A trio of Little Havana apartment buildings sell for a total of $29 million, showing signs of investor interest in the small Miami community. Little Havana is located west of the Downtown / Brickell area in miami. It boasts much cheaper rents for locals who want to stay in the area, but cannot afford the Brickell cost of living. The area has wonderful public transportation as well as being just in distance of the MIA airport and major Miami job centers.
Miranda and Mauricio Villasuso represented the sellers of the properties with Fausto Commercial realty. They gave some insights into the deal. “When a place is attractive for tenants, it is attractive for investors,” the couple said. “Little Havana is a place people want to live. The area has very good long-term prospects for quality and quantity of rent growth,” Miranda added.
Although the rents are 30-40% higher than what they were just a year ago, they are nowhere close to the ridiculously high Downtown and Brickell rents. I can testify to this remark. I recently moved out of my 1,300 SQ FT, 2 bedroom apartment, where my roommate and I were paying $3,200 per month, into a 950 SQ FT, 2 bedroom apartment, where we are now paying $4,150… Higher rent and less square footage, you have got to love it! Mauricio had some thoughts on the matter. “It’s a fraction of the rents there,” Mauricio said. “It creates opportunities for prospective tenants to retain a level of affordability and a strong element of connectivity in the sense that it is easy to get to surrounding employment centers from Little Havana.”