231 7Th St Hialeah, FL 33010

Property Details for 231 7Th St

Year built

1995

Property size

6,750 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a meticulously maintained six-unit multifamily property located at 231 E 7th St, Hialeah, FL 33010, in Miami-Dade County. The property boasts a total of 6,750 square feet on a 6,750 square foot lot, featuring a two-story building constructed in 1995. The net rentable area is 4,140 square feet, with nine parking spaces available. Currently operating under a ground lease expiring January 31, 2025, this property offers a compelling 6.00% cap rate with a Net Operating Income (NOI) of $79,617. The asking price is $1,900,000, translating to a price per square foot of $316,666. All six units are currently 100% occupied since February 1, 2024, with long-term tenants, ensuring a stable income stream. Recent updates include a new roof, central AC system, PVC pipes, hurricane accordion shutters, and renovated bathrooms. The unit mix includes one $1,125/month one-bedroom/one-bathroom unit and five $1,500/month two-bedroom/one-bathroom units. On-site washer and dryer hookups generate additional income. The property is zoned 3900 and presents a turnkey investment opportunity with potential for further value appreciation. This property is a strong contender for investors seeking a stable, high-return investment in a desirable Hialeah location.