2622 24Th St Miami, FL 33142

Property Details for 2622 24Th St

Year built

1983

Property size

5,148 SF

Property type

Commercial real estate

APN

01-3127-004-0330

Description

This exceptional Allapattah investment opportunity presents a fully renovated, 4-unit apartment building situated on a 7,150 sq ft lot in Miami, Florida (33142). Built in 1983 and extensively renovated in 2023, this two-story, 5,148 sq ft building boasts a 100% occupancy rate, generating a current NOI of $122,400 and a pro-forma NOI of $126,000. Each of the four units features three bedrooms, two bathrooms, and a small den, offering substantial living space. The comprehensive renovation included new windows, doors, bathrooms, AC units, electrical, and plumbing systems. The property benefits from separate electric meters per unit and a single water meter for the building, with the landlord covering water expenses and tenants responsible for their electricity. The building's design originally allowed for eight units, but it currently operates efficiently as a fourplex. The property is zoned T4-R and offers a compelling price per square foot of $505.05, with a land value of $349 per square foot. The asking price is $2,600,000, representing a 4.71% cap rate and a pro-forma cap rate of 4.85%. Its prime location offers convenient access to Magic City Casino, Merrick Park, and Wynwood, contributing to its strong rental demand and investment potential. This is a stabilized investment property with significant upside potential in a thriving Miami market.