Tuesday, June 28, 2016

Little Havana: the best of Miami but with lower prices

Since prices have been rising around Downtown Miami and the surroundings of Brickell, investors have decided to revitalize and redevelop Little Havana. Rents are being pushed up while keeping a high level of demand due to limited affordable rental inventory. The upside to this market trend is that a potential buyer could replace the current Section 8 tenants and replace them with tenants who pay market rate. The units in the complex measure about 651 square feet, with a mix of three studio/one-bath condo, 48 one-bedroom/one-bath units, and 28 two-bedroom/one-bath apartments.

In fact, Key International places low-rise apartment buildings in Little Havana on the market. They are asking for $12million for all the units. The portfolio includes: 10 two-story rental properties at 931 Southwest 3rd Street and 910 Southwest 2nd Street in Miami, 79 units, and 51,774 square feet of rental space. Each unit costs about $152,000 and $231 per foot.

Little Havana has become a potentially commercial and it’s a magnet for multi-family investments. For residents, rental and sale property prices are significantly lower than in Downtown Miami or Brickell. Still, its location is pretty good, since it’s very close to Brickell. Little Havana has everything that Miami has to offer, but with lower prices. Investors see it as a great opportunity and they have their hopes high in the potential of Little Havana.

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