Hotel opportunity, steps from Miami River
$2,290,000
For sale
7054
Property ID
4,688 SqFt
Size
Description
INTERIOR SHOWINGS ONLY WITH AN OFFER OR LOI. 6-Unit building on a 7,500 SF lot zoned T6-8-O, steps from Miami River. Land bank opportunity with 6% cap rate in place.
Buy and hold as multifamily, convert to short term rental, or knock down and build up to 26 units by right, or build a multifamily/hotel project with 10,000 SF or less with zero parking.
Full CBS two-story 1970’s construction.
All units are 781 SF with 2-beds, and 1-bath. Total living area of 4,688 SF.
Roof was completed in June of 2021. Adjacent to an incredible new construction luxury multifamily project.
The property is currently producing $175k in annual gross rents, with an opportunity to increase rents to 200k gross annually ($2,800/unit) as leases expire.
The apartments have been extensively remodeled.
HIGHLIGHTS
- Number Of Buildings: 1
- Construction Materials: Concrete Block Construction
- Buyer Agency Compensation: 2.5%
Address
Address:
641 NW 2nd St, Miami, FL
- Country: United States
- Province / State: Florida
- City / Town: Miami
- Property ID 7054
- Price $2,290,000
- Property Type Hotel
- Property status For sale
- Year Built 1972
- Size 4,688 SqFt
- Keys 1
Contact
