PROVIDENCE APARTMENTS

Providence Apartments, located at 13300 Alexandria Drive in Opa-Locka, Florida, presents a rare opportunity to acquire a well-positioned, income-producing multifamily asset in a high-demand submarket. This 72-unit garden-style apartment complex spans approximately 66,975 rentable square feet across a 1.84-acre lot, zoned R-3 for multifamily residential use. Constructed in 1972, the property consists of a mix of one-, two-, and three-bedroom units with significant in-place cash flow and demonstrated rental upside.

Strategically situated near major economic drivers—including the Amazon Mega Warehouse—Providence Apartments benefits from strong tenant demand and regional employment growth. The current rent roll generates $133,838 in monthly income, with pro forma market rents reaching $153,706, and potential Section 8-supported rents as high as $159,446 per month. This offers investors multiple paths to increase revenue, including organic lease-up or enhanced participation in the Housing Choice Voucher Program.

Operating performance reflects a strong net operating income (NOI) of approximately $996,541 with a projected Year 1 NOI of $1.27 million under market rents and $1.31 million under the Section 8 model. Priced at $14,400,000, the offering represents a 6.92% in-place cap rate, which increases to 9.16% under the Section 8 rental strategy. With a price per unit of $200,000 and price per square foot of $215.01, the asset is attractively positioned for both value-add and yield-driven investors.