1051 2Nd St Miami, FL 33128

Property Details for 1051 2Nd St

Year built

1925

Lot size

0.16 lot acres

Property size

13,285 SF

Property type

Apartment buildings

Description

This exceptional 20-unit apartment building presents a compelling investment opportunity in Miami's vibrant Little Havana neighborhood. The property, located at 1051 NW 2nd St, Miami, FL 33128, boasts 13,285 square feet across three stories and sits on a 0.16-acre lot (APN: 01-4102-005-1630). Recently completed renovations encompass structural improvements, new impact windows and doors, updated sewer lines (PVC piping), and fully renovated units featuring new cabinets, appliances, bathrooms, flooring, and washer/dryer hookups. The air conditioning system has been upgraded to mini-splits, and the exterior features new stucco and paint, along with turf landscaping. The roof was replaced in 2016, and 40/10 year inspections were completed in 2015. The unit mix includes 11 one-bedroom/one-bathroom and nine two-bedroom/one-bathroom units. The building, originally constructed in 1925, is zoned T4-R and benefits from a Walk Score of 87 ("Very Walkable"). Its prime location, blocks from Marlins Park and Flagler Street, places it within a densely populated area (over 500,000 people within a 5-mile radius), near major employment centers, hospitals, Miami International Airport, PortMiami, Downtown Miami, Brickell, Coral Gables, and Coconut Grove. The asking price is $5,200,000 ($260,000 per unit, $391 per square foot), offering a current NOI of $323,944 (6.23% cap rate) and a pro-forma NOI of $333,604 (6.42% pro-forma cap rate) with 95% occupancy. This fully renovated property requires minimal capital improvements, allowing investors to focus on operational efficiency and rental growth. Features include secured entrances and mini-split central air conditioning.