599 33Rd St Miami, FL 33127

Property Details for 599 33Rd St

Year built

1962

Property size

2,241 SF

Property type

Small apartment buildings

Description

This exceptional redevelopment opportunity presents a 4-unit apartment building situated on a 6,541 sq ft lot in Miami's rapidly developing Wynwood Norte neighborhood. The property, built in 1962, boasts 2,241 square feet and is currently generating a pro-forma NOI of $55,200, offering immediate cash flow. Priced at $1,450,000 ($373,750 per unit and $667.11 per square foot), this Class B multifamily property presents a compelling investment. The existing structure, zoned T5-O, allows for significant upside potential. The marketing highlights the potential for a substantial increase in density, with the high-density zoning permitting up to 150 units per acre and up to 5 stories, or 8 stories with bonus allowances. This prime location offers convenient access to I-95, providing ample street parking and proximity to Wynwood, Midtown, and the Miami Design District. The property's location near shops and restaurants, coupled with the numerous new developments in the area, underscores its strong investment potential. The Live Local Act eligibility adds further appeal to this rare opportunity to capitalize on the burgeoning Wynwood Norte market. The current fourplex provides a steady income stream while the redevelopment potential promises significant long-term returns.