Description

This 6-unit boutique multifamily building is located in one of the best areas in North Miami. Property is in excellent condition with long-standing tenants, fully occupied. All 6-units are 1 bed / 1 bath, each come with 1-assigned parking, all rented at $1,250 per month (market rent is $1,600 to $1,700), all tenants are on month to month, no long term leases. This property provides a steady cash flow with gross rental income of $90,000 per year with a potential to increase to $115,000 to $125,000 per year once rent prices are increased to market rents. Current CAP 3.93% - projected CAP 5.79%. Very low turnover in this building and easily rented if one becomes available. Utility room located onsite where a Washer/Dryer can be added for extra income, current owner does not use utility room.


Features

  • Cooling
  • Heating
  • Fireplace
  • View
  • Waterfront
  • Garage
  • Association

Map Location

Copyright 2020 Miami Association of Realtors MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS. Miami Association of Realtors MLS data last updated on 3/5/2024 1:00:00 AM