1302 NW 1st Pl 4 Unit Apartment Building $950,000 ($237,500/Unit) 4.11% Cap Rate Miami, FL 33136
INVESTMENT HIGHLIGHTS
- Lot is in an Opportunity Zone Area.
- Fourplex in-place next to the I-395/State Road 836. Gross building of +/- 2,928 SF in 4,750 SF lot size.
- Automatic upzone due to Overtown CRA allows to increase the height of a development up to 20 floors and double the density.
EXECUTIVE SUMMARY
Unique opportunity to acquire a strategically placed small multifamily situated in Downtown Miami and close to Miami’s key market, Miami WorldCenter. 2-story building with 4 units next to the I-395/State Road 836. Gross building of +/- 2,928 SF in 4,750 SF lot size. Fourplex in-place, fully vacant. Lot is in an Opportunity Zone Area. Favorable T6-8-L Zoning designation. Automatic upzone due to Overtown CRA allows to increase the height of development up to 20 floors and double the density. It must include a qualifying affordable housing component. 2 minutes to Miami Central; 8 minutes to Miami Intl. Airport; 4 minutes to the Port of Miami; 10 minutes to South Beach. The property is next to the new development of 30 acres of public open space.
PROPERTY FACTS Under Contract
| Price | $950,000 |
| Price Per Unit | $237,500 |
| Sale Type | Investment |
| Cap Rate | 4.11% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 2,928 SF |
| No. Stories | 2 |
| Year Built | 1961 |
| Parking Ratio | 1.37/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | T6-8-L - Limited - max. eight (8) stories. Single family, multifamily residences, Hotels, Bed & Breakfasts, and Inns, Office space permitted in a limited cap |
1 of 1
Walk Score®
Very Walkable (87)
Transit Score®
Rider's Paradise (94)
Bike Score®
Very Bikeable (72)
PROPERTY TAXES
| Parcel Number | 01-3136-009-0790 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $460,605 |
