525 SW 1st Ave 12 Unit Apartment Building $2,850,689 CAD ($237,557 CAD/Unit) Homestead, FL 33030

Property Description
525 SW 1st Avenue is a 12-unit building located in Homestead, FL. The property is made up of 12 expansive 802 SF 1 bedroom 1 bathroom apartments with walk in closets, full size kitchens formal dining and living areas. The units all feature central air conditioning along with impact windows and doors. These spacious units provide an owner with long term tenants and excellent average rent of $1,560. The property ais up to date with the 40-year recertification through the City of Homestead . This asset allows an investor to step in to an asset that is producing excellent cashflow along with some rental upside through more section 8 tenants and other potential strategies.

Location Description
The properties are conveniently located near US1 and the Florida Turnpike, two of Miami-Dade County’s main north/south arteries. It is also located minutes away from Downtown Homestead which is enjoying large amounts of investments that include a new Police Station, City Hall, the reopening of the historic Seminole Theatre and the 65,000 SF Homestead Station that which includes a movie theatre, bowling alley, large arcade, multiple dinning and retail options. This expansion will continue to bring new amenities and create new employment opportunities in the immediate area not to mention the thousands of new construction home brought to South Dade in the last several years. The immediate area surrounding the property is also seeing a slew of development including single family homes, duplexes and large multifamily properties. 525 SW 1st Avenue is also located steps away from the Miami-Dade County Busway that has been implementing the Bus Rapid Transit System connecting South Dade to the Metro Rail and beyond. It is also located near the bus pickup for Miami Dade's buses that transport a significant number of employees from South Dade to the Florida Keys.
525 SW 1st Avenue is in an IRS Designated Opportunity Zone. These were created in the Tax Cuts and Jobs Act. The designated properties allow for preferential tax treatment to help spur investment in lower income communities.

Rental Upside Potential
The new owner of will be stepping into a building with excellent in place cashflow but will still have some rental upside. The building is well suited for section 8 and market rate tenants with the significant amount of employment in South Dade and the Florida Keys. These units provide essential workforce housing in a high occupancy market and will standout amongst rental product available in the area due to size and condition. Area rents are continually increasing as the demand for affordable housing expands throughout South Florida.