Apartment complex in an up-and-coming area in Miami near Aventura. There is a nice mix of units including 1 bedrooms and studios. The current owner has also brought the property up to code and made improvements to dramatically decrease costs for utilities. Most of the units in this complex have been recently remodeled and once all are completed, there will be a good cash flow on this property. At market rents for the area, the projected cap rate will be over 8% at full occupancy. For a huge return on your investment, a savvy investor could continue to collect healthy rents from these apartments, while in the meantime working on plans to redevelop the property. The apartment complex sits on approximately 3 acres of land and is zoned to allow nine stories. A site plan was previously created and approved, for an approximately 150-unit complex at this location.