Slumber Stay at Metro Park

1343 Northwest 1st Street,

Miami, FL 33125

Price:
$6,820,000
Total Units:
22*
Number of Buildings:
1
Number of Stories:
4
Years Built:
2023
Zoning
T5-L
Living Area:
12,153 Square Feet (*MDPA)
Lot Size:
7,500 Square Feet (*MDPA)
Type of Ownership:
Fee Simple
Utilities – Water:
City of Miami – Paid by Tenant
Utilities – Electric:
FPL – Paid by Tenant
HVAC:
Central Air Conditioning

INVESTMENT OVERVIEW

The Thomas Team of Marcus & Millichap are pleased to present Slumber Stay at Metro Parc, a 22-unit, short-term rental property built in 2023 and located in the Little Havana submarket of Miami, Florida.

SUBJECT PROPERTY

Slumber Stay at Metro Parc is a four-story concrete building with a flat roof and covered parking garage constructed in 2023.  The property consists of (19) studio’s (possible 1-bedroom conversion) and (3) two-bedroom apartments, totaling 22 units.  The building spans 24,051 gross square feet with 12,153 rentable square feet on a 7,500-square-foot lot, according to the Miami Dade County Property Appraiser.  Units feature central air conditioning, stainless steel appliances, 4K TVs, and high-speed internet.  Building amenities include electronically secured door access, gated parking with 15 spaces (1 handicapped, 7 parking spaces, 7 lifts), an elevator and an on-site laundry facility.

The property is currently leased to Slumber Stay on a five-year lease with two, one-year options.  The second year of the lease term will begin in November 2025 at a rent of $45,000 per month.  The rent then increases 2% annually through the remainder of the lease term and option periods.  Under the lease, the landlord is responsible for property taxes, minimal insurance requirements and the elevator and fire alarm system.  The tenant is responsible for all other expenses.

LOCATION

Slumber Stay at Metro Parc is located at 1343 Northwest 1st Street in Miami, Florida, just north of Flagler Street, south of the Dolphin Expressway (836) and a few blocks from Loan Depot Park, home of the Miami Marlins major league baseball team. Miami’s vibrant Little Havana neighborhood is known for its Cuban heritage, rich cultural experiences, and bustling nightlife, offering access to numerous restaurants, shops, and entertainment venues.

Surrounding area retailers and points of interest within walking distance or a short drive include Sedanos Supermarket (0.1 miles), Loan Depot Park – Marlins Stadium (0.3 miles), Pollo Tropical (0.8 miles), CVS/Navarro Discount Pharmacy (0.9 miles), Domino Park (Calle Ocho) (1.0 mile), Winn Dixie (1.0 mile), Publix Super Market at Altos Plaza (1.0 mile), University of Miami Health System – Jackson Memorial Hospital (1.1 miles), Presidente Supermarket (1.1 miles) and Planet Fitness (1.3 miles).  Additionally, just a short drive from the property is River Landing Shops & Residences (1.4 miles), Jose Marti Park & Pool (1.7 miles), Publix Super Market at Miami River (1.9 miles), Vizcaya Museum & Gardens (2.6 miles) and Miami International Airport (4.8 miles).

SUMMARY

The property is priced at $6,820,000, representing a 6% capitalization rate and $310,000 per unit.

 

INVESTMENT HIGHLIGHTS

  • 2023 Construction, 4-Stories, Parking Garage, 22 Unit Vacation Rental on Master Lease
  • Leased to Slumber Stays thru 2029 with Option Periods Until 2031, Passive Investment
  • Walking Distance to Loan Depot Park (Miami Marlins), Sedanos, CVS and Calle Ocho
  • AHI within 5-Miles $91,492 w/a Population Growth of 11.08% Since 2010 (Experian)

EXCLUSIVELY LISTED BY

ADAM MARCUVITZ

Associate Director
Miami Office
Tel: (786) 522-7194
FL SL 3462213
adam.marcuvitz@marcusmillichap.com
Miami Dade County

JOSEPH THOMAS

Senior Managing Director Investments
Senior Director, National Multi Housing Group
Fort Lauderdale Office
Tel: (954) 245-3492
License: SL FL 3174354
joseph.thomas@marcusmillichap.com

Slumber Stay at Metro Park