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14840 Naranja Lakes Blvd, Homestead FL 33032,Homestead,Miami-Dade County,Commercial Sale

  • $3,400,000

Overview

  • Income/MultiFamily
  • Property Type

Description

Sale of 19 rental condo units within a complex of 240 units, in Miami-Dade, near the City of Homestead. All units are 2/2/.5, with 1,075 Sq. Ft. of Living Area. Below market rents, and non-producing vacant units reflect inaccurate poor annual returns. However, according to the Miami Association of Realtors’ Commercial division’s report, the median market rent for this unit is $2,100. Investment analyses using the median rent, and realistic expenses, result in a 7% CAP Rate for a cash purchase, and a 7% Cash on Cash Return for a financed purchase, using mortgage assumptions (see attachment). May be sold in groups of 6, 6 and 7, and Seller’s first-position financing is possible. 40-yr. recertification passed in ’15. Impact windows and exterior paint fully paid by a previous assessment.

  • Address: Naranja Lakes Blvd
  • City: Homestead
  • State/county: Miami-Dade County
  • Zip/Postal Code: 33032

Details

Updated on December 2, 2023 at 12:43 pm
  • Price $3,400,000
  • Year Built 1974
  • Property Type Income/MultiFamily
  • Property Status Commercial Sale

Additional details

  • PublicSurveyRange 69
  • ShowingInstructions Appointment Only, Lockbox-Call List Agent
  • LeaseAssignableYN no
  • ListAgentKey ac41db5d5bd093785017c9e7611414e6
  • TaxLegalDescription NARANJA LAKES CONDO NO 5 UNIT C2M - BLDG C UNDIV .413% INT IN COMMON ELEMENTS CLERKS FILES 73R119460-75R8964 OR 15055-940 0591 1
  • OnMarketDate 2023-06-01
  • ListAgentEmail dfrench@infomiamirealty.com
  • ContractStatusChangeDate 2023-06-01
  • MajorChangeTimestamp 2023-08-10T19:03:56.750Z
  • PhotosCount 5
  • SubAgencyCompensation 2%
  • Cooling Central Individual A/C
  • StatusChangeTimestamp 2023-08-10T19:03:56.750Z
  • FinancialDataSource Owner May Show Books, Owner Provided
  • BuildingName A, B, C, & D
  • AssociationFeeFrequency Monthly
  • PriceChangeTimestamp 2023-08-08T15:23:46.933Z
  • ListingKeyNumeric 384953117
  • MajorChangeType New
  • ListingContractDate 2023-06-01
  • ListAOR A-Miami Association of REALTORS
  • TaxAnnualAmount 1348
  • ListOfficeName Info Miami Realty, Inc.
  • CurrentUse Income Non-Waterfront
  • OriginatingSystemKey miamire
  • BusinessType Apartments, Condominium
  • DualVariableCompensationYN yes
  • PhotosChangeTimestamp 2023-08-10T19:06:49.906Z
  • RoadFrontageType City Street, County Road
  • OriginatingSystemName Miami Association of REALTORS®
  • ListOfficePhone 305-519-8587
  • MlsStatus Active
  • StreetNumber 14840
  • LeaseTerm Month To Month, Renewal Option
  • ListingKey af4744dd6322f3b5929abf0ab16c29b4
  • StateOrProvince FL
  • ListOfficeKey 3108893580ea78de484cdf077b38b11a
  • Directions Turnpike South to exit 6, SW 137th Ave. Keep right, and turn left on SW 272nd St. Continue and turn right on SW 276th ST. Turn left on 145th Ave., and turn right onto Naranja Lakes Blvd. The entrance will be on the left.
  • BridgeModificationTimestamp 2023-08-10T22:04:53.688Z
  • ListAgentFullName Daniel E French
  • Roof Concrete
  • PropertyCondition New Construction
  • ListAgentOfficePhone 305-519-8587
  • ParcelNumber 30-69-33-014-1560
  • ListingTerms All Cash, Cash, Conventional/Refinance
  • SignOnPropertyYN no
  • LeaseRenewalOptionYN yes
  • OtherExpense 0
  • LeaseConsideredYN yes
  • IDXParticipationYN yes
  • InternetAddressDisplayYN yes
  • ListAgentMlsId 3429255
  • ModificationTimestamp 2023-08-10T22:00:07.960Z
  • OriginatingSystemID miamire
  • LandLeaseYN no
  • DaysOnMarket 70
  • BuyerAgencyCompensationType %
  • ListOfficeMlsId IMIA01
  • ListAgentDirectPhone 305-519-8587
  • StreetNumberNumeric 14840
  • ParkingFeatures Assigned, Guest, Handicap Parking
  • PostalCodePlus4 8335
  • NumberOfUnitsInCommunity 19
  • Sewer Public Sanitation
  • ExpirationDate 2024-05-31
  • SyndicationRemarks Portfolio sale of 19 income-producing condominium units, located in the vicinity of the City of Homestead, FL, but built on unincorporated Miami-Dade. Each unit is 2/1/.5, and all units have 1, 075 Sq. Ft. of Living Area. Most of the 19 units are rented, below market rent, while others are vacant. The listing price per unit is $192K, and it is based on a market GRM of 96, and a market rent of $2, 000. Naranja Lakes Condominium No. 5 is composed of four buildings, and the 19 units for sale are distributed among them. The condominium's buildings and its units are undergoing renovations, funded entirely by a previous assessment, such as exterior paint, and new impact windows for each unit. The condominium's 40-year recertification was successfully conducted in 2015.
  • Heating Central Individual A/C
  • ListAgentStateLicense 3429255
  • PublicSurveyTownship 69
  • ListingAgreement Exclusive Right To Sell
  • PublicSurveySection 33
  • ListingId A11432405
  • SpecialListingConditions Sale
  • NumberOfBuildings 4
  • OriginalListPrice 3606000
  • GreenEnergyEfficient Windows
  • BuildingAreaUnits Square Feet
  • InternetEntireListingDisplayYN yes
  • BuyerAgencyCompensation 2%
  • InternetAutomatedValuationDisplayYN no
  • AccessibilityFeatures Handicap Parking
  • BuildingFeatures Elevator, Laundry Facilities, Lobby
  • OriginalEntryTimestamp 2023-08-10T19:03:56.750Z
  • SourceSystemKey 384953117
  • Ownership Self Proprietor/Individual
  • DocumentsAvailable Bylaws And Documents, Deed, Title/Abstracts
  • ConstructionMaterials CBS Construction
  • AssociationFee 468
  • LotSizeSquareFeet 1075
  • InternetConsumerCommentYN no
  • BuildingAreaTotal 1075

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