165 39Th St Miami, FL 33127

Property Details for 165 39Th St

Year built

2016

Property size

5,335 SF

Property type

Small apartment buildings

Description

This exceptional 8-unit apartment building, completed in 2016, presents a compelling investment opportunity in Miami's vibrant Design District. Located just one block from the Design District's renowned shops and restaurants, this two-story building boasts 5,335 square feet on a 7,500 square foot lot. Each of the eight oversized one-bedroom, one-bathroom units features modern finishes and a full-size washer/dryer. The property benefits from a 100% occupancy rate, generating a strong net operating income (NOI) of $162,000 and a 6.15% capitalization rate. Tenants pay their own electricity, and each unit includes one designated parking space within the secure, gated parking area. Two beautifully landscaped common areas, complete with a grilling station, enhance the resident experience. The building's prime location, coupled with its modern amenities and high occupancy, ensures a steady stream of rental income and significant growth potential. Situated within an Opportunity Zone, this property offers attractive tax incentives for investors. The building's proximity to major transit routes and the high demand for rental properties in this bustling neighborhood further solidify its investment appeal. The asking price is $2,650,000, translating to $497 per square foot.