INVESTORS ARE FLIPPING PROPERTIES FOR BIG DOLLARS
from the Real Deal
Under-the-radar
sales in Miami neighborhoods like Little Havana and the Miami River
underscore the potential for commercial activity just outside the
bustling Greater Downtown Miami market.
Little Havana in particular has become a magnet for multifamily investment, broker Patricia Rotsztain told
The Real Deal. Rotsztain
brokered the sale of two buildings for about $80,000 per apartment in
May, and said that asking prices rose by about 30 percent from the time
of contract to closing.
501 Northeast Sixth Court in Little Havana sold for $2.3 million
“Now, it’s very hard to find a building for sale at less than $120,000 per door,” Rotsztain, of Rotsztain & Sulichin, said.
The three-story, 24-unit building at 1528 Northwest Third Street sold
for $1.92 million in mid May, up from $1.68 million in 2014. The buyer,
a Brooklyn-based LLC, plans to renovate the 1923-building and bring the
rents up to market rate, Rotsztain said. Pre-renovation, a two-bedroom
unit may go for about $700 a month, she said.
In Miami, the median rent in May for a
two-bedroom was $2,550,
according to listing service Zumper. In Little Havana, a two-bedroom
apartment rents for a median of $1,795 to $1,850, Zumper said.
The second building, at 501 Northeast Sixth Court, sold to a Latin
American buyer for $2.3 million, Rotsztain said. That deal has yet to
clear records, but the new owner has similar plans for the three-story,
29-unit building. Property records show it last sold in 2014 for $1.6
million. The apartments were built in 1925.
Developers and investors are banking on Little Havana’s success. Last year, a neighborhood supermarket in East Little Havana
sold for $1.06 million.
That property is zoned T6-8-O, and is near Ball & Chain, Azucar Ice
Cream and Domino Park. It sold for about $100 per square foot, based on
land value.
Just last week, a small strip mall at 1860 West Flagler Street sold
for $1.9 million, according to Waterfront Investment Real Estate. Just
13 months prior, the property traded hands for $960,000, netting the
seller $850,000.
For residents,
Little Havana offers cheaper rents than nearby areas like downtown Miami and Brickell.
New York-based Burke Leighton paid nearly $11 million for a newly completed apartment building at
1430 Southwest First Street in February.
“This location is very striking,” company adviser Morris Matalon told
TRD at the time. “We decided to go to Little Havana because of its proximity to Brickell.”
- See more at:
http://therealdeal.com/miami/2016/06/02/little-deals-highlight-big-potential-in-little-havana/#sthash.gVFAU39q.dpuf
Under-the-radar sales in Miami neighborhoods like Little Havana and the
Miami River underscore the potential for commercial activity just outside the
bustling Greater Downtown Miami market.
Little Havana in particular has become a magnet for multifamily investment,
broker Patricia Rotsztain told
The Real Deal. Rotsztain brokered
the sale of two buildings for about $80,000 per apartment in May, and said that
asking prices rose by about 30 percent from the time of contract to closing.
501 Northeast Sixth Court in Little Havana sold for
$2.3 million
“Now, it’s very hard to find a building for sale at less than $120,000 per
door,” Rotsztain, of Rotsztain & Sulichin, said.
The three-story, 24-unit building at 1528 Northwest Third Street sold
for $1.92 million in mid May, up from $1.68 million in 2014. The buyer, a
Brooklyn-based LLC, plans to renovate the 1923-building and bring the
rents up to market rate, Rotsztain said. Pre-renovation, a two-bedroom
unit may go for about $700 a month, she said.
In Miami, the median rent in May for a
two-bedroom was $2,550, according to listing service
Zumper. In Little Havana, a two-bedroom apartment rents for a median of $1,795
to $1,850, Zumper said.
The second building, at 501 Northeast Sixth Court, sold to a Latin American
buyer for $2.3 million, Rotsztain said. That deal has yet to clear records, but
the new owner has similar plans for the three-story, 29-unit building. Property
records show it last sold in 2014 for $1.6 million. The apartments were built
in 1925.
Developers and investors are banking on Little Havana’s success. Last
year, a neighborhood supermarket in East Little Havana
sold for $1.06 million. That property is zoned T6-8-O, and
is near Ball & Chain, Azucar Ice Cream and Domino Park. It sold for about
$100 per square foot, based on land value.
Just last week, a small strip mall at 1860 West Flagler Street sold for $1.9
million, according to Waterfront Investment Real Estate. Just 13 months prior,
the property traded hands for $960,000, netting the seller $850,000.
For residents,
Little Havana offers cheaper rents than nearby areas like
downtown Miami and Brickell.
New York-based Burke Leighton paid nearly $11 million for a newly completed
apartment building at
1430 Southwest First Street in February.
“This location is very striking,” company adviser Morris Matalon told
TRD
at the time. “We decided to go to Little Havana because of its proximity to
Brickell.”
http://therealdeal.com/miami/2016/06/02/little-deals-highlight-big-potential-in-little-havana/
Investors are flipping properties for big profits
Investors are flipping properties for big profits
Investors are flipping properties for big profits
nvestors are flipping properties for big profits
nvestors are flipping properties for big profits
