddie Mac loan is assumable with a 3.83% interest rate, approx. $1,735,000 balance, & 2030 maturity.
Property Details
Asset Type
MultiFamily
Year Built
1914
Lot Size
11,250 SF
Neighborhood
Little Havana
Submarket
Miami
ZIP
33135
Listing Type
sale
Offering Memorandum
30 years
10 years
Net Operating Income (NOI)
$361,341
Debt Service Coverage Ratio (DSCR)
1.63x
Cap Rate
9.27%
Cash Flow (Annual)
$139,485
Cash-on-Cash Return
14.31%
Monthly Debt Service
$18,488
Annual Debt Service
$221,856
View on Map
Address
1362 Southwest 2nd Street
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Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale
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