Location Summary

• Coral Grove Apartment community is located in the City of Homestead in the State of Florida. Homestead is part of the South Florida Market and is situated in the Homestead/South Dade MF submarket. Located just 30 miles south of the international City of Miami, with access to Miami International Airport, Downtown, The Florida Keys, Dadeland and South Miami. Coral Grove is just south of W. Mowry Drive and west of Krome Avenue, near Downtown. Downtown Homestead is undergoing a re-development with new projects completed such as the Seminole Theater, City Hall and the new Police Station. Future developments include the Homestead Station, a 100,000 SF retail center which is planned for the corner of W. Mowry Drive and Krome Avenue. Homestead Station is expected to contain a multiplex movie theater, national clothing chain stores, restaurants and more. Homestead Station is one of the first nationally funded projects slated for Downtown Homestead with more to come. The project also includes the development of a 300+ parking garage that will be attached to a Rapid Transit Hub, that will connect Homestead with Dadeland Station. The hub that received approval from the county for funding and is pending state and federal approvals to begin construction of the transit hub only, the parking garage will be provided by Homestead Station. The Downtown revitalization plan also includes improved street lighting, signage, roadway upgrades, underground storm pipes, brick paved sidwalks, outdoor venue spaces and provides funds to small business owners to improve the facades of their businesses in Downtown. The Downtown CRA is also working with local and state business owners to bring entertainment venues to the area, including a brewery, nightclub, restaurants, music hall and more. With a hometown feel, Homestead is poised to be a growth city for employees of nearby Florida City, Key Largo and Kendall. With affordable living, country setting and a revitalized Downtown, Homestead and Coral Grove is the place to be for growth and long term investment.
• Miami Real Estate Group, Inc. and The RE Commercial Team, have been selected to market the Coral Grove Apartment community located in Homestead, FL. Coral Grove is a 73-unit multifamily complex located on a 1.91 acre parcel. The project is spread over 10 identical buildings with a unit mix of 1, 2 & 3 bedrooms with unit sizes ranging from 540 SF to 1,382 SF. The unit mix is distributed among 60 one-bedroom / one-bath, 7 two-bedroom / one-bath, 1 two-bedroom / two-bath and 5 three-bedroom / two-bath units. The units are improved with central air conditioning, terrazzo floors, new or repaired kitchens and bathrooms, new exterior lighting, electric panels, plumbing repairs, new roof sealcoating the completion of the 40-year certification for the project. Tenants are responsible for their electric service, while the landlord provides water/sewer, natural gas and common area lighting and trash. Leases provide for the sub-metering of water but the present owners have not instituted that policy into the operations. The buildings are concrete block and stucco. The roofs are concrete, pitched and have been resealed using Ygrene Services. Ygrene is a state sponsored program that allows building owners the ability to improve their properties and place the cost of those improvements into their real estate taxes. The cost of the roof improvement for this project is scheduled to begin with the 2020 tax year, but for purposes of the analysis, the cost has been incorporated as of the 2nd year of ownership, 2019. All buildings are two story walk-ups, with one building having a laundry room serving the community. Most interior walls are also constructed of concrete block, proving for a very solid structure with efficiencies in unit repairs. The community which sits on the corner of SW 4th Street and SW 12th Avenue, has 83,200 SF of land. Current occupancy is over 95% and is projected to be over 98% shortly. Although the owner has increased rents to several units, Coral Grove is still a great value-add opportunity. Units can be upgraded with new flooring, kitchens, bathrooms, exterior painting, parking lot sealcoating and gated secured fencing. Also, several units were used by the owner for storage, which can be easily converted back to apartment rentals. With upgrades and proactive management efficiencies, the community could potentially see rental increases of $50-150 per month. Coral Grove is situated inside a Florida Opportunity Zone. Opportunity Zones were introduced in 2017 via the tax reform act of congress, which allows investments made inside of these zones to have savings on the capital gains taxes due on 1031 exchanges into the zone, as well as the potential to reduce and/or eliminate any capital gains on the acquired asset over a required period of time. Further information on these Opportunity Zones is available on the internet. The listing broker can also assist with additional information on the program. This is one of the best and most affordable apartment communities available for sale in Miami-Dade county. With nearby developments, a growing population, the high demand for quality and affordable housing, major improvements completed, 40-year certification delivered and occupancy rates at or above 95%, Coral Grove offers the best of both worlds, value and stability. Offered for the long term investor or 1031 exchange buyer. All buyer's agents and/or representative will be required to be compensated by their buyer client. There is no co-brokerage fee offered on this opportunity.