The Porosoff Group of Compass Commercial is proud to present The Sanford Apartments in the Overtown neighborhood of Miami located just one block from the gateway into one of the hottest neighborhoods of Miami, Wynwood. The subject property consists of a 3-story, 42-unit apartment building with 12 Studios, 12 One-Bedroom Units, and 18 Two-Bedroom/One-Bath units built in 1955, sitting on a 17,370 T 3-O zoned lot. Additionally, the offering includes the single-family, three-bedroom/two-bathroom home across the street built in 1982, sitting on a 7,500 SF, T-3-O zoned lot. Lastly, the other adjacent 7,000 SF vacant lot zoned T-3-O is also a part of the offering.
The 42-unit apartment known as Sanford Apartments would be delivered vacant at close of escrow with a complete set of Mechanical, Electric, and Plumbing plans that will be used to bring the building in compliance and achieve the Miami-Dade County 40/50-year recertification.
The subject property’s location, just one block from the gateway to Wynwood presents an excellent opportunity for a savvy investor. As former gallery sites, mom & pop venues, and vacant land has been redeveloped into high-end condos, boutiques, and nightclubs, there is a limited supply of workforce housing options for those working in the area or even looking for a more affordable place to live nearby.
This has resulted in numerous buildings in the Overtown submarket to undergo total gut-rehab renovations to provide these housing options. The subject property also sits in an opportunity zone, providing added benefits in the future renovation.
• 42 Unit Apartment in Overtown one block south of “Gateway to Wynwood”
• Located in an Opportunity Zone
• Rapidly gentrifying area blocks from Miami’s hottest neighborhood
• Excellent mix of Studio’s, One-bedrooms, and Two-bedroom units
• Property will be delivered vacant and with a full set of approved Mechanical, Electrical, and Plumbing Plans
CRE Advisor Multifamily Hospitality Development
NMHC PAC Contributor
Tel: (305) 733-6066
License: FL SL3160379
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