1355 W 44th Pl
Hialeah, FL 33012
Las Terrazas · Multifamily Property For Sale · 90 Units

Las Terrazas is a 90-unit multifamily community located at 1355 W 44th Place in one of South Florida’s highest-performing and most supply-constrained rental submarkets. Built in 1973 with durable concrete construction, the property spans nearly three acres across two residential buildings and offers a compelling opportunity to acquire scale in a market with limited value-add inventory. Las Terrazas is comprised predominantly of spacious two- and three-bedroom floorplans, averaging 1,000+ square feet, ideally suited to Hialeah’s family-oriented renter base. The property has been consistently nearly fully occupied with current average market rents of $2,158 per unit, demonstrating strong intrinsic demand.

A proven value-add play is already underway: 27 renovated units are achieving $2,467 rents, compared to $2,020 for classic units, providing a clear roadmap for repositioning. With an estimated $20,000 per-unit renovation budget, investors can capture a projected 27% return on investment by upgrading the remaining 63 units to match renovated
rental premiums. The asset offers strong operational fundamentals, including central A/C, private balconies, abundant in-unit storage, and an above-average 2.1 parking ratio supported by 190 off-street spaces.

Located less than one mile from Hialeah’s dominant commercial artery—West 49th Street—Las Terrazas benefits from proximity to the area’s top retail destinations, including Westland Mall (currently undergoing redevelopment into a mixed-use lifestyle destination), Westland Commons, Walmart, Home Depot, Publix, and numerous national retailers.