10860 3Rd St Miami, FL 33174

Property Details for 10860 3Rd St

Year built

1971

Property size

7,500 SF

Property type

Commercial real estate

Description

This exceptional 10-unit apartment building presents a compelling investment opportunity in Miami, Florida. Located at 10860 SW 3rd St, in the desirable Sweetwater area, this Class A property boasts 7,500 square feet on an 18,000 square foot lot, with 7,400 square feet of net rentable space. The building, constructed between 1971 and 1996, underwent renovations between 1996 and 2022, resulting in a "mint condition" property. The unit mix includes five 2-bedroom/1-bathroom units and five 1-bedroom/1-bathroom units, currently enjoying 100% occupancy. Ten parking spaces are available for residents. The property features a stabilized investment profile with a current NOI of $151,000 and a pro-forma NOI of $180,000, translating to a 4.03% cap rate and a pro-forma cap rate of 4.80%, respectively. The asking price is $3,750,000, representing a price per unit of $375,000 and a price per square foot of $506.76. The property is zoned RM-24 and benefits from 7,000 square feet of available air rights. Its proximity to the FIU main campus ensures a stable tenant base and potential for future rent increases. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a prime Miami location. The property is owned by a corporation and is being sold as-is.