265 118Th Ter Miami, FL 33161

Property Details for 265 118Th Ter

Year built

1959

Property type

Small apartment buildings

Description

This well-maintained 1959-built triplex in Miami, Florida, presents a fantastic investment opportunity. Located at 265 NE 118th Ter, Miami, FL 33161, this single-story property sits on an oversized 15,560 square foot lot, offering significant potential for expansion. The property is zoned to allow for the addition of 2-9 units, representing a substantial opportunity to increase revenue. The triplex features hurricane shutters on all windows and doors, providing crucial protection. Each unit includes a dedicated washer/dryer, private backyard/porch, and individual electric meters; the master water meter is paid by the landlord. Unit 1 boasts recent renovations, including a marble island, new stainless steel appliances, central AC, updated tile flooring, new blinds, and a renovated bathroom. Unit 2 remains in its original condition, while Unit 3 is partially renovated and presents the possibility of converting a bedroom into a fourth unit, further enhancing rental income. The asking price for this exceptional property is $949,000. This property is ideal for an investor looking to capitalize on Miami's thriving real estate market. The large lot size and zoning regulations allow for significant future development and expansion. The combination of a renovated unit, potential for additional units, and a desirable Miami location makes this a compelling investment opportunity.