SUNNY GROVE APARTMENTS 1440 SW 42nd Ave Miami, FL 33134

$6,000,000

Overview

Fausto Commercial Realty is proud to present the Sunny Grove Apartments, located at 1440 SW 42nd Avenue, Coral Gables, FL. This premier multifamily property epitomizes the pinnacle of rental living in one of the most desirable communities in Dade County.

Sunny Grove Apartments is an exceptional offering, comprising 12 meticulously maintained two-bedroom, one-bath units. The property spans a generous living area of 10,841 sq ft on a sprawling lot of 25,466 sq ft. Built in 1947, it underwent a comprehensive renovation in 2019, blending historical allure with modern luxury. The building features modern amenities, including impact windows and central AC in all units, ensuring comfort and safety for its tenants.

The strategic location near key business centers further enhances its appeal, making it a prime choice for potential renters. The area is renowned for its top-tier educational facilities, making it highly attractive to families and professionals alike.

The current rental income stands at $30,000 per month, with an average rent of $2,500 per unit. There is potential to increase this to market rates of $3,000 per unit, projecting a rental income of $36,000 per month. This investment highlights a 4.45% cap rate on actuals, with a promising 5.03% cap rate on a pro forma basis, representing a competitive market capitalization for the area given the quality of the building and its tenants.