Carol International Apartments

Adam Marcuvitz, Joseph Thomas and the Thomas Team of Marcus & Millichap, as exclusive listing agents, are pleased to present the Carol International Apartments, a 30-unit multifamily property located along the Miami River in the Little Havana submarket of Miami, Florida.  The property is comprised of a two-story building constructed in 1955 situated on a 29,251-square-foot lot.  The site is zoned T6-8-O, allowing for the potential development of 81 residential units as of right, positioning the asset as both a compelling value-add opportunity and a covered land play.

SUBJECT PROPERTY

Carol International Apartments consists of 30 apartments totaling 14,550 square feet of living area (per the Miami-Dade County Property Appraiser).  The unit mix includes (5) studio apartments, (24) one-bedroom/one-bathroom apartments and (1) two-bedroom/one-bathroom apartment.

Average in-place rents are well below market at $1,040 per unit or $2.14 per square foot, presenting a substantial value add opportunity for an incoming investor to immediately increase cash flow through strategic renovations and lease-up.  The property currently features wall air-conditioning units, ceramic tile or laminate flooring and electric appliances. Utilities include City of Miami water and sewer, which are paid by the owner and FPL electricity, which is paid by the tenants.

The combination of operational value-add upside and redevelopment potential in a high-demand urban corridor makes Carol International Apartments uniquely positioned for both near-term cash-flow enhancement and long-term appreciation.

LOCATION

Carol International Apartments is centrally located in Miami’s Little Havana neighborhood, just south of the Dolphin Expressway (SR-836) and proximate to major employment, medical, retail, and transportation hubs. The property offers excellent connectivity to key destinations via NW 27th Avenue, Flagler Street, and Interstate-95, providing convenient access to the Health District, Downtown Miami, Brickell, Wynwood, and Miami International Airport. Residents benefit from walkable access to nearby neighborhood retail and recreational amenities, while being only a short drive from some of Miami’s most active commercial corridors.

Surrounding area retailers and points of interest include Porto Bello Shopping Center (0.1 miles), Citibank (0.2 miles), Curtis Park (0.5 miles), CVS Pharmacy (1.1 miles), River Landing Shops & Residences (1.7 miles), Casino Miami (1.8 miles), Presidente Supermarket (1.9 miles), LoanDepot Park (2.0 miles), Jackson Memorial Hospital/UM Health District (2.0 miles), and Miami International Airport (2.3 miles). Additionally, Calle Ocho (2.9 miles), Wynwood (3.4 miles), Downtown Miami (4.7 miles), and Brickell (5.6 miles) are easily accessible from the property.

Nearby educational facilities include Kensington Park Elementary School (1.2 miles), Citrus Grove Elementary School (1.7 miles), Miami Senior High School (1.8 miles), and Citrus Grove K-8 Center (1.9 miles).

SUMMARY

The property is offered for sale at $4,800,000 free and clear of debt.  Please contact the listing agents regarding questions or to schedule a property tour.