Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Barcelona Apartments (the “Property”) a 22-unit property located at 905-915 W 29 Street in Hialeah.
With a mere 1.8% vacancy and 10.4% rent growth in 2022, Hialeah is one of the strongest multifamily submarkets in Florida. Average asking rents within the submarket are $1,800/month, which is significantly above the $1,450/month at the Property but still below the metro average of $2,200/month, providing renters with a significant discount to most Miami submarkets.
There is notable value-add upside potential. Market rents at the property are $1,450. With a modest value-add program, Cushman & Wakefield estimates the units can rent for an average of $1,597 per unit, which would still be notably below the submarket average. The property has eight renovated units.
Built in 1969, the property has its 40-year certification and is well maintained All units are one-bedrooms. The Property is 100% occupied. The property provides 23 onsite parking spaces. The property is available by itself, or as a portfolio of properties including:
223 Antilla Avenue, Coral Gables :: 12 units
126-134 Salamanca, Coral Gables :: 23 units
Biltmore Villas :: 416 Santander Avenue, Coral Gables :: 30 units
Ivy Cove :: 6805 SW 88th Street, Pinecrest :: 19 units
Bayview 30 :: 3626 NE 168 Street, North Miami Beach :: 30 units
Greenview :: 1051 NE 163rd Street, North Miami Beach :: 36 units
The property is central located in Hialeah, with an 83 walk score. The property provides easy access to all the major employment areas in Miami-Dade including 10 minutes north of the Miami International Airport.
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