9-unit apartment building, all units are 2-bedrooms 1-bathroom, approximately 780 sq,ft each.
This property has a current monthly gross income of $17,900, which results in a cap rate of 5.43% at the offered price.
However, the projected and potential monthly gross income is $22,955, which would result in a cap rate of 6.22%.
This could be achieved as leases renew and increase the rents on the month to month tenants.
40-year recertification that was completed on 4/29/2021.
With an average effective rent of $1,944, an investor has the opportunity to increase rental rates by 28% to be competitive within the market as units turn.
Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance.
This property has a current monthly gross income of $17,900, which results in a cap rate of 5.43% at the offered price.
However, the projected and potential monthly gross income is $22,955, which would result in a cap rate of 6.22%.
This could be achieved as leases renew and increase the rents on the month to month tenants.
40-year recertification that was completed on 4/29/2021.
With an average effective rent of $1,944, an investor has the opportunity to increase rental rates by 28% to be competitive within the market as units turn.
Stabilized asset boasting 100% occupancy, generates a stable income, with minimal deferred maintenance.
Property Details
Price:
$2,700,000
MLS #:
A11697955
Status:
Active
Beds:
0
Baths:
0
Address:
2014 SW 3rd St
Type:
Commercial
Subtype:
Income/MultiFamily
City:
Miami
Listed Date:
Jan 23, 2025
State:
FL
Finished Sq Ft:
7,566
Total Sq Ft:
7,566
ZIP:
33135
Year Built:
1971
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Financial
Taxes
$26,323
Map
Community
- Address2014 SW 3rd St Miami FL
- CityMiami
- CountyMiami-Dade County
- Zip Code33135
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