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    1838 1St St Miami, FL 33125

    For Sale
    $898,000

    Four-unit apartment building, excellent ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    364
    This charming two-story, 1920s-era apartment building located at 1838 NW 1st St, Miami, FL 33125, presents a compelling investment opportunity. The property comprises four units and additional storage space, serviced by three separate Florida Power & Light meters. Currently, most units are rented below market value, offering immediate potential for increased revenue. The building is exempt from the 40-year recertification requirement, eliminating a significant expense. Tenants boast impressive tenure, with some residing for up to 19 years, suggesting a stable rental income stream. Its prime location, just blocks from the new Marlins Stadium and within easy reach of Calle 8, Brickell, the Miami River, Downtown Miami, and the airport, ensures high demand and strong rental potential. This property is ideal for investors seeking a high-growth area with substantial annual net returns. The "fix and flip" potential is also significant, given the opportunity to increase rental income through renovations and market-rate adjustments. The asking price is $898,000, and owner financing is available. This is a rare opportunity to acquire a well-located, income-producing multifamily property in a rapidly appreciating Miami neighborhood.

    Property Features for 1838 1St St

    General Information

    Property type
    Multifamily properties

    Building Details

    Year Built
    1920
    Stories
    2

    HighLights

    • $898,000 asking price.
    • Multifamily apartment building (duplex/triplex/quadruplex).
    • 1920 construction, two stories.
    • Four units plus storage; three separate electric meters.
    • Excellent location near Marlins Stadium, Calle Ocho, Brickell, Miami River, Downtown Miami, and the airport.
    • Below‑market rents offer significant upside potential; owner financing available.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Small apartment buildings

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon 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
    -80.225743
    Latitude
    25.774348

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    FAQs

    What type of property is this?
    Multifamily property - Four-unit apartment building, excellent ROI
    Where is this multifamily property located?
    The property is located at 1838 1St St Miami, FL.
    What is the asking price?
    The asking price for this property is $898,000.
    What are key features of this property?
    This property features: $898,000 asking price.; Multifamily apartment building (duplex/triplex/quadruplex).; 1920 construction, two stories.
    Request Owner's contact information
    1838 1St St Miami, FL 33125
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    Miami, FL 33125
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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
    1838 1St St Miami, FL 33125
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