490 NE 62nd St 6 Unit Apartment Building $1,375,000 ($229,167/Unit) 5.82% Cap Rate Miami, FL 33138
INVESTMENT HIGHLIGHTS
- 6 Units just one block west of Biscayne Blvd.
- Value Add Potential
- Potential Assemblage Opportunit
- 100% Occupancy
- Redevelopment into 4-6 Luxury Townhomes
EXECUTIVE SUMMARY
Chariff Realty Group proudly presents an exceptional investment opportunity within Miami’s thriving real estate market. This 6-unit multifamily property not only provides a steady income stream but also holds significant development potential for savvy investors.
490 NE 62 St is perfect for investors or developers looking to blend rental income with long-term growth through strategic redevelopment. This property’s prime & high-demand location and versatile potential make it a rare and valuable addition to any real estate portfolio.
6 Units Multifamily, 100% Occupancy, Value Add Potential, Redevelopment into 4-6 Luxury Townhomes, Potential Assemblage Opportunity.
490 NE 62 St is perfect for investors or developers looking to blend rental income with long-term growth through strategic redevelopment. This property’s prime & high-demand location and versatile potential make it a rare and valuable addition to any real estate portfolio.
6 Units Multifamily, 100% Occupancy, Value Add Potential, Redevelopment into 4-6 Luxury Townhomes, Potential Assemblage Opportunity.
PROPERTY FACTS
| Price | $1,375,000 |
| Price Per Unit | $229,167 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 3,050 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1938 |
| Zoning | T4-R - Multifamily |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 4 | $1,275 | 300 |
| 2+1 | 2 | $1,675 | 750 - 1,100 |
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 01-3218-024-0280 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $508,703 |
