490 62Nd St Miami, FL 33138

This exceptional 6-unit apartment building presents a compelling value-add investment opportunity in Miami's dynamic Palm Grove neighborhood. Located at 490 NE 62nd St, this property boasts 3,050 square feet on a 7,700 square foot lot, currently operating at 83% occupancy. The property generates a current NOI of $62,871.71, representing a 4.57% cap rate. However, a pro-forma analysis projects a significantly improved NOI of $93,910 and a 6.15% cap rate, highlighting the substantial upside potential for a savvy investor. The property is zoned T4-R, allowing for various redevelopment options, including the potential conversion into 4-6 luxury townhomes. Its prime location offers convenient access to I-95 and Biscayne Boulevard, providing easy commuting to Miami's urban core. Furthermore, the property's proximity to the Miami Design District, with its high-end shopping and dining, and to Miami Beach, adds significant appeal. The Palm Grove area is experiencing rapid transformation, with new upscale residential projects further enhancing the property's long-term value. This is a rare chance to acquire a multifamily asset with immediate income and substantial future development potential in a thriving Miami neighborhood. The asking price is $1,375,000.