1217 127 St North Miami, FL 33161

Property Details for 1217 127 St

Year built

1958

Property size

5,190 SF

Property type

Commercial real estate

Description

This exceptional 8-unit multifamily property in North Miami, Florida, presents a compelling value-add investment opportunity. Located at 1217 NE 127th St, this single-story, 1958-built building boasts 5,190 square feet on a sizable 10,950 square foot lot, zoned R-5. The property features a mix of seven one-bedroom, one-bathroom units and one two-bedroom, two-bathroom unit, all currently rented at 100% occupancy, generating a gross annual income exceeding $167,000. Recent renovations include new hurricane impact windows and doors, fresh exterior paint, and a new fence. Interior upgrades encompass 20x20 porcelain tile floors, updated kitchens with new countertops and wood cabinets, and remodeled bathrooms with new showers and bathtubs. The property also offers ample private parking for residents and guests (8 spaces total). The building has undergone a 40-year recertification. With a current NOI of $129,460 and an asking price of $1,895,000, this property offers a 6.83% cap rate and a price per square foot of $365.13. Its prime location, near Biscayne Boulevard and surrounded by retail amenities such as Whole Foods, Publix, CVS, and Walgreens, ensures strong tenant demand and future appreciation potential. This is a turnkey investment ready for immediate cash flow.