701 6 St Hallandale Beach, FL 33009

Property Details for 701 6 St

Year built

1961

Property size

3,955 SF

Property type

Apartment buildings

Property subtype

Small apartment buildings

Description

This exceptional Hallandale Beach investment property presents a compelling redevelopment opportunity. The property, located at 701 SW 6th St, comprises a 1-story, 3,955 square foot apartment building featuring four units (two 2-bed/1-bath and one 3-bed/2-bath) on a substantial 44,735 square foot lot. Currently operating at 100% occupancy, the property generates a net operating income (NOI) of $52,922 annually, with a pro-forma NOI projected at $96,440. The asking price is $825,000, representing a pro-forma cap rate of 11.69% and a land value of $40.23 per square foot. The property is zoned RD-12, allowing for significant redevelopment potential, potentially up to 14 new townhouses. Its prime location offers easy access to Gulfstream Park, Aventura Mall, numerous shopping centers, and pristine beaches. The ample parking (over 11 spaces) and large yard further enhance its appeal. This is a rare chance to acquire a high-yield multifamily property with substantial upside potential in a desirable South Florida location. The property's current income stream provides immediate returns while the significant lot size and zoning offer a clear path to future value appreciation through redevelopment. This is an ideal investment for those seeking both immediate income and long-term growth.