601 1St Ave Miami, FL 33132
- Residential income homes
- 2,600 SF
Current Use by Public Records
- Gale Miami Residences Sales Center / Corporate Office
- 601 Miami (formerly Natiivo) / Condominium Complex
- Gale Miami Hotel and Residences / Hotel
- 14 ROC Miami Residences / Condominium Complex
- Gale Wellness / Spa And Health Club
Property Details for 601 1St Ave
- Year built
- 2024
- Property size
- 2,600 SF
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of four fully furnished, one-bedroom Airbnb condos in Miami, Florida. Located at 601 NE 1st Ave, 33132, this Class A, 2024-built property boasts a total of 2,600 square feet, with each unit priced at $799,000. The property enjoys a prime downtown location adjacent to Miami World Center, offering easy access to the Miami Heat Arena, cruise port, beaches, and various dining and entertainment options. Approved for short-term rentals, the portfolio generates substantial income, with a Net Operating Income (NOI) of $387,391 and a 12.12% cap rate. Building amenities include a 51-story landmark design, 24-hour valet parking and secure access, high-speed internet, a double-height lobby, and extensive amenity spaces encompassing wellness facilities, culinary options, a conference center, and a pool. The building also features three floors of private office space and ground-level retail. This turnkey investment is ideal for cash buyers and investors seeking a high-return, low-maintenance opportunity in a thriving Miami location. Financials indicate an average monthly income of $10,000 per unit, based on 25 nights of occupancy at $400 per night. The property is eligible for a 1031 exchange.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Miami
- County
- Miami-Dade
- State
- Florida
- Longitude
- -80.1915
- Latitude
- 25.7803
