345 34Th St Miami, FL 33127

Property Details for 345 34Th St

Year built

1925

Property size

4,866 SF

Property type

Commercial real estate

Description

This exceptional 8-unit multifamily property, located at 345 NW 34th St in Miami, Florida, presents a compelling redevelopment opportunity. The 4,866 square foot building, constructed in 1925 and renovated in 2008, sits on a 7,500 square foot lot zoned T4-R, allowing for high-density residential development. Currently boasting 100% occupancy (as of September 30, 2024), the property generates a strong net operating income (NOI) of $135,660, yielding a 5.90% cap rate. Pro forma projections indicate a NOI of $144,060 and a 6.26% cap rate, reflecting potential for increased rental income. The building features impact windows, updated AC units, and new water heaters. Significant redevelopment potential exists, with zoning permitting up to 21 units, a maximum building height of 40 feet, and a maximum building area of 13,921 square feet. The property is offered at $2,300,000, or $287,500 per unit. This presents a rare chance to acquire a well-located, income-producing asset with substantial upside potential in a rapidly growing Miami neighborhood. Detailed financial statements are available upon request. Investors and developers are welcome.