1915-1935 NW 28th St
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1915-1935 NW 28th St
24 Unit Apartment Building $7,500,000 ($312,500/Unit) Miami, FL 33142
Investment Highlights
- Situated in the heart of Miami.
- Offers convenient access to local amenities and transportation links.
- Accessible transportation options make commuting convenient.
- Near I-95 highway.
Executive Summary
Excellent investment opportunity in the heart of Miami, do not miss out on this ACRE LOT GEM which currently holds 24 rental units. Current zoning is T4, can be converted into T6 in order to construct up to 150 units. Current units produce up to $31,000 per month which can continue being collected while the new owner(s) work on the permitting and planning of the new construction. Property passed 60-year inspection in 2018, current roofs are approximately 10 years old with a remaining useful life of 10+ years. Property is free of any liens and/or violations. Property consists of 15 1Bed1Bath Units - 6 Studio Apartments - 3 2Bed1Bath Units . PLEASE DO NOT DISTURB TENANTS
The rents reflected are year round, this property is currently not being utilized for short term rentals. Currently, there is no management company as the owner manages the property himself as he has been doing for many years. The property consists of primarily long term tenants which most of them receive government assistance, therefore the rents per month are essentially guaranteed. Only three units have pets, all dogs weighing less than 15-20 lbs.
The property passed the 10 year certification inspection only 3 years ago and the roofs are approximately only 10 years old, therefore the useful life is still approximately 15 years.
The property is currently zoned for T4, but meets the qualifications/dimensions to be rezoned into T5 where one can construct more rental units. Additionally, the property has the possibility of becoming T6 (must first be T5), where one can construct up to a total of 150 units. There are 3-4 buildings in the area which have completed this process already and have this many units.
Please feel free to reach out to Nick via telephone call or text message at 786-286-9623 if you seek any further information
ATTACHED FINANCIALS PDF IS FROM MARCH 2022 - ALL UNITS EXCEPT STORAGE 1/1 ARE RENTED AT THE MOMENT AND SOME UNITS RENTS HAVE BEEN INCREASED.
The rents reflected are year round, this property is currently not being utilized for short term rentals. Currently, there is no management company as the owner manages the property himself as he has been doing for many years. The property consists of primarily long term tenants which most of them receive government assistance, therefore the rents per month are essentially guaranteed. Only three units have pets, all dogs weighing less than 15-20 lbs.
The property passed the 10 year certification inspection only 3 years ago and the roofs are approximately only 10 years old, therefore the useful life is still approximately 15 years.
The property is currently zoned for T4, but meets the qualifications/dimensions to be rezoned into T5 where one can construct more rental units. Additionally, the property has the possibility of becoming T6 (must first be T5), where one can construct up to a total of 150 units. There are 3-4 buildings in the area which have completed this process already and have this many units.
Please feel free to reach out to Nick via telephone call or text message at 786-286-9623 if you seek any further information
ATTACHED FINANCIALS PDF IS FROM MARCH 2022 - ALL UNITS EXCEPT STORAGE 1/1 ARE RENTED AT THE MOMENT AND SOME UNITS RENTS HAVE BEEN INCREASED.
Property Facts
| Price | $7,500,000 | Building Class | C |
| Price Per Unit | $312,500 | Lot Size | 1.00 AC |
| Sale Type | Investment | Building Size | 16,474 SF |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low Rise |
| Price | $7,500,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 1.00 AC |
| Building Size | 16,474 SF |
| No. Stories | 1 |
| Year Built | 1958 |
| Opportunity Zone |
Yes |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $1,175 | - |
| 1+1 | 15 | $1,175 | - |
| 2+1 | 3 | $1,550 | - |
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Walk Score ®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 01-3127-066-0040 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,650,440 |
PROPERTY TAXES
Parcel Number
01-3127-066-0040
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,650,440
zoning
| Zoning Code | R-3 |
| R-3 |
-
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1915-1935 NW 28th St
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