603 1St Ave Miami, FL 33132
- Mixed-use properties
- 646 SF
Current Use by Public Records
- Mixed-use properties
Property Details for 603 1St Ave
- Year built
- 2024
- Property size
- 646 SF
- Property type
- Mixed-use properties
- Property subtype
- Residential income homes
Description
This fully operational, turnkey 1-bedroom Airbnb condo in Miami, Florida presents a lucrative investment opportunity. Located at 603 NE 1st Ave, 33132, this 646 square foot unit, built in 2024, boasts a strong 12.12% cap rate and a net operating income (NOI) of $96,800. The property is licensed for short-term rentals on platforms like Airbnb and HomeAway, generating approximately $120,000 in annual income based on an average of $400 per night for 25 nights a month. Annual running costs are estimated at $23,152. The condo is situated in a prime downtown location, adjacent to Miami World Center, offering easy access to the Miami Heat Arena, the Miami Cruise Port, and various amenities. The building itself is a 51-story landmark designed by Arquitectonica, featuring a double-height lobby, 24-hour valet parking and secure access, high-speed internet, and a range of amenities including a pool, wellness center, and conference facilities. The building also offers on-site hospitality management and is conveniently located near public transportation. This exceptional property seamlessly blends the luxuries of a hotel with the flexibility of individual ownership, making it an ideal investment for both cash buyers and those seeking financing options. The property is eligible for a 1031 exchange.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.1921
- Latitude
- 25.78
