Brickell Investor Opportunity: 2 Bedroom Under $500k
From time to time we like to talk about deals that we see that are particularly interesting for one reason or another, and this is a very interesting investment deal. Brickell condo investments typically see around a 3% return for existing purchases (after expenses such as taxes and homeowners fees are subtracted) and 2 bedroom properties under $500,000 are becoming more and more difficult to find.
This listing at the VUE at Brickell is a standout in our book at only $449,000 with two parking spaces, full renovations and fully furnished. The building is located at 1250 S Miami Avenue, so is walking distance to practically everything in Brickell, the “official walk score” by walkscore.com is listed as 97. Despite being able to walk almost everywhere, this apartment comes with 2 parking spaces rather than the typical single space. The building was built in 2005 and was recently renovated, offering a new lobby, refreshed gym and pool area. The condo management is in good standing, managing to keep the HOA fees at only $675/month, which is significantly lower than competing buildings in the neighborhood.
Inside the apartment, the kitchen and bathrooms have been updated and the apartment is being offered turnkey furnished (linens, artwork and electronics included). The kitchen offers new stainless appliances including a wine cooler as well as quartz countertops and new cabinets. Both bathrooms have new vanities, countertops, sinks and light fixtures. The balcony has a wonderful view of the city lights as well as the Biscayne Bay.
Considering this apartment were to be rented today, an investor could reasonably expect $2,800/month in income. If you reduce the real estate taxes and HOA fees, it would leave a return of 4.5% as soon as the tenant takes place! If you or someone you know is interested, just reach out and we are happy to set up a tour.