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    10860 3Rd St Miami, FL 33174

    For Sale
    $3,750,000

    Miami, FL: High-Yield Investment Opportunity

    Property size:
    7,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    365
    This exceptional 10-unit apartment building presents a compelling investment opportunity in Miami, Florida. Located at 10860 SW 3rd St, in the desirable Sweetwater area, this Class A property boasts 7,500 square feet on an 18,000 square foot lot, with 7,400 square feet of net rentable space. The building, constructed between 1971 and 1996, underwent renovations between 1996 and 2022, resulting in a "mint condition" property. The unit mix includes five 2-bedroom/1-bathroom units and five 1-bedroom/1-bathroom units, currently enjoying 100% occupancy. Ten parking spaces are available for residents. The property features a stabilized investment profile with a current NOI of $151,000 and a pro-forma NOI of $180,000, translating to a 4.03% cap rate and a pro-forma cap rate of 4.80%, respectively. The asking price is $3,750,000, representing a price per unit of $375,000 and a price per square foot of $506.76. The property is zoned RM-24 and benefits from 7,000 square feet of available air rights. Its proximity to the FIU main campus ensures a stable tenant base and potential for future rent increases. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Miami location. The property is owned by a corporation and is being sold as-is.

    Property Features for 10860 3Rd St

    General Information

    Property type
    Multifamily properties
    Square Feet
    7,500 SF
    Class
    A

    Building Details

    Year Built/Renovated
    1971/1996
    Buildings
    1
    Stories
    1
    Units
    10

    HighLights

    • Exceptional, highly desirable location.
    • Significant upside potential for rental income growth.
    • Excellent condition; minimal deferred maintenance.
    • Ample on‑site parking.
    • Oversized lot; development opportunities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Miami
    County
    Miami-Dade
    State
    Florida
    Longitude
    -80.37178664
    Latitude
    25.76484881

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    FAQs

    What type of property is this?
    Multifamily property - Miami, FL: High-Yield Investment Opportunity
    Where is this multifamily property located?
    The property is located at 10860 3Rd St Miami, FL.
    What is the asking price?
    The asking price for this property is $3,750,000.
    What are key features of this property?
    This property features: Exceptional, highly desirable location.; Significant upside potential for rental income growth.; Excellent condition; minimal deferred maintenance.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    10860 3Rd St Miami, FL 33174
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