Parc Lofts Foreclosure – $132,000

October 22, 2010

A 1,169 square foot foreclosure hit the market yesterday at Parc Lofts.  The bi-level loft has 20-foot ceilings, concrete floors and exposed piping and ductwork.  The unit comes equipped with stainless steel appliances, a stackable washer/dryer, one assigned parking space and a balcony.  The asking price is $132,000, or $113 per square foot.  The area immediately surrounding Parc Lofts is far from appealing but the unique spaces have drawn the keen interest of artists, photographers, videographers and video editors.  The spaces at Parc Lofts are unlike anything you’ll find in Miami and many would say are the only true lofts in town.

For those investors looking to crunch the numbers, the HOA fee is $657 per month.  Taxes are approximately 2 percent of the assessed value.  I would use $250 per month as an estimate.  The unit would rent for $1700 per month.  Conservatively, $1600 per month which comes out to a 6.3 percent cap rate.  Try finding that elsewhere in Miami.  Contact us at 305-428-3860 if you would like more information about this foreclosure at Parc Lofts or if you would like to schedule an appointment to view it.