ðŸ”¥NEW Off Market – 38 units in Miami, FLðŸŒ´

Overview

48 Bedrooms

38 Bathrooms

19,608 ft

Year Built: 1958

Description

Property Address
7001 NW 15TH AVE MIAMI FL 33147

Current Income:
Gross yearly Income: $590,400
Expenses: $130,207.60
NOI: $460,192.40
Cap rate: 10%

Proforma:
Gross yearly Income: $775,687
Expenses: $190,607
NOI: $585,080
Cap rate: 12.7%

Property Info:
Building size: 19,608 Sq. Ft
Lot size: 17,600 Sq. Ft
Year built: 1958
Zoning: T4-O

Unit Mix:
33 – One beds one bath
5 – Two beds one bath
1 – Retail store (1490 NW 70th St.)

The property is located in an opportunity zone where section 8 is renting at:

One Bed, One bath – $1,465
Two Beds, One bath – $1,839

Retail:
Currently operating as a mini-market.
Retail store has a value of over $600K at a 7% Cap
Currently producing $3,624 per month in rent.

Zoning:
T4-O
Zoning allows for and array of uses including residential, ground floor commercial, short- term rentals, office, Community Residence, Bed & Breakfast, Entertainment Establishment, Food Service Establishment, Recreational Facility, Religious Facility, Research Facility and more.

Location:
The is Building located on a developing Main Corridor, located two blocks away and on the main commercial drag adjacent to the New Liberty Square project, an area changing with a $300M+ master plan project by the Related Group to redevelop 55-acres with 1,400 new apartments.
700 new apartments are already built with lifestyle amenities such as arts and culture sites, high quality educational facilities, health centers, parks and recreation, social services, and more.

This project is changing and uplifting the vibrancy and demographics of the area.
Located just minutes from I-95 and conveniently close to Downtown Miami, Miami Beach, Port of Miami, Design District, Midtown, Miami International Airport, Wynwood, the Billion dollar domed baseball stadium and the home to the Major League Baseball Miami Marlins.
This was built on the site of the iconic Orange Bowl that stood since 1926 in an area known as Little Havana and the MiMo District.
It is amazing and the values that have changed in the past 25 years.

Liberty City is a neighborhood in Miami, Florida, roughly bound by NW 79th Street to the north, NW 27th Avenue to the west, the Airport.
Expressway to the South, and Interstate 95 to the east.

Gentrification:
Miami neighborhoods with higher elevations such as Liberty City are experiencing increasing real estate values. By 2017, Liberty City, along with Little
Haiti started becoming more attractive to investors. A community land trust is planned to maintain affordability for current residents.
Home prices appreciated more slowly in 2018 in Miami Beach and lower-elevation areas of Miami-Dade County.