30 Unit Multi-Family Apartment Building
Listing was updated at: 08/06/2019
Property Overview
Price/Rent PSF $ 5,850,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 23,818
Date Available 08/06/2019
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Parking 52
Floors 4
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Description

Location
This property is located on the hard corner of SW 9th Street and LeJeune Road.

Sale
The Keyes Company is offering of a 100% fee simple interest in Vega's Apartments, a 30 unit apartment community located at 960 South LeJeune Road in Miami, Florida. This multi-family asset offers substantial “value-add” upside by exercising the opportunity to raise rents and bringing them to current market rates. With a strong local rental market and a vacancy rate average of 0%, upward leasing rates can be expected to continue well into the future.

Vega's Apartments provide an investor a unique opportunity to acquire a well maintained property with the opportunity to increase income and value over time with improvements and operational efficiencies. There is strong demand in the Class C rental market; along with limited planned multifamily development it will enable a new owner to benefit from near term rent growth as multifamily fundamentals continue to strengthen in the Miami Region.

Cap rate based on projected market rents and forecasted taxes and maintenance reserves.

Location