Orengo Portfolio
2301 Atlantic Avenue, Opa-locka, FL, USA ,
EXECUTIVE SUMMARY
Miami Central Multi-Family 103 Unit Portfolio. Total of 11 buildings, of mostly 2 bedroom units, approved and equipped for HUD housing, and all in the municipality of Opa-Locka. Opa-Locka is experiencing strong growth due to its central Miami location and its proximity to significant economic and civic menities, such as nearby Opa-Locka Airport a massive freight and cargo hub, Miami-Dade College Campus, and the Amazon Logistics Mega-Hub, amongst more.
Your tenants will appreciate the ease of access to jobs, as well as great access to major highways, restaurants, shopping centers, entertainment venues and more.
All buildings are of later construction, all concrete and solid structures. Approx 70% of the units have been fully renovated, including many with central a/c and new windows. All 40 year re-certifications are up to date. All roofs are of recent vintage except 3 of the buildings, which are en queue to be repaired. Due to some of their use by government programs, the building have been rigorously kept to the absolute highest condition and with no deferred maintenance. The buildings are all approved for government rental programs. Currently 25 of the units are rented to HUD or Citrix, but the full portfolio can and should be rented to government contracts in order to maximize income. Furthermore these government programs yield very low headache and low management, with guaranteed rents coming in monthly like clockwork. Just set it and forget it- and count your monthly coupons. For 2024, rents are to be guaranteed by the government at up to $2,324 for 2 bedrooms units. At proforma rents, before considering 2024’s Increments, this portfolio will be generating Total Gross Revenue $2,410,800 and $1,825,094 Net Operating Income, with 2024 guaranteeing closer to $2M in NOI, and this at asking price an 11% Cap.
Miami Central is changing. Relentless Growth in Miami’s Demographics is Pushing a Wave of Population Growth into Miami’s Urban Core. Central Miami neighborhoods and municipalities like Opa-Locka are seeing a wave of growth and gentrification like never before. New and high income tenants seeking reasonably priced housing close Opa-locka, a neighborhood within the vibrant city of Miami, presents a compelling case for commercial real estate investment. Boasting a strategic location and easy access to major transportation arteries, including airports and highways, Opa-locka serves as a logistical hub, making it an ideal location for businesses. The ongoing revitalization efforts in the area, coupled with its unique Moorish architectural charm, contribute to a distinct and attractive business environment. Commercial spaces in Opa-locka offer investors an opportunity to tap into a market that is experiencing growth and transformation. The community's diverse demographic profile and proximity to Miami's economic centers contribute to a dynamic business ecosystem. As Miami continues to thrive as a global business hub, investing in commercial real estate in Opa-locka provides investors with the potential for long-term returns and a stake in the exciting development unfolding in this strategically positioned Miami neighborhood.
Miami Central is changing. Relentless Growth in Miami’s Demographics is Pushing a Wave of Population Growth into Miami’s Urban Core. Central Miami neighborhoods and municipalities like Opa-Locka are seeing a wave of growth and gentrification like never before. New and high income tenants seeking reasonably priced housing close to their jobs and lifestyle amenities are flooding the neighborhood, securing a story of sustained rent growth for decades to come.
PROPERTY FACTS
Price $20,100,000
Price / SF $297.67 / SF
Cap Rate 6.57%
Sale Type Investment
Status Active
Number of Properties 5
Individually For Sale. 0
Total Building Size. 67,525 SF
Total Land Area 2.97 AC
PROPERTIES
PROPERTY NAME / ADDRESS PROPERTY TYPE SIZE YEAR BUILT
1331 Sharazad Blvd, Opa Locka, FL 33054
1301-1331 Sharazad Blvd, Opa Locka, FL 33054 Multifamily 3,370 SF 1952
13240 Port Said Rd, Opa Locka, FL 33054 Multifamily 18,019 SF 1972
1219 Sharazad Blvd, Opa Locka, FL 33054. Multifamily 20,769 SF. 1952
2301-2321 Atlantic Ave, Opa Locka, FL 33054 Multifamily 20,247 SF 1972
Opa-Locka Apartments
2070 Ali Baba Ave, Opa Locka, FL 33054 Multifamily 5,120 SF. 1960
Highlights
100% occupied
Mostly two beds one bath renovated units
Value add
Mortgage amount
Down payment (%)
Interest rate (%)
Period
Total cost of mortgage:$25,082,158
Monthly payments:$69,673
