176 68Th St Miami, FL 33138

Property Details for 176 68Th St

Year built

1947

Lot size

3.03 lot acres

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a 112-unit apartment building situated on a sizable 3.03-acre lot in Miami, Florida. The property, known as Knights Center Apartments, is a two-story, Class C building constructed in 1947, boasting a current occupancy rate of 92%. With a total area of 57,969 square feet, the property offers significant redevelopment potential. Currently zoned T5-L, the site allows for the construction of up to 197 units, representing a substantial upside for the astute investor. The strategic location, minutes from Biscayne Boulevard and the I-95 Expressway, provides excellent access to major transportation arteries. Further enhancing its appeal, this property is located within a Qualified Opportunity Zone, offering significant tax advantages. The current cap rate stands at 5.25%, indicating a strong return on investment. This presents a compelling opportunity to capitalize on the thriving Miami real estate market and unlock the substantial potential of this prime redevelopment site. The property's existing infrastructure and high occupancy rate provide a solid foundation for immediate cash flow, while the redevelopment potential offers significant long-term growth prospects. This is a rare chance to acquire a well-positioned asset with considerable upside in one of the nation's most dynamic real estate markets.