401-411 NE 22nd St
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401-411 NE 22nd St
10 Unit Apartment Building $5,247,000 ($524,700/Unit) 5% Cap Rate Miami, FL 33137
INVESTMENT HIGHLIGHTS
- Prime location
- East of Biscayne
- Covered land
- Desirable zoning
- Major development hub
- Existing cashflow
EXECUTIVE SUMMARY
Located on a prime Edgewater boulevard, 401 NE 22nd Street offers a unique chance for redevelopment or maintaining a boutique rental property. Situated on the same street as Biscayne Bay and Miami's evolving Baywalk, it's part of a growing area with over 6,000 apartments and condos in development including the Edition Residences which is on the same block just a minute walk away. Take advantage of the desirable T6-36A-L-URBAN CORE ZONE zoning with 30 units and 36 floors allowed as of right.
The roof has been completely redone and completed in 2024. Strong lease in place allowing for ample income during the planning and development process.
Current rents are below market and can be increased, resulting in a pro-forma cap rate of 6.32%.
The roof has been completely redone and completed in 2024. Strong lease in place allowing for ample income during the planning and development process.
Current rents are below market and can be increased, resulting in a pro-forma cap rate of 6.32%.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $5,247,000 | Apartment Style | Low Rise |
| Price Per Unit | $524,700 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.21 AC |
| Cap Rate | 5% | Building Size | 7,468 SF |
| Sale Condition | Redevelopment Project | Average Occupancy | 100% |
| No. Units | 10 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Parking Ratio | 1.34/1,000 SF |
| Price | $5,247,000 |
| Price Per Unit | $524,700 |
| Sale Type | Investment |
| Cap Rate | 5% |
| Sale Condition | Redevelopment Project |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 7,468 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1926 |
| Parking Ratio | 1.34/1,000 SF |
UNIT AMENITIES
- Kitchen
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 10 | - | 900 |
Walk Score®
Walker's Paradise (93)
Transit Score®
Excellent Transit (70)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 01-3230-026-0110 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,575,555 |
PROPERTY TAXES
Parcel Number
01-3230-026-0110
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,575,555
ZONING
| Zoning Code | T6-36A-L (T6-36A-L-URBAN CORE ZONE) |
| T6-36A-L (T6-36A-L-URBAN CORE ZONE) |
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401-411 NE 22nd St
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