1028 2Nd St Miami, FL 33130

Property Details for 1028 2Nd St

Year built

1964

Property size

3,000 SF

Property type

Apartment buildings

Description

This exceptional redevelopment opportunity presents a 4-unit apartment building located at 1028 SW 2nd St, Miami, FL 33130, in Miami-Dade County. The property boasts a prime location, just one mile from downtown Miami and a half-mile from Calle Ocho, offering convenient access to transportation and vibrant city life. Built in 1964 and renovated in 2006, this two-story, 3,000 square foot building sits on a 7,500 square foot lot and is zoned R4. Currently operating at 100% occupancy (as of July 9, 2024), the property generates a strong NOI of $55,000, representing a 6.55% cap rate. Each of the four units is priced at $210,000, with the entire property listed at $840,000 ($280 per square foot). The building features a new roof (2019), central AC, tile floors, impact windows and doors, and security cameras with a gated entry. Eight parking spaces are available, with two additional spaces rented separately for supplemental income. Further income is generated from shared laundry facilities. The building has existing reserves. While current tenants are excellent, rental increases are possible. This is a corporate-owned property with no ground lease. Further documentation will be provided during the due diligence period.