Multifamily Property – 10,000 SF in Miami, FL – Covered Land Play with Wynwood Norte NRD-2 Zoning

Category: Multifamily

Price:$1,850,000

Location: Miami, FL

Year Built: 1938

Days on Market: 39

Description:

The subject property consists of two separate structures sitting on a 10,000 SF lot; a duplex with 3 bedrooms and 1 bathroom each on both the top and bottom floors, as well as an ancillary unit with 3 bedrooms and 2 bathrooms. All units are around 900 SF each. The property is currently 100% occupied with rents at $1,995 per month and a total gross income of $71,820. Rents are on a month-to-month basis and are determined to be under-market. The property is best seen as a covered land play, offering an investor the opportunity to ultimately take advantage of the Wynwood Norte NRD-2 zoning overlay for low-intensity infill development. The site carries an increased density of 150 d/U per acre, allowing for approximately 33 units. Seller Financing is available at very favorable times

Covered land play with Wynwood Norte NRD-2 zoning, 33 units possible (150 d/U per acre). Seller financing available with favorable terms.

Listing Code: 1101074350