The Real Deal Miami

Apartment building in Wynwood trades for 2.5x last sale price

Eight-unit property sold for a little more than $1M
By Katherine Kallergis | May 11, 2015 04:30PM

Vicente Rodriguez, Wynwood Apartments and Arthur Porosoff

Vicente Rodriguez, Wynwood Apartments and Arthur Porosoff

Another sale in the northwest corner of Wynwood reinforces the area’s white-hot prices: an eight-unit apartment building sold for $128,750 a unit, or $1.03 million.

Vicente Rodriguez and Arthur Porosoff of Marcus & Millichap represented the seller and buyer, both private investors from Miami, according to a press release.

The two-story building last sold in November 2003 for $390,000, according to Miami-Dade County property records, and it was built in 1973. Santos Arias is the seller.

“This property offered an excellent opportunity for investors to acquire a multifamily property in a ground zero location in Miami with upside income potential by increasing its rents,” Rodriguez said in a statement.

Wynwood Apartments, at 3412 Northwest Second Avenue, sits on a 10,680-square-foot lots. The units are all two-bedroom, one-bathroom.

Last week, a vacant lot nearby sold for $980,000, marking an 11.6 times increase in 12 years. And in February, a warehouse, also on the northwest corner of Wynwood, sold for $8 million to a Miami-based self-storage company. Chariff Realty was involved in both sales.