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1621 NW 16Th St Miami, FL 33125

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For Sale
$1,495,000

Five units with redevelopment potential in Miami, Florida.

Building Details

Year built
1978

Source: Eleventrust LLC Agent David Fermoselle

Displayed information is deemed reliable but is not guaranteed and should be independently verified.


Overview

Multifamily in Prime Central Location

This is a five-unit multifamily property situated in a central location. The unit mix comprises three 2-bedroom/1-bathroom units, one 1-bedroom/1-bathroom unit, and a studio. The property features five electric meters and one water meter. Upgrades include a new permitted roof, asphalt, windows, and fresh paint. The property is zoned T6-8-R (City of Miami), which allows for up to 8 stories and 150 units per acre. Situated on a 6,400 square foot lot (approximately 0.147 acres), the zoning allows for the construction of up to 22 units by right. All units are currently rented below market rates, presenting a cash flow opportunity with potential for increased income. This property is suitable for investors seeking both income and redevelopment possibilities.
Insight Report Location Intelligence

Current Use by Public Records

Apartment buildings

Suggested Use

Law Firm Restaurant Realty agency Spa & Massage Hair Salon Dental Office Nail Salon Clothing Store Food Market Gym & Fitness

Zoning and permitted uses should be independently verified with local authorities.

Location Insight

  • Map
  • Local Demand
City
Miami
County
Miami-Dade
State
Florida
Longitude
-80.222055
Latitude
25.789947

FAQs

What type of property is this?
Apartment building - Five units with redevelopment potential in Miami, Florida.
Where is this apartment building located?
The property is located at 1621 NW 16Th St Miami, FL.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: - Zoned T6-8-R allowing for significant redevelopment potential: up to 8 stories and 150 units/acre.; - Opportunity to build up to 22 units by right on the 6,400 SF lot.; - New permitted roof, asphalt, and windows.
More about this property
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