Victoria Apartments at 1051 NW 2nd St Miami, FL 33128

Victoria Apartments: Fully Renovated 20-Unit Investment Opportunity in Miami

The Victoria Apartments, originally built in 1925, has undergone a complete transformation. This 20-unit, three-story building located on NW 2nd Street, between NW 8th and NW 12th Avenues, is now fully renovated and ready for investors. The recent renovations include significant structural upgrades, new impact-resistant windows and doors, PVC sewer lines, modernized units with updated cabinets, appliances, bathrooms, and flooring, along with washer/dryer hookups in each unit. The property also boasts a switch from wall AC units to efficient mini splits, a refreshed exterior with new stucco, turf landscaping, and fresh paint. The roof was replaced in 2016, and the 40/10-year inspections were completed in 2015.

The unit mix includes 11 one-bedroom/one-bathroom units and nine two-bedroom/one-bathroom units. Situated in a prime location, just east of Marlins Park and a short distance from Flagler Street, the property enjoys a Walk Score of 87, making it highly walkable for residents. With a population of over 500,000 within a 5-mile radius, the property is ideally located near key employment hubs in Miami-Dade County. The hospital district lies to the north, Miami International Airport to the west, and major neighborhoods such as Downtown Miami, Brickell, Coral Gables, and Coconut Grove are all within close proximity.

This is a rare opportunity for investors to acquire a fully renovated asset with minimal capital improvement needs. The property’s strong location and recent upgrades provide a platform to focus on optimizing operations and increasing rents. The Victoria Apartments is listed at $5.2 million, which equates to $260,000 per unit or $391 per square foot. With a 6% cap rate based on current Net Operating Income, this is a compelling investment opportunity in one of Miami’s thriving neighborhoods.